HIPs have been with us now since summer 2007. They comprise, for the most part, a legal information pack containing details of the title and copies of searches (etc) but with the addition of the Energy Performance Certificate – the introduction of which has sparked the growth of a whole new industry. www.homeinformationpacks.gov.uk/
So what difference have HIPs made ? It would be easy to dismiss them as having made very little difference. Indeed many buyers do not even ask for sight of the HIP. The cost of the HIP is certainly viewed as a barrier to testing the market and is blamed for a reduction of properties being brought to the market. It may have contributed to the current downturn. Why go to the expense when the chances of a sale seem so low?
From April 2009, new regulations come into effect to add to the seller’s burden : the HIP will have to be available (rather than commissioned) when the property is first marketed and the content will be expanded to include a Property Information Questionnaire giving additional information including details about flood risk, gas & electricity safety, service charges, structural damage and parking arrangements.
We would argue that, at least in some cases, the HIP can make a difference to the timetable of the transaction; that it can take us from ‘sale agreed’ to ‘contracts exchanged’ more quickly. If the requirement for the HIP causes the seller to consult his solicitor at the beginning of the marketing process, there is an opportunity for the relevant legal information to be assembled and checked at that early stage. If there is any likely difficult over the title, it can be addressed at that stage thereby saving delay after a buyer has been found. If you are thinking of selling your property, see your solicitor as early as possible. / Back to conveyancing
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