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HIP's Don't Lie. As of 14 December 2007, all properties offered for sale in England and Wales need a Home Information Pack (HIP), which includes a home energy rating. The Pack includes an Energy Performance Certificate (EPC), containing advice on how to cut carbon emissions and fuel bills. Also included are documents such as a sale statement, searches and evidence of title. HIPs will forseeably have an impact on a slow housing market, with vendors reluctant to return to the market if they think the property will be for sale for some time. This will mean any downturn would be longer than might have been previously. Also, anyone who is looking to test the market - put their property up for sale, if the interest is there and the price they are looking for is offered, then proceed to sell, if not take it off the market - will now be discouraged because of the initial cost. The Government have said that there is no evidence that HIP's have played a part in falling prices and transaction levels, and that the impact on supply is short lived. The effect HIPs will have on the property market in Bournemouth remains to be seen. It is an area where demand is robust because people want to move to the area, and an area where people see opportunities in property.
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What is in a Home Information Pack? The Home Information Pack contains information that buyers and sellers need to know. Home Information Packs including Energy Performance Certificates have been implemented on a phased basis which started on 1 August 2007. Properties 0ffered for sale from 14 December 2007 in England and Wales will need a Home Information Pack. Compulsory items The following documents must be included in a Home Information Pack: Home information pack index Energy performance certificate Sale statement Standard searches Evidence of title Additional information for leasehold and commonhold properties, where appropriate Optional items Some documents in the Home Information Pack are optional. These include: Home condition report Legal summary Home use / contents report Certain other documents If you are selling
your home, there are a number of providers of Home Information Packs: The average cost of a pack is reported to be £300.00 - £350.00
*This is provided as basic outline information, please take
specialist advice for more detailed and accurate information. Further
details can be found at the Government's website: |
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