100x100_fitbox-hip_brick2.jpegIt is now just a matter of days until Home Information Packs (HIPs) become mandatory. While their journey hasn't been smooth, HIPs are set to transform the house buying and selling process for all involved, reducing the high number of transactions that fall though each year, costing in the region of £1 million a day.

As the Government is about to launch its consumer campaign, informing households about HIPs, The Association of Home Information Pack Providers (AHIPP) is calling for industry players and investors to stay fully informed.

Ten facts sellers and buyers should know about HIPs:
  1. If you plan to put a residential property up for sale on or after 1st June 2007 in England or Wales you will need to acquire a Home Information Pack (HIP) before your property goes on the market
  2. The responsibility for acquiring a HIP rests with the person responsible for marketing the property, usually, the estate agent, developer or auctioneer, or indeed the seller themselves if the property is being sold privately
  3. If your property is already on the market on 1st June 2007 you will not need to acquire a HIP unless it is still on the market after 1st November 2007. (This date may change).
  4. The main documents that must form a mandatory part of the pack, and must be present before the property is marketed are:
    1. Index
    2. Energy Performance Certificate (EPC)
    3. Title Documentation
    4. Sale Statement
    5. Local searches (or at least proof that they have been requested)
    6. Leasehold documentation - where required (or at least proof that this has been requested)
  5. The HIP may also include a Home Condition Report (HCR), at the seller's request
  6. Over 1,600 HIPs have already been commissioned in the first six early roll out locations (Bath, Cambridge, Huddersfield, Newcastle, Northampton & Southampton) which commenced in November 2006
  7. Consumer feedback in the initial six locations has reported that consumers like packs and have found them a useful selling tool
  8. In over 20 locations across England and Wales, consumers are already being offered the option of getting a HIP on their home
  9. The Association of Home Information Pack Providers (AHIPP) has introduced a set of standards for pack providers called the HIP Code of Practice. Packs produced by approved pack providers will carry insurance and will be identified by a HIP Code logo