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Finance
Mortgages, pensions, loans, shares, savings |
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Home Information Packs
Home Information Packs (HIPS)
August 1st saw the launch of the Home Information Packs, or “HIPS” in England and Wales. These packs will be compulsory for all properties on the market with four bedrooms or more. Originally due in June, the “HIPS” have already received much criticism. As a result of this criticism and the need for domestic energy assessors, the HIPS will be slowly phased in starting with larger properties.
For the buyer
The whole idea of a Home Information Pack is to make the process of selling a property quicker and easier. Potential buyers will have all the important information they need in one document, including:
An Energy Efficiency Certificate
Sales Statement
Standard Searches
Evidence of Titles
They are obtained from the estate agent or the sellers (if it’s a private sell) and there is no charge to receive one.
For the seller
The seller can still market their property without a Home Information Pack until the end of the year and there are exceptions. They can usually be obtained from:
An estate agent
A solicitor
Financial advisors
Possibly some supermarkets
Online
Or you can do-it –yourself!
The cost to the seller will depend on the housing market but it is estimated that it will be around £700.
Are they worth it?
There has been much speculation as to whether the Home Information Pack will be successful. The extra cost to the seller is obviously a downside, but then having all the information together is certainly a big plus.
It will be interesting to see how things pan out in the future.
Fiona Seymour-Jesse
SJ Copy
PS: Don’t forget to check out the link section on the Finance page!
Useful Links
Home Information Packs
http://www.homeinformationpacks.gov.uk/
Springmove.com
http://www.springmove.com/TheLawAndHips.htm
Landlordexpert.co.uk
http://www.landlordexpert.co.uk/index.php?news=1021
The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made
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