What will a HIP need to contain?

The HIP will contain all of the documents and searches usually supplied to a buyer as the sale progresses. These are now, however, provided in advance by the vendor at the time the property is first marketed and before a sale offer is agreed. The HIP will also contain a new type of report stating how energy efficient the property is. This will be called an Energy Performance Certificate. These are all mandatory contents of the HIP.

In addition the HIP can also include an optional home condition report (HCR) The report is only concerned with construction defects and building condition. Home Condition Reports must be completely objective and satisfy relevant codes of practice and standards These were also to be mandatory but the Government decidedthat they may be regarded as an optional extra at least for the time being.

Can I sell my home without a HIP?

No. Whether selling privately or through an estate agent, all residential properties must now have a HIP by law. You cannot market any residential property, even informally, without a HIP.

How long will it take to compile my HIP?

team estate agents have access to a solution driven by innovative technology and underwritten by service guarantees. For a registered freehold title we would expect to complete the HIP within five days of receiving your instruction to sell.

Does That include the Home Condition Inspection, if required?

Yes, the HCR will now be an optional extra which we can supply if required.

What are these changes intended to achieve?

The intention of the legislation is to bring more transparency to the home buying and selling process so that any potential buyers of any residential property has access to a pack containing all of the information they or their advisers may need to see before an offer is made and accepted.

How do I obtain a HIP?

If you are intending to instruct a team agent then the answer is simple. Leave it all to us. We will do everything for you as part of our service to you.

How much will all this cost?

In many cases, a HIP will be an element of an 'all inclusive' service offered by your team agent the cost of which will be paid from sale proceeds on completion of your sale. However, the cost of the HIP will be a disbursement for which you will be liable if you move or withdraw your instruction. Ask your team agent for further details.

What are the advantages of including a HCR now that it is NOT compulsory?

The HCR will be available at slightly higher cost than the basic HIP, probably another £200 to £300 or so. The HCR will identify for sellers before they commence marketing their property whether or not there are any defects which need to be addressed or taken into account when setting the selling price. The report may also help the agent to achieve a better price or ensure any offers that are made are done so on the basis of the contents of the report with no nasty surprises further down the line. This could definitely prove to be money well spent.

For more information on team HIPs and Conveyancing, click here