Home Information Pack (HIP) changes
As of today we now have some subtle changes to the Home Information Pack legislation that could bring added benefit to the exisiting HIP via some modifications including the Property Information Questionnaire (PIQ) which is now a required document.
From the 6th April 2009 the Home Information Pack regulations will change to include:
- Introduction of the new Property Information Questionnaire – PIQ
- Removal of the temporary first day marketing exemption
- All searches, whether produced by a local authority or a search company, must be complete with no gaps in the data covered by insurance.
To be able to market your property the following documents must be in place and available:
- Index
- Property Information Questionnaire (PIQ)
- Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA) for new homes marketed before completion
- Sustainability information (new homes only)
- Sales Statement
- Evidence of Title – HMLR Title Plan and Register. For unregistered properties a search of the index map must be included.
The remaining documents namely the standard searches, a copy of the lease and unregistered documentation (where necessary) must be completed and included in the HIP within 28 days.
The response to date has been mixed as one has come to expect with HIPs. It has been reported that even the National Association of Estate agents (NAEA) who have been generally anti-HIPs have soften their view, though mainly towards the introduction of the PIQ.
Chris Brown, President of the National Association of Estate Agents (NAEA) said;
“On the basis that local searches were moved back in the process, we did agree that consideration should be given to the introduction of a PIQ.”
The full statement can be read on the Mortgage Strategy site.
Marc Goldberg, head of residential sales at Hamptons International, says:
“The timing is curious but the principle is sound. Ultimately, we hope that transparency will lower the fall-through rate, when buyers change their minds as they unearth more details. In the long-run, Hips should speed up the sales process.”
HIP-Consultant.co.uk are fully prepared for the changes which includes an online Property Information Questionnaire which will be made accessible to all our clients.
Criticism has been made that the Home Information Pack does not provide a great wealth of information to the ‘typical’ buyer which the Property Information Questionnaire certainly helps to tackle.
The changes detailed above are not to be feared but embraced. Lets welcome positive change, improvements and the development of the home buying and selling process.
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