Home Buyers Pack – Know All About It
Home Information Packs (HIPs) were introduced by the Government in December 2007 to speed up the property transaction process. There were some changes made to it in December 2008. This included the introduction of a new Property Information Questionnaire that provides a summary of information about the property in one place. It helps buyers make decisions about whether to view a property, and ultimately whether to make an offer.
From 6 April 2009 the Government is making some important alterations to the Home Information Pack (HIP) that will affect the stage at which it can be purchased. It is now permitted by law that a HIP be in place before the property is marketed, this means that payment must have changed hands before advertising can begin. Home Information Packs contain all information that buyers and sellers need to make an informed decision.
There are some exceptions to it though:
- Sustainability Certificate (new homes only)
- Sale Statement
- Land Registry Documents
Besides this, a Property Information Questionnaire (PIQ) is also required. This should be completed by the seller and made available for the buyer to use as a checklist whilst walking through the property. Apart from the aforementioned changes from 6 April 2009, you will no longer be able to use insurance to cover missing data in personal searches.
You can also know more about home buyers information pack. The purpose of the Home Information Pack is to speed up the conveyance of the property when a sale is agreed and give potential purchasers information regarding the property such as energy usage. Landlords must provide a Home Information Pack (HIP) if they are marketing residential property in England or Wales. Our Insurance partners can also provide you Home Information Pack fast and at a competitive price.