What is HIP pack? - Get HIP packs information
Home Information Pack basically provides a series of information about a property which is available to your prospective buyer when he decides to sell your property. Your property is placed on the open market. Home Information Pack (HIP) includes documents relating to the terms of the sale, evidence of the title, replies to standard enquiries made on behalf of buyers which is usually undertaken by the lawyers, copies of planning, listed building and building regulations consent and approvals. It also includes your home condition reports, home contents forms, legal summary and other basic documents.
There are certain pre-requisite documents required to make up a Home Information Pack. A Standard finance facility is usually a DCS ( Debtor creditor Supply) arrangement, this means that the Hips provider is paid directly by the finance provider, unlike a personal loan which would be paid to the client.
There are some exceptions to it though:
- properties that are limited by law to use as holiday accommodation for occupation for less than 11 months per year
- properties where there is no marketing (e.g. selling to a member of your family)
- non-residential properties
- mixed sales (e.g. shop with flat)
- right to buy and similar sales
- sales of portfolios of properties
- unsafe properties and properties to be demolished
Home information pack property can provide you with all the required details on HIP. 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.