There are certain instances where Home Information Packs (HIPs) have differences in their contents, coverage, and assurance because their values depend on the country which they are available. For example, in the United Kingdom, sellers of properties must first obtain their HIP before they are allowed to sell and this is in the advantage of the buyer. In the United States, however, HIPs are normally obtained depending on the buyer and the seller’s agreement. In other words, this is not a requirement per se but only an addition of the market packaging. But unknown by many, HIPs are very essential aspects of property marketing because they contain a number of significant documents which put the potential buyer at a great advantage. You have to understand that the concept of HIPs is to enable the potential purchaser the chance to inspect the property before the purchase. Without it, there is a danger that the purchase may contain some problems especially with the documents.
All the things that are inside the Home Information Packs are necessary data and results of assessments of the property. Specifically, HIP contains the Property Information Questionnaire wherein a form is filled out by the seller and tells everything about the home or property. This form provides information about the latest purchase of the property, the status of the property’s council tax band, the type of parking arrangements, history of repairs, and any guarantee that covers the repair or work. The leasehold of the property being sold is also another separate paper detailing the conditions and payments due when it was on lease.
It also contains the Energy Performance Certificate or the EPC. This is a legal document in the form of a certificate as a result of the assessment conducted by the Domestic Energy Assessor. The assessment covers measurements and inspection results of the construction type of the property. The assessors have checked everything from the windows, the loft, walls, insulation, heating and lighting, and recorded all the information in the software and fed it into the Energy Efficiency Rating software. The software has a report rating and include recommendations for improvements so better check out on this report.
There is also the copy of the Registry and Title Plan from Land Registry which shows the previous ownership and the boundaries of the property. However, if the property is not yet registered, it is required that the HIP must contain a Search of the Index Map that the Land Registry must provide. This will tell you if ever there is no registered estate along with the property while the transaction is going on. Another thing contained in the HIP is the Sales Statement and this details the status of the property if it is under the leasehold or freehold. The Local Authority Search is also included and it pertains to the records of the Local Authorities about the property. The CON29DW Water Board is another thing found inside the HIP and this specifies information about the water and drainage supply of the property and so it shows specifically where the water and drainage proceed in accordance to the property.
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