 | HIPs replacement for stress in property purchase?Article Published: 23:08 11/03/2007Article Classification: Olive Tree Head Office |
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The organisation rolling out the new Home Information Packs (Hips) required for property sellers from June 2007 is giving its top ten facts about the documents.
There are now just 100 days until Hips come into force, and though they are still getting criticism from some in the property industry, with the packs being implemented so soon, homeowners are going to need to get up to speed on what they involve.
"Hips are being introduced to help improve the house buying and selling process for all involved – bringing more information about a property to the front of the process, allowing buyers to make more informed decisions and reducing the number of sales that fall through," explained Mike Ockenden, Association of Home Information Pack Providers (Ahipp) director general.
"At the end of the day this should greatly reduce the needless stress associated with buying and selling homes in this country."
Top ten facts sellers and buyers should know about Hips
1 - Hips will become mandatory on June 1st 2007.
2 - If you plan to put a residential property up for sale on or after June 1st 2007 in England or Wales you will need to get a Home Information Pack (Hip) before your property goes on the market.
3 - The responsibility for acquiring a Hip rests with the person responsible for marketing the property, usually, the estate agent, developer or auctioneer, or indeed the seller themselves if the property is being sold privately.
4 - If your property is already on the market on June 1st 2007 you will not need to acquire a Hip unless it is still on the market after November 1st 2007. (This date may change)
5 - The main documents forming the mandatory part of the pack that must be present before the property is marketed are:
Index
Energy Performance Certificate (EPC)
Title documentation
Sale statement
Local searches (or at least proof that they have been requested)
Leasehold documentation – where required (or at least proof that this has been requested).
6 - The Hip may also include a Home Condition Report (HCR), at the seller's request.
7 - Over 1,600 Hips have already been commissioned in the first six early roll out locations (Bath, Cambridge, Huddersfield, Newcastle, Northampton and Southampton) which started in November 2006.
8 - Consumer feedback in the initial six locations has reported that consumers like packs and have found them a useful selling tool.
9 - In over 20 locations across England and Wales, consumers are already being offered the option of getting a Hip on their home.
10 - The Association of Home Information Pack Providers (Ahipp) has introduced a set of standards for pack providers called the Hip Code of Practice. Packs produced by approved pack providers will carry insurance and will be identified by a Hip Code logo.
Richard Brady said "Olive Tree welcome this type of open information for clients in the UK. We would love to see a similar system for the overseas market but it appears some way off, although there are regulations in other markets especially Spain and the USA. The government could regulate agents operating in the UK, or at least bring in a minimum standard of conduct".
"Olive Tree 'self regulate'. We provide factual information for clients and carry out due diligence checks to offer peace of mind prior to purchase. Our business model is all about advice, independence and choice. We want to assess our clients' needs and attitude to risk, before recommending any of our developments."
Olive Tree is a member of FOPDAC the overseas property federation for agents and has insurance cover for clients, should their advice be found to be incorrect.
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