HIPs ARE HERE – ALL YOU NEED TO KNOW!

What is a Home Information Pack?

A HIP contains a collection of important documents that are required when houses are bought and sold. These include various legal searches, land registry documents and an energy performance certificate (EPC), which is intended to inform sellers and potential buyers how ‘green’ a house is. These are the compulsory elements for all properties; leasehold properties require additional information and there are various other documents and reports that can be included if appropriate (see “What is in a HIP” section).

Why were they introduced?

The original idea behind Home Information Packs is to make the process of buying or selling your house easier and quicker, by providing key documents when the property is first put on the market. Currently this information is not usually available until after an offer has been made and accepted. The goal is to deliver a more transparent and efficient process, thereby reducing the number of failed transactions, which currently costs consumers over £350m per year.

In addition, the EPC is a key part of the drive to make everyone more energy conscious and efficient. A new property built in 2007 is 40% more energy efficient than a house built only 5 years ago; at the same time, the government is determined to improve the efficiency of the existing housing stock, and that over time, the EPC and energy rating of a property will become a key element in the home buying process.

The EPC is the only new document not currently required for conveyancing, and it is fully explained in the EPC / HCR section.