Welcome to the World Network of Christopher Hall
Mortgages Something Special Homes
Since December 14th. 2007, a Home Information Pack is required for all properties for 1 bedroomed properties or more..
The government have decided to implement this in advance of the previously expected dates. The advent of Home Information Pack's whilst controversial provide valuable key information for sellers and buyers alike and is already improving the sale time for properties. We believe that the HIP process is now established and will enhance the selling process encouraging offers and successful sales for vendors.
Whilst previously of course, some people have argued that they could overcome the requirement for a HIP by describing their property as a two/three bedroom house with a dressing room or study, thereby saving themselves between about 250 and 400 in HIP costs. This thinking has now past.
Firstly, the property would need to be listed as three-bedroomed or more on any property portal a key source of buyers. Anyone looking for four bedrooms is likely to miss the opportunity to buy your home if it is positioned as three bedroomed. This could potentially have a seriously adverse effect on the price you achieve possibly far more than the money saved by avoiding the HIP.
Secondly, a property with a HIP will be known to be new on the market rather than an old chestnut, which can enhance its value.
Also, a HIP is not such a bad idea! Because much of the legal documentation, usually procured once a sale has been agreed, is available at the outset, the sale is likely to proceed much more quickly once a buyer is found. This in turn reduces the window of opportunity within which a sale could otherwise fall through.
We are fully organised for HIPs, and are happy to provide you with any advice you may require. Please feel free to phone us on 01603 700007 for further information.
Contents of the HIP pack include:
- terms of sale
- evidence of title
- replies to standard preliminary enquiries
- copies of planning and building regulation consents
- guarantees for work carried out on the property
- for new properties, copies of warranties and guarantees
- any guarantees for work carried out on the property
- replies to local searches; and
- a home condition report is no longer mandatory but optional based on a professional survey of the property.
- energy efficiency assesment rating and certification.
Key elements also include the "rating scheme" of a property:
Rating 1 - no repair beyond normal maintenance currently needed.
Rating 2 - repairs or replacements are needed but the Home Inspector does not consider these urgent or serious.
Rating 3 - there are defects which are either serious and/or require urgent repair or replacement.
An example of the contents of a Home Inspection Pack can be viewed here in pdf* format. Please note that this is an "example" only of the final document. ( * required software Adobe Acrobat Reader)
Christopher Hall have a sample Energy Performance Certificate so that you can view the contents and the energy labelling system which commenced on August 1st. 2007. You can view the example here
The Government have set up a website to provide detailed information regarding Home Inspection Packs ongoing which is being regularly updated. Further information is available on the government site which can be viewed here
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