Background
The government has introduced Home Information Packs or ‘HIPs’ to try to make the market relating to residential conveyancing more transparent and reduce carbon emissions from residential property. The hope is that fewer transactions will prove abortive and that those which do proceed will conclude faster. It was compulsory from 1 August 2007 for a seller of residential property to provide a HIP to interested potential buyers if their property has four or more bedrooms. From 10 September 2007, it was compulsory for properties with three bedrooms to be marketed with a HIP. The remainder of the housing 'stock' i.e. one and two-bedroomed properties will require a HIP from 14 December 2007.
A Home Information Pack, as defined by s.148(2) of the Housing Act 2004 is "in relation to residential property, a collection of documents relating to the property or the terms on which it is or may become available for sale". Under s.150 of the Housing Act 2004, a ‘responsible person’ has the job of ensuring that a HIP has been compiled before the property is marketed. This means that the seller or their estate agent has to ensure that all of the necessary documentation is available at the very beginning of the sale process.
The pack comprises certain ‘required’ documents – which are mandatory – and other ‘authorised’ documents – which it is hoped will provide explanatory information for any intending buyer. Call our HIPS advisor on 020 8331 5611 for any further information about this service.
Why T G Baynes for HIPS?
Estate agents need a close business relationship with a solicitor or specialist HIP company to obtain packs - otherwise they will not be able to legally market properties on behalf of their clients. As you will appreciate, having to order and pay for packs from third parties has a potential for delay in pack compilation which could result in lost buyers.
As you know, T G Baynes are both estate agents and solicitors. We are compiling HIPs for our clients in one seamless operation. As soon as you agree to use T G Baynes to bring your property market, our own specialist HIPs Team will get to work to compile your HIP so that it is available in electronic and paper versions ready to produce it for intending buyers.
We can produce a HIP with the minimum of information required to make it legally compliant for £249.00* plus VAT, or produce a fuller HIP which will be of more use in the later conveyancing transaction for £600 plus VAT.** As soon as you have found a buyer, our team will be ready to send a copy of the HIP to their lawyer straight away.
So, as you can see, T G Baynes are better placed than most organisations to satisfy all of your marketing, selling and conveyancing needs in our ‘post HIPs’ world.
*Freehold properties only - leasehold HIPs require additional documents.
**Plus the fees of third parties for providing the additional documents.
Click here for HIPs latest news!
Click here for the Government website for HIPs
