Yesterday saw the launch of the new Hips packs for 3 bedroom homes in England and Wales. Whilst the Hips have been required for 4 bedroomed homes for a couple of months, it probably hasn’t affected as many people as it will now due to the higher proportion of three bedroom homes in the UK.
The packs will include some compulsory and some optional documents, such as:
- Energy Performance Certificates (EPC’s) for every home to show how energy efficient the house is
- Title deeds to show it is the sellers property
- Any copies of building regulations, planning and listed building consents
- A sales statement stating basic information about the property such as the address and what services are provided to the property ie: drainage and water
They will be compiled by specially trained inspectors at a cost of several hundred pounds to the seller, which will invariably be passed on to the buyer. Whilst the more information the better when preparing to buy a new home, the Hips may complicate the process unnecessarily despite the fact they are designed to speed up the housebuying process.
It is reported that the Hips may have contributed to a slowing down of 4 bed house sales that has been observed over the past few weeks, as much as 60% in some places.
Read the BBC News article here
Visit the website at www.homeinformationpack.gov.uk
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