Home Information Packs were introduced to assist the speed of sale and rental of properties and fulfill the UK’s commitment to reducing climate degradation. The government calculated that over £1 million pounds a day was wasted on failed property transactions with buyers spending wasted money on valuations, searches and legal fees on purchases that didn’t go ahead.

HIPS contain:

Freehold properties

- Home Information Pack Index&

- The new Property Information Questionnaire (PIQ), from 6 April 2009

- Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA)

- Sustainability information (required for newly built homes)

- Sale statement

- Evidence of title

- Standard searches (local authority and drainage and water)

Leasehold properties

- all the compulsory documents above, plus

- a copy of the lease

If you are buying or selling a property a HIP must be available on the first day of marketing. So if the HIP isn’t in place and you tell a friend who may be interested in buying your property that it is on the market you may be liable to pay a fine of up to £200 – if your estate agent does so, they can be fined up to £500 (and another £200 for every day in breach). The latter can face a banning order under the Estate Agents Act as well.

Far be it from me to suggest that perhaps an agent may feel more likely to share information about a potential new instruction with a professional home finder but perhaps that may be the truth.

Labels: FAQ, Property Search