HIPs (including Energy Performance Certificates) have been implemented on a phased basis since the start of August 2007. The Government has introduced HIPs to make buying and selling clearer and more straightforward, as well as to encourage homes to be more energy efficient. From 1 August 2007 packs were required for the sale of four bedroom properties and larger; from 10 September 2007 homes for sale with three or more bedrooms also require a HIP.
Sellers of three bedroom properties and larger should have a ready-prepared HIP available to buyers when marketing their home for sale. The pack will provide buyers with important information early on, giving them a transparent picture of any issues they need to be aware of before making an offer. Currently most of the important information only emerges after an offer's been made, during conveyancing. Issues that crop up at this stage may result in a buyer pulling out of a sale, which means wasted money on searches and legal fees.
Another added benefit is that estate agents marketing homes with Home Information Packs will now be required by law to be registered with the Ombudsman for Estate Agents (OEA). This means that consumers should get a better standard of service, and if not, they can complain to this independent industry body if they're not satisfied with the service.
As buyers will not have to pay for a copy of a HIP, the scheme should help struggling first time buyers and make it easier and cheaper for them to get their first foot on the property ladder.
