Home information pack, is it a necessity? Are you contemplating on whether or not to get an HIP? There are certain documents that are compulsory and few are optional. All properties put on sale in England and Wales must have a HIP pack in place.
Documents to be present are:
An Energy Performance Certificate
Home index
Standard searches
Sale statement
Evidence of title
For lease hold and common hold properties
Few optional document, which you may or may not choose to have in your information pack for home are:
o Home Condition Report
o Legal summary
o Home use/contents form
Energy performance certificate is required by landlords and those willing to put their property on sale or rent it out. It tells you how energy efficient your building is. It is energy efficient if it is rated 'A' if not it's 'G' standing for poor energy performance. It's impact on environment through carbon dioxide emissions. Save money and reduce its impact on environment by improving your building's efficiency. This is issued by energy assessor and in addition to this a recommendation letter is offered, with a list of suggestions on how to improve.
Home Index offers a check list of all compulsory documents in the information pack. It also indicates if anything is missing, if yes, what should be done to procure them.
Sales statement gives all the basic information about the property being sold. It tells a potential investor whether it is a lease hold, free hold or common hold property, is it registered or not, is it vacant or not.
Standard searches comprises of any land charges registered, local inquiries, road building proposals, if there is any provision for water or drainage facilities.
Evidence of title offers proof of vendor's right. It tells if a vendor has the right to sell his property.
A copy of the lease is also offered in the section 'for leasehold and common hold properties. Details of service, are there any rules and regulations, ground rent, and any renovations taken place, which may affect the property or building in which it is situated.
In addition to this, buyers and lenders can depend on legal reports which are more accurate. A home condition report offers the actual physical condition of the house which is on sale. Also hinting you on what are the things that require structural changes. However, home condition report, a legal summary and home contents are optional to a landlord. Seek for assistance, get your information pack for home prepared.
Kirthy Shetty, Platinum author,
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