Home Information Packs - a guide

August 2007 is the current date for the phased implementation of the Home Information Pack (HIPs) revolution. So what does it really mean for the man on the street?

The Government has decided to act after consulting key industry bodies / organisations  involved in the sector along with consumer groups and other interested parties. Following a lengthy and at times heated debate with all concerned the Home Information Pack Regulations were devised.

The regulations were introduced by the Housing Act 2004, Part 5.

PLEASE NOTE; On the 22nd May 2007 there were some important changes to the HIPs regime which will have a dramatic effect on the planned implementation. 

Currently, 1 in 4 transactions collapse before contracts are exchanged and one million pounds a day is wasted, mainly due to transactions failing at a late stage.

The HIP is a collection of important  documents that are vital to the legal purchasing of a property. The documents deal with the key areas and key questions that a buyer would need to raise prior to agreeing any sale. This can include aspects such as property searches, copies of the deeds and a new document called the Home Condition Report, which assess the condition of a property and its energy efficiency. Local Authority issues will be raised along with any problems associated with water or drainage.

Most of this information only comes to light when the negotiations are well underway and costs may have been incurred. As a result, many deals can fall through at a very late stage causing a whole "chain" to collapse. This merely adds to the stress and expense for all concerned and it is far better that any bad news is unearthed as soon as possible.

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