How to Use a HIP When Buying a House

Remember that it is a legal requirement for sellers of property in England and Wales to supply a HIP before they can put a house up for sale. This is good news for buyers who can use a HIP to view various information on the property that would not have been available until after the sale had been completed.

Receive information including legal searches, the condition of the home, warranties and guarantees, legal searches and planning consents. The HIP should also include evidence of title, an energy efficient report and a fixtures and fittings report.

Use a HIP when leasing a house to give extra guarantees of safety. A leasehold HIP will have extra information including a copy of the lease, building insurance details and a landlord/management company regulations. This extra information should bring added peace of mind when leasing a property as you can see exactly what you are leasing. It also helps stop unscrupulous landlords offloading property with unsound conditions.

Make informed decisions based on the home information pack before committing your money. The time used in the buying and selling process becomes reduced and the whole sales/purchase process becomes an easier and less stressful procedure.

Be aware that there is an optional part of an HIP called an Home Condition Report (HCR). The HCR is a surveying product specially prepared by a licensed Home Inspector. The Inspector, who must have professional negligence insurance, is impartial when it comes to the report and has a duty of care to both the buyer and the seller. The Inspector will use ratings to categorize his report on all elements of the property.

Price out a HIP at between ?￡300 and ?￡500 depending on the size and value of the property and methods of payment will vary. There are a number of companies who will carry out HIPs and all are competing for your business, so shop around and get the best deal for your money.