PSG HIPs
The introduction of Home Information Packs (HIPs) has been discussed for many years but on the 29th March 2007, HIP Regulations were laid before Parliament. Although suffering various changes and delays, from 14th December 2007 legislation has been in place stipulating that owners of all properties in England and Wales will need to order a HIP before putting their home up for sale. From 6th April 2009 the legislation requires a HIP to be in place before marketing a property.
This legislation was created because buying and selling a property does not always go according to plan. The reality is that 9 out of 10 people said they were dissatisfied with the old process. 1 in 4 transactions were collapsing before contracts were exchanged and £1 million a day was wasted, mainly due to transactions failing at a late stage.
The HIP is a set of documents providing important information about a property such as local authority & water searches, copies of ownership information, information regarding its energy efficiency and information designed to give potential buyers a better picture of the type of property and its surroundings. It provides transparency throughout the selling and buying process.
PSG Cornwall is a member of the Property Codes Compliance Board and subscribes to the HIP Code, the industry standard ensuring you are protected by insurance, complaints procedures are in place, and that staff receive appropriate training.
or alternatively phone 01209 204629.
