Home Information Pack Regulations

The HIP Regulations

The Regulations have introduced dramatic changes to the property industry in the UK. But what are the arguments for and against HIPs ?

Arguments for the HIP

Will assist sellers to decide on a

realistic asking price for the property.

Provides the buyer with information

to make a well-informed offer.

Speeds up the home

buying and selling process in

England and Wales.

Will help save hundreds of

millions of pounds in wasted

costs.

Reduces the risk of gazumping

Prioritises energy efficiency

Arguments against

Packs expected to cost in the

region of Ł600-700, potentially

pushing house prices up further.

Difficult to maintain the accuracy

and impartiality of the packs.

There is a shortage of inspectors – an

estimated 7500 inspectors are

required to avoid homebuyers

queuing.

Information may become out-of-

date if a property has been on the

market for some time.

Estate Agents are against the proposals

The pack is likely to include copies of the following documents:

Terms of sale
Evidence of title (ownership)
Replies to standard preliminary enquiries made on behalf of buyers
Copies of any planning, listed building and building regulations consents and approvals
For new properties - copies of warranties and guarantees
Any guarantees for work carried out on the property
Replies to searches made of the local authority
A home condition report based on a professional survey of the property, including an energy efficiency assessment

NEWS