Home Information Pack or HIP is a collection of compulsory and optional documents provided by the seller of a property to improve the consumer experience of buying and selling a home.
HIPs help prospective buyers make informed decisions as to whether to offer on a property, potentially reducing delays or even preventing aborted sales Since 1st August 2007 anyone marketing a home for sale in England or Wales is legally required to provide a Home Information Pack (HIP).
The Government introduced home information packs in order to reduce the increasing number of failed home sales. Before HIPs became a legal requirement, most of the information required by the buyer (and the buyer’s conveyancer) would only become available an unacceptable amount of time after the seller had accepted an offer on the property.
Typically this meant that problems relating to property condition or legitimacy of any documents supplied, would not be revealed until costs had already been incurred. As a result terms of sale would frequently need to be renegotiated, certainly delaying the process and often leading to a complete breakdown of the transaction.
Home Information Packs (HIPs) were devised as a way to tackle these problems.
By virtue of the key property information being available from the outset, the house buying process would be streamlined reducing wasted time and financial resources and more importantly, reducing the number of aborted property sales.
At Corner-Stone we specialise preparing immigration reports. We visit and initiate an assessment of your house and prepare accommodation reports for immigration purposes. We provide a very efficient service and can prepare the report within 24 hours for you.
301 Witton Road, Witton
Birmingham, B6 6NT
Tel: 0121 320 2008
Fax: 0845 0944 345