HIPs - home information packs

stevie_wonder

Hi all

I'm planning on selling my house and buying another (moving location due to family reasons) and I am going to do some work to improve the saleability of the current house probably to go to market within 3 months.

My question is this has anyone already got a home information pack done on the house they are selling? If so, how much? Where from? comments on the experience?

I was worrying that buying I might put out £500 for a survey and then something go wrong, and £500 down the tubes, however with the HIPs I wouldn't need to worry about that (although I would need to get one on the place I'm selling).

Anyone know if its possible to sell your house before June (when HIPs come in) and to buy after June, thus avoiding paying for my own HIP and survey on the house I'm buying? I'm sure it sounds possible, but just wondered about the timescales and how far along you have to be in the process by the time HIPs come in.

Any help,advice comments welcome!

adr0ck

my understanding is that estate agents are planning to pay for the HIPS and charge a higher percentage for the sale to save people paying fee's upfront

and i'm sure tie the seller into a contract of sale????

not to sure myself..........i think the council of mortgage lenders have asked for the date to be put back....since what exactly is going in it has still not been finalised and we are now only 2 months away

BobProperty

I was just about to post a cynical HIPs thread when this was posted, so I'll still start my cynical HIPs thread but I'll give you a serious answer. As the Home Condition Report is now voluntary you can bet that very few people will bother with them, so what I think you are referring to as a "survey" firstly, isn't a survey anyway, and, second, will not be present in a lot of HIPs.
HIPs are being trialled at present, or were recently, and one result (according to some info I was emailed recently) was that the local searches now will not have to be present from the start as no Local Authority managed to return them in the timescale required for the HIPs. Improvement for the house buying process? About as believable as the fat politician who implemented them.

Gorgeous_George

I'm not sure how 1000's of people driving around in their 4x4s to do Energy Efficiency Reports will save the environment.



GG

BobProperty

Gorgeous_George wrote: »

I'm not sure how 1000's of people driving around in their 4x4s to do Energy Efficiency Reports will save the environment.



GG

That and no one would buy Buckingham Palace for £5m because it is in the lowest energy efficiency band.

stevie_wonder

So I guess no one is in favour of these - judging by the reaction!

I'm just trying to stay ahead of the game, especially if my house sale & purchase cross over the deadline.

Although as bob said the date may yet move.

BobProperty

stevie_wonder wrote: »

So I guess no one is in favour of these - judging by the reaction!

I'm just trying to stay ahead of the game, especially if my house sale & purchase cross over the deadline.

Although as bob said the date may yet move.

It was adr0ck not me, but I have heard the same rumours.

cross_lips

I am no expert but just from casual reading I think i read somewhere that if you sell your house before the 1st of June 2007 you will not have to purchase a HIP even if it completes etc and you buy after this time.

This link might help shed some light on it..

http://www.homeinformationpacks.gov.uk/home.aspx

Not sure if I was allowed to do that but hey i have done it anyway so you can all tell me off now :eek:

Hope this helps stevie wonder

MissMotivation

As long as you list you property before 1st June 2007 and sell before March 2008 you will not need to have a HIP

dnwilliams

AS A SELLER :
1. You will have to pay for a Pack (average cost £500) before you can put your home on the market from June 1st this year.
2. You, or your agent, will be a law-breaker liable to a daily fine of £200/500 if caught trying to sell your home without a Pack, or for the first 14 days if your Pack is ordered but hasn't arrived (this means no advert, no board, no flyers not even a chat in the pub).
3. A new Jobsworth has been created by Labour, called an "Energy Inspector" who will visit your home at your cost, but before you are allowed to market it. The Inspector will prepare an Energy Performance Certificate by poking around your home from basement to loft, ostensibly assessing your home's 'green credentials' . This EPC report will be put in to your Home Information Pack. Remember - no Pack, no marketing.
4. The 8 page EPC report on your home (that you've paid for) along with legal information about you and your home, will be centrally recorded by government and will be available for inspection electronically by goodness knows who, for goodness knows what purposes.
5. If your Home Information Pack (HIP) doesn't arrive for 14 days (perhaps because of lack of Energy Inspectors countrywide) and you have therefore been unable to market your home, you may lose the next property you wished to buy. If you lose it, there will be no refund of your HIP costs AND the government will keep all the details on you and your home that you have paid for, on their database.


AS A BUYER:

1. The arrival of Home Information Packs is likely to reduce the choice of properties on the market by 30% as sellers won't risk the loss of the cost of a HIP just to 'dip their toe in the water'. Reduced stock could mean increased prices.
2. When you look at the HIP on the house you're interested in making an offer on (if you can be bothered) it may not have legal searches in, or even details of leaseholds as these can take weeks to arrive, so what help will it be?
3. The government think the Energy Performance Certificate within the HIP, which will tell you things like "if you buy a new boiler for £3000, it'll save you £42 a year in running costs" is important to your decision-making, and that you are at a disadvantage without the report. Will you agree when you wade through 100 pages of a full HIP, when all you want to do it secure your purchase?
4. Your solicitors and your mortgage lender will tell you they still want you to pay for a mortgage valuation survey and up-to-date searches because the vendor's HIP is no use to them as the contents cannot be relied upon. Thus it has saved you 'not one penny'.
5. Of course, you may not even have your offer accepted on your proposed purchase anyway, because you haven't got a HIP on your own house yet. Remember, you can't start marketing yours for 14 days without your own HIP unless you break the law. Chains will become even more of a problem with the advent of HIPs, and sellers may prefer buyers with 'nothing to sell'.

stevie_wonder

Basically I'm screwed then unless I manage to sell and buy before June then!
Better get my skates on!;)