The Importance of Home Information Packs in selling a property
At the beginning of the buying process, the home information packs should give them significant key information about a property. This should assist buyers make sensible decisions as to whether continue with a purchase or not.
To manage the process most people selling a property will use an estate agent. All you should need to do is ask the agent to obtain an HIPs for particular property. Although a small charge to cover photocopying and postage may be applied, the pack should be provided free of charge.
The seller should be able to provide you with a pack on request, if the seller is not using an agent. There should be a satisfactory explanation and an assurance that the missing items will be provided as soon as possible, if any information that should be in the HIPS isn't available in the pack. The pack may only contain items that are set out in regulations as either 'required' or 'authorised'. The new Energy Performance Certificate is a key feature of the HIP which is a compulsory part of the Pack, and is paid for by the seller.
The seller should provide a letter from a home information packs provider, where searches, leasehold or common hold documents are missing. The HIPs providers will be expected to show that they have made all the reasonable efforts and enquiries to obtain them, if this takes longer than 28 hours.
There are companies springing up all over the country which can offer you a service to compile an HIP for your property. The good news is that estimated prices for this service are coming down. Some companies are offering HIPs for around £400 - which is a substantial improvement of the previously anticipated £600 - £700!
The person responsible for selling or marketing a property must have Home Information Pack in their possession while the property is on the market, in all other cases ' which lets face it, will include nearly all home sales. On request, they must also provide any potential buyer with a copy of the Pack or any document from it. This must be within 14 days of any request which is known as the 'permitted period'. These duties do not apply to the seller, if an estate agent is responsible for selling your property.
In order to complete the home-buying process, the Government says that the Home Information Pack has been designed to bring together all of the necessary information needed by buyers and sellers.
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