Home Information Packs
The buying of a home can be a complicated process. A property is more than just a building; it is an infrastructure for living. With energy costs rising more quickly than ever, it has become vital for buyers to know more than just the floor area, number of rooms and location.
As of December, 2007, all owners of English and Welsh residential properties offered on the open real estate market are obligated by law to supply a detailed report including the results of home efficiency tests.
These Home Information Packs, also known as HIPs, are mandatory under the revised Home Buying Act, and are intended to help resolve the uncertainty surrounding the salient features of a home's energy performance.
To consumers with a plan of investing in a home, these Seller Information Pages represent a form of protection and help cut through the confusing riddle of assessing a home's true value.
For those who intend to place a property on the market, however, Home Information Packs impose an obligation to provide a more detailed appraisal than ever before, including an Energy Performance Certificate.
Before listing the property for sale, the owner must supply the HIP, which includes an index listing the contents of the pack, the proof of ownership, a sale statement including the status of the property, a search certificate produced by a private contractor or government official, as well as the aforementioned Energy Efficiency Performance Certificate.
While these documents can be prepared and collated by the private owner, who can also engage an assessor to produce them, the Energy Efficiency Certification must be dispensed by a licensed energy evaluator.
Not every class of real estate transfer requires a Home Information Pack. Only units intended for occupation by new residents are included in the mandate. HIPs are not necessary for personal sales to relatives without the use of an agent, for units which are combined with a commercial property, condemned buildings, certain subdivided structures, and in other special cases.
Preparing a Home Information Seller Pack may seem like a costly burden, but simplifying the assessment process can be beneficial for both parties of the transaction, as well as helping to ensure that more attention is paid to the “invisible” qualities of a home. Passing the home efficiency test with flying colors should mean a quick sale at your asking price.
By identifying wasteful deficiencies in insulation, heating, and appliances at the point of sale, greater measures can be taken to minimize the energy consumption of homes across the nation. The hope for HIPs is that the program will mean a cleaner and greener housing market for all. |