All about HIPs
Michelle Lloyd from Lloyds Property Assessment Services explains HIPs and EPCs
I have been offered a FREE Home Information Pack by my estate agent but is this the best way to get my HIP?
Nothing is for free! It is more than likely that your estate agent can provide you with a compliant HIP but the question you need to ask is: “What will I pay for the HIP should I stop marketing with you?” You need to make sure that you own the HIP and that you can take it with you should you choose to change agents. The estate agent will often pay for the HIP and then charge a redemption fee if you leave them to put you property on the market with another agent. This redemption fee/HIP cost can often be more than you would pay on the open market. You should typically pay £300 for a HIP on a freehold property and £320 for a leasehold property.
“The majority of the HIP will be compiled electronically”
What is first day marketing?
Until 1 June 2008 it is possible to put your property on the market without a Home Information Pack in place as long as you have proof of ordering one. It was originally decided that from this date you must then have a full HIP in your posession before you can market in any event. However, over the past few days Caroline Flint, the housing minister, has ruled that the current first day marketing rule will remain in place until later this year. This ruling will be well received by estate agents and homeowners, allowing a sustained moving housing market that is not slowed by the first day marketing rule.
What is the EPC and what does it involve?
An EPC is a component of the HIP called an Energy Performance Certificate. This is a new document that was not included during any stage of the conveyancing process prior to HIPS. It is a five page document that includes a graph similar to that found on new ‘white goods’ such as dishwashers/fridges etc. to show energy efficiency and carbon dioxide emission rates.
When you order a HIP the majority of the pack will be compiled electronically and you can leave it in the hands of your provider. However, the EPC requires a Domestic Energy Assessor to visit your home and carry out a survey of your space/heating/water and lighting as well as building size/type/age and materials used.
The collection of this data will need to be done at your home and should take around one hour. The data is then collated and the report created, showing the graph outlining property details and also giving recommendations for improving your home in terms of energy efficiency. The recommendations can be a useful tool when considering any future improvements.
If you have any questions that you would like the answer to concerning Home Information Packs or Energy Performance Certificates then please contact me, Michelle Lloyd, at Lloyds Property Assessment Services, Maritime House, Basin Road, North, Hove, BN41 1WR.
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Tel: 01273 384988
