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SELL YOUR HOME QUICKLYHow Home Information Packs can hamper your home sale
Home Information Packs, or HIPs, is the new – and notorious – buzzword in property. As of 1 June 2007, new UK property legislation will compel prospective home sellers to acquire these legal documents as a compulsory condition of sale.
Whereas the UK government is positioning the new property law as a dynamic strategy to improve the property market by encouraging transparent selling and buying processes, there is reason to believe that HIPs could result in stress, expense, delay and even failure to sell.
Let us take a moment to consider the significance of Home Information Packs and the repercussions that are in store for homeowners who need to sell fast.
Firstly, sellers would be forced to spend up to £1,000 on an HIP without which it would be impossible to market their home. All home sellers will agree that this is a lot of money, but the situation is decidedly worse for people selling to release their home equity in the first place. It is a catch-22 situation that translates as follows: The seller needs to release home equity in order to spend £1,000 on the compulsory HIP, but needs the HIP before that equity can be released! Hence, the seller is trapped.
No! Here is the good news: MPG Investments is a specialist property buyer, and thus does not need an HIP as a condition to purchase your property! Contact us now for more information about how you can achieve a fast cash sale without the inconvenience of an HIP.
What is a Home Information Pack?
As per UK property law, a Home Information Pack is a legal document that every home seller must possess as a prerequisite for selling their property. The document contains an index of contents, sale statements, evidence of title and an Energy Performance Certificate – the latter should be commissioned from an accredited energy assessor.
The Energy Performance Certificate – which includes the date of construction, location of the property and appropriate fixtures in the home – gives buyers an indication of the house’s energy efficiency. The energy assessor is responsible for visiting the property to collect and analyse this data before compiling the report.