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Home Information Packs
Home Information Packs have now come into effect for all homes
in England and Wales and Scotland is due to follow with Property Information
Packs later this year.
It is the most significant change to the process of buying and selling homes
since English law was first unified in the 11th century following the Norman
Conquest — we jest not!
The HIPs, the most notable ingredient of which is an Energy Performance Certificate
(EPC), measuring the energy efficiency of the home for
sale, are the result of the Homes Act 2004 and provoked years of debate within
the property industry.
The idea of the Packs is that prospective buyers can exchange contracts much
more quickly and the property can be marketed before any HIP documents have been
obtained, as long as proof is provided that the documents have been ordered and
there is a belief that they will arrive within 28 days.
Once the EPC is available a HIP must be provided to prospective
purchasers. Other documents must be added when they become available. Whether
or not the HIP arrives before the property is taken off the market (agreement
to sale having been reached), an EPC must be provided
at exchange.
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