Hands off those HIPs
19 Aug 2009 Tell a Friend
When you are selling your home, you would be forgiven for thinking that Home
Information Packs (HIPs) would come at a standardised price. Not so, according to new research from
consumer publication Which? Money, claiming that there is a shocking gap of almost
£300 between the most expensive and the cheapest HIPs on the market.
The packs were introduced in 2004 as a way of reducing the number of house
sales that are called off by the buyer before completion, a practice known as
"gazumping". By law, a
HIP must now be provided before a property in England and Wales can be put on
the market, a requirement that caused plenty of controversy in the property
industry when it was brought in due to the additional costs involved. The Home Information Pack (also known as a 'Seller's Pack') comprises
a set of documents giving details about the property such as its Energy
Performance Certificate, title documents and, since April 2009, a Property
Information Questionnaire.