What is a HIP?
A pack of information regarding the Property Title, together with a Local and Drainage Search and an Energy Performance Certificate.
When is a HIP required?
HIPs are required for all properties being sold in England and Wales. HIPs were originally introduced on 1 August 2007 for homes of four or more bedrooms; this was extended to three bedroom homes on 10 September 2007 and to all properties from 14 December 2007. If your property was not on the market prior to the appropriate date then you will need to order the HIP before the estate agent will market the property for sale.
The only exceptions to the rules are new-build properties.
What are the "required" documents in a HIP?
- Index of Documents
- Statement of Sale
- Land Registry Office Copies
- Title Plan
- Energy Perfomance Certificate
- Local Authority Search
- Drainage and Water Enquiry (CON 29 DW)
We can provide the full range of "authorised" documents including nationwide provision of Home Condition Reports, Know Your Neighbour, Parish Liability, Mining and Environmental.
How is the HIP ordered?
We can arrange this for you right at the outset. In fact by contacting us first we can also prepare the contract papers so that you are then ready to proceed as soon as a buyer has been found.
What will it cost?
Most agents will be able to obtain one for you, but we can arrange a HIP for less than £300.00. This is the cost of obtaining the Searches and Energy Certificate.
Why should I choose Withy King to provide a HIP?
There are many advantages to instructing us to provide you with a HIP, for example:
- at Withy King we can produce a HIP that is both compliant with the HIP regulations while also meeting the needs of the estate agent and the buyer’s solicitor;
- we are regulated by the Solicitors’ Regulation Authority (SRA), ensuring the quality of service that you receive;
- in addition to providing the HIP itself, a solicitor is best placed to interpret and advise on the associated legal documents about the property, and also any other issues relating to the property;
- if you instruct us to do the conveyancing then we will not charge you extra for preparing the HIP.
If you are thinking of selling or require more information regarding HIPs, please contact Robert Collins, Partner in Property Services team.
But are the HIPs worthwhile?
Comment by Robert Collins, Partner in the Property Services team
“It is still early days, but we do not believe that they add anything to assist the process. We are finding that delays in obtaining HIPs from sellers have meant that some transactions are actually taking longer. Also, the searches in the HIP are often not official and instead backed by Indemnity Insurance. Therefore buyers may decide to obtain a new Local Search and disregard the HIP. However, it is imperative to remember that they are now a legal requirement when marketing a property for sale, so we must address them.”
