New HIP to help home buyers - Mortgages - News - Moneyfacts


New HIP to help home buyers

New HIP to help home buyers

Category: Mortgages

Updated: 19/03/2009
First Published: 19/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New legislation will see home buyers have earlier access to better information regarding their possible new home.

From 6 April, every home must have a home information pack (HIP) in place, as opposed to on order, before it can be put on the market.

In addition, sellers will also be required to complete a new Property Information Questionnaire detailing important pre-sale information such as the home's council tax band, parking arrangements, utilities and structural changes, all vital considerations when deciding whether to make an offer.

A recent report had indicated that, while every home on the market has had a HIP since December 2007, so far only 40% of buyers had actually seen the HIP for the home they eventually purchased.

"Finally we will see HIPs getting into buyers hands," said Mike Ockenden, director general of the Association of Home Information Pack Providers. "HIPs provide buyers with a great deal of important information that should be taken into consideration before making an offer, from the home's energy efficiency to local search information."

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