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.
