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An HCR, or Home Condition Report, is a document containing information about a property’s condition, and will highlight any work that may need to be done. Although this document is not compulsory, prospective purchasers are able to commission one themselves if it is not already available within the pack. |
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An EPC, or Energy Performance Certificate, informs buyers and sellers alike about a homes energy efficiency using A to G rating, much the same as those used to rate household appliances. These certificates will make recommendations for cost effective improvements to help cut fuel bills* and carbon emissions. *It is estimated that by following the recommendations, an average of £300.00 a year could be saved on your bills. |
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These packs will contain documents that are required each time a property is bought or sold. In brief, the compulsory documents are: · An index (a list of contents within the pack) · An Energy Performance Certificate (EPC) · A sale statement (summarizing the terms of sale) · Evidence of title · Searches (local land charge, local authority, water and drainage) · Leasehold or commonhold information There are other documents that are not compulsory, but can be included within the pack at an extra cost. These documents include: · A Home Condition Report (HCR) · A legal summary · Guarantees and warranties · A home use form · A home contents form and additional relevant information
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HOME INFORMATION PACKS — WHAT YOU NEED TO KNOW |
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Home Information Packs (HIPs) are a set of documents providing information about a property, it’s energy efficiency, boundary ownership and planning permissions. They have been introduced by the Government to aid the buying and selling process, and as part of a wider action to cut carbon emissions from homes, along with allowing consumers to have more information up front when buying a home. The Government hopes that by reducing the stress of buying and selling a home by providing information up front that is not normally available until well into the sales process, the number of sales lost or re-negotiated will also be dramatically cut.
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WHAT IS A HOME INFORMATION PACK? |
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WHAT’S IN A HIP? |
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WHAT IS AN EPC (Energy Performance Certificate)? |
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WHAT IS AN HCR (Home Condition Report)? |
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The cost of these packs vary, depending on the supplier, but tend to average at around £350.00 for the required compulsory documents. If you shop around, you may find that local solicitors are also producing HIPs and are offering some very attractive deals*. *Additional charges will still apply for the cost of the EPC, and the searches. |
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HOW MUCH WILL IT COST? |
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To contact us: |
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AT WHAT STAGE CAN A HOME BE MARKETED? |
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Until 31/12/2007, a property can be put on the market as soon as the required documents of the pack have been ordered. Whilst it is not necessary to wait until the documents have been received, you are obliged to obtain the documents as soon as possible, and a pack must be made available to potential purchasers as soon as the EPC has been received. From 01/01/2008, a seller or their agent must obtain the EPC and all other compulsory documents before a home is marketed, unless there are exceptional circumstances or delays obtaining certain documents. |
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AT WHAT STAGE CAN A HOME BE MARKETED? |
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Until 31/12/2007, a property can be put on the market as soon as the required documents of the pack have been ordered. Whilst it is not necessary to wait until the documents have been received, you are obliged to obtain the documents as soon as possible, and a pack must be made available to potential purchasers as soon as the EPC has been received. From 01/01/2008, a seller or their agent must obtain the EPC and all other compulsory documents before a home is marketed, unless there are exceptional circumstances or delays obtaining certain documents. |
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HOW LONG IS A PACK VALID? |
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The EPC contained within the pack is valid for one year from instruction, but searches and title documents cannot be over 3 months old from when a property is first marketed. |
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IS A PACK REQUIRED FOR HOMES MARKETED BEFORE THE NEW LEGISLATION CAME IN? |
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At the moment, properties on the market before HIPs were introduced do not need to have a pack. However, the Government plans to implement changes to the law, and all sellers must be prepared to have a pack produced at some point in the future. |
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ESTATE AGENTS & PROPERTY MANAGERS
Celebrating 45 Years in Business 1963 / 2008 |