Selling Your Property: Are HIPs
Although HIPs, or
Home Information Pack are required if you sell your
property via traditional marketing channels like estate agents
etc, you save that expense completely if you sell to
All properties marketed for sale in England &
Wales from 14 December 2007 must have a HIP before they are
even listed with an estate agent. HIP is a list of documents
including the proof of ownership, condition of property
etc. It is prepared by a qualified professional and
usually costs £400 to £800. This cost is in addition to
other selling costs like estate agency commission,
solicitors fees etc.
Although cost is a factor in getting HIPs done, even a
biigger problem is: they are only valid for 3 months. If your
property is not sold in the first 3 months then to continue
marketing, you must get anoher HIP done, and so on.
However, as we (Instant Angels) are private
buyers, if you sell your property to us then you do not require
HIPs - a huge saving not just on HIPs or estate agent's
commissions but other benefits too that a private and certain
sale of your property will bring.
Some estate agents are offering 'free' HIPs. Looking into
detail, most home sellers find hidden costs associated with
that offer. This can vary from higher sales commission to
exclusivity and/or extended tie-in of the sale term contract,
meaning that you either pay more on sale or you are tied in
with the same agent for a longer term, regardless of
whether your property is sold or not.
What exactly are HIPs?
HIPs contain information that buyers need to know before buying
the property. HIPs are issued by qualified inspectors. One of
the tests required by law is to assess your house for its
energy efficiency. It must be given a grading from A to G -
similar to the energy efficiency gradings awarded to fridges
and washing machines.
HIPs must include the following documents. The estimated
cost to seller is in the region of £400-£800.
- An index (ie a list of the contents of the HIP)
- A sale statement (summarising the terms of sale)
- Evidence of title
- Standard searches (ie local authority enquiries and a
drainage and water search)
- An Energy Performance Certificate (EPC)
- Commonhold information (where appropriate)
- A copy of the lease (where appropriate)
At a further cost of around £300-£400, optional documents
can also be included. They are:
- A Home Condition Report (HCR)
- Additional leasehold, information
- Guarantees and warranties
- Other searches relevant to the particular area
Are HIPs good thing?
They are - but for buyers! Sellers using traditional methods to
sell their property (e.g. estate agents, any advertising like
papers or 'For Sale' board outside their house etc) must have a
HIP compiled - which is clearly an extra expense and
hassle. Buyers usually win out because HIPs privide them with a
lot more information about the property. This information can
be used to buyer's advantage by making a lower offer.
Besides, once prepared, HIPs are only valid for a few
months. They must be instructed again if property fails to sell
within that time frame, incurring further costs.
Selling to Instant Angels: HIPs not
We are private buyers of your property. If
you sell your property to us then you do not need to worry
about HIPs because they will not be required. Besides, we
can offer various services to suit your requirements. For
instance, we can buy
your property fast or help stop repossession (if you are
You can submit your property now and some one
will contact you shortly. Alternatively, contact us
now to find out more about our services.
More about HIPs
You can learn more about
HIPs at following links:
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