Hips

`Home Information Packs` or Hips as they are more commonly known are nothing new, they have been around and known as an `Information Pack` at property auctions for many years.

If anyone has ever visited a property auction with an interest in purchasing, you will have requested or been give an `Information Pack`. This pack contains components of the HIP, up front to help you make your decision to bid on a lot.

Hips are no different except they are not exchange ready, but could well be in the future if additional paperwork/searches become mandatory.

Going back to the auction `Information Pack`, what they have done is got rid of all of the time wasters, the pack is a ready to purchase information pack known as exchange ready and speeds up the sale process of a property very quickly.

They are not a new idea at all, except the Vendor, the house seller now has to pay for this instead of the purchaser, but if you think about it, the next property you are buying already has had the Hip paid for by that Vendor, which balances out the cost.

The advantage is for the first time buyers, who have no Hip at all to pay for, so they are the real winners in all of this, which is good, because if it wasn't for the first time buyers the property market would be less buoyant.

A lot has been written about Hips, but basically the information regarding Rights of Way, Covenants etc, that can cause a property sale to fall through a long way down the line, are now available up front. This has to be a positive step forward.

Useful link
http://www.homeinformationpacks.gov.uk/?aspxerrorpath=/home.aspx

Please click here to see a sample Hip. If you do require any further information, please contact us by telephone, email or use the contact us page form.