Myths of Home Information Packs (HIP)
Myths of Home Information Packs (HIP)Author: Paul DavisHome Information Packs (HIP) are becoming more widely accepted since the first date of implementation. However, with the Home Information Pack’s existence also comes some fallacies and myths which have been attached to them. Due to this we have decided to look at a selection of some commonly held misconceptions and some of the more unusual ones we have come across.1. HIP stands for and is an abbreviation for Home Improvement Pack.This a common mistake many make and one can certainly be forgiven for holding this belief. This error was recently made by the Communities and Local Government (CLG) when publishing a guidance document on Home Information Packs within their website. It has since been rectified.2. A HIP only last for 12 months and then it must be renewed.As long as the property is continually marketed (this does not have to be via the same agent) the HIP remains valid.3. If my property doesn’t sell I do not have to pay for the Home Information Pack.There are various payment options available when purchasing your Home Information Pack; including an upfront payment and quite often a deferred payment option. With both of these payment options you will ultimately need to pay for your Home Information Pack whether your property sells or you choose to take your house off the market.There has recently been promotion of a ‘no sale, no fee HIP’ which does potentially mean if your property does not sell you may not have to pay.
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08.02.2010
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