HIPs Hits Home Sellers of Three Bed Houses

Conveyancing expert Lisa Shenton on Home Information Packs (HIPS)

10.09.2007

Prospective sellers need to be certain before they take action according to Conveyancing experts following the roll out of the Home Information Packs (HIPs) on properties with three or more bedrooms.

From today owners of houses with 3 bedrooms or more will need to request a HIP before their property is marketed by an estate agent. The controversial packs include an Energy Performance Certificate, which contains advice on how to cut carbon emissions and fuel bills.

Also included are documents such as a sale statement, searches and evidence of title.

HIPs Expert

Lisa Shenton, Head of Conveyancing at law firm Irwin Mitchell commented: "August is traditionally a quieter month for new Conveyancing instructions and many practitioners feel that the introduction of HIPs for three bed properties is premature and that there has not been enough time to 'test' the impact of HIPs on the market."

Experts in the field are now waiting to see if the new regime will have a braking effect on the housing market as people will consider more carefully whether to put their houses on the market, reluctant to pay the charge up front which is around £400.

Offering advice Lisa said: "Prospective Sellers should be certain that they do want to sell their house.

"As with anything, shop around for the HIP that best suits your circumstances - they can be obtained from a variety of sources including solicitors and estate agents and can vary in price.

"In addition sellers should ensure they check the terms and conditions of a 'no charge' offer. Look to see if there is a charge if you move provider or decide to take the house off the market."