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 Common myths of Home Information Kits (HIP).

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Posts : 319
Join date : 2011-09-04

PostSubject: Common myths of Home Information Kits (HIP).   Tue Oct 18, 2011 4:01 pm

1. HIP stands for it is an abbreviation for Home improvement 123 Pack
This a common slip-up many make and one can typically be forgiven for holding that belief. This error was recently created by the Communities and City (CLG) when publishing the guidance document on Home Information Packs on their website. It has ever since been rectified.
2. A HIP only final for 12 months after which it it must be renewed.
As long as the property or home is continually marketed (this hasn't got to be via precisely the same agent) the HIP continues to be valid.
3. If a property doesn’ t sell I don't have to pay for the Place Information Pack.
  Types of payment options available when purchasing your personal property Information Pack; including an upfront payment and in many cases a deferred payment opportunity. With both of these payment options you should ultimately need to pay more for your Home Information Pack whether your possessions sells or you choosed take your house amazing market.
  There has been promotion of the ‘ no sale, zero fee HIP’ which does potentially mean if you are property does not sell you possibly will not have to pay. On the other hand, there is a considerable extra cost implication concerned and quite complex finer points attached to this cost option. Some terms in connection with this option dictates the pricing on your property in a sliding market. Please read these fine print carefully before entering to this kind of agreement
  4. Home Information Packs are an improved cost in the dealing process.
  It is true should you be selling a property not having buying a property you will find a ‘ new’ cost inside selling process though this better not translate into considerable increased overall costs. On the other hand, if you are buying together with selling a property as may be the ‘ normal’ transaction, Home Information Packs costs negate themselves relating to the buyer and seller.
  Due to new Home Information Pack legislation organisations had been forced to streamline their operations within the slowing property market typically reducing their costs which use ultimately been passed about the end consumer. For i. g. search companies and local authorities have obtained pressure applied to lower their costs to the consumer as well as increase their speed and additionally efficiency returning information sought after. This a direct reaction Home Information Pack the legislation.

8. The HIP doesn’ t should be completed until I get hold of accepted an offer.
  This statement is contrary to several concepts of the STYLISH i. e. having the required information prepared enable a smooth dealing process to take place therefore speeding up the process. Only completing the WAIST once an offer have been accepted returns us with the position we were in previously HIPs introduction with unexpected delays which might easily hold the sale made up.
  The time taken from ordering of the HIP to competition should generally be at most 5-10 days and it's a question that should be asked on your prospective HIP provider.
  9. HIPS include the reason the UK market has slowed down.
  This is the myth that we was feeling must include but it is hard to come by words for such the far fetched concept. Just how do Home Information Pack read me files which commonly costs £ 300 -£ 400 and provides advantageous required and essential facts in the property dealing process cause such a slow down within the uk Property market?
  10. Every property now requires a HIP whether it is to be marketed.
  Whilst it is true of the fact that initial roll out of your HIP legislation via selection of bedrooms has been finished i. e. number of bedrooms does now not determine whether a property has a HIP; there are nevertheless some HIP exclusions. Pertaining to e. g. a professional, non-marketed sale and confused use properties remain exempt out of requiring a HIP. More reading on Place Information Pack exclusions is available here.

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