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Saturday, 16 June 2012

Home Information Packs

The UK legislation for reducing gazumping and gazundering, Home Information Pack or HIP was introduced by the UK government in 2009. HIP is basically a pack of property consisting of certain documents of the home property, which are to be there at the time of selling the property. HIP is for sellers selling home in England and Wales. There is a different legislation for the same in Scotland. The pack contains a set of property documents. It included the documents of: Energy Performance Certificate, Sales Statement, Property Information Questionnaire, Title documents for property and Local Authority and drainage searches.

The intent behind bringing forth the legislation lied in the fact for reducing the glaring amount of gazumping that was occurring in the home sell market. It was also said that this pack would welcome a speedy and transparent selling deal/transaction. Since the pack provides detail over various documents, it becomes quite an easy and simple as well as fair process on behalf of the buyer, as he gets all the necessary information just before he goes to check for the property. This saves their time and energy and also keeps them awaked.  This would also lead to lower property search costs. Further, the inclusion of different documents of Energy of Performance Certificate have provided new information on energy efficiency that can help literally cut down on carbon emissions and help get the potential buyers an idea of likely costs of their energy bills.

However, the 2009 legislation was scrapped as soon as in May 2010. The newly elected coalition government of UK, decided to abolish the legislation. The reason to abolish reflected in the comment that the process is expensive for sellers, and already hit by the Europe's economic downturn, making HIP would be an expensive document.

Further, the UK's, Royal Institute of Chartered Surveyors made a point about the HIP that they have had failed in solving problems arising during the conveyance process such as,  gazumping, gazundering, wasted survey fees, etc. still continued despite the HIP's presence.

All in all, the HIP really was one of the powerful legislation benefiting the home buyers. With the abolition of the legislation, now, however, the buyers might again face the problems of gazundering and property search fees.


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