HIPS / EPC
What is a HIP?
It is a set of documents, provided by the homeseller, giving important information about a property to a potential buyer including it's energy efficiency, searches and evidence of ownership.
What will be in a HIP?
Certain items are compulsory, including:
- An Energy Performance Certificate
- A sale statement (summarises the terms of the sale)
- Evidence of title (the legal right to ownership of the property)
- Standard searches, for example local authority enquiries and drainage and water search
Leasehold, commonhold, incomplete or brand new properties require further information to be included. Sellers will have the option to include a Home Condition Report, however this is likely to cost extra. It is similar to a Home Buyer Survey, has to be carried out by a qualified Home Inspector and gives an objective opinion on the condition of the property.
What is Energy Performance Certificate?
An Energy Performance Certificate (EPC) rates the energy efficiency of the property and it's carbon emissions on a scale of A-G, just like the charts shown on new fridges and washing machines. The EPC also indicates likely fuel costs and suggests ways to improve efficiency.
What about properties already on the market?
The following are temporarily exempt from the requirement to have a HIP; this will end at a future date, which has yet to be confirmed. Properties already on the market prior to HIPS require a EPC from 1st October 2008.
