Then you need to be aware of the new HIP Regulations introduced on 6th April 2009
From 6th April 2009 the inclusion of a Property Information Questionnaire (PIQ) will be required in the HIP.
The “new” HIP requirement has not been widely reported and awareness does seem to range from “quite aware” to “what the hell are you talking about?”
The introduction of the PIQ is mainly seen as a response to the criticism that the Home Information Pack did not provide a great wealth of information to the “typical” buyer which the PIQ aims to tackle.
The new Property Information Questionnaire (PIQ) is mandatory and is expected to be completed by the home seller; not requiring help from a professional.
The PIQ will provide a summary of the information about the property including flood risk information, gas and electricity safety, service charges, structural damage, and parking arrangements to help buyers to make decisions on whether to view or purchase a property.
See an example: Download a sample PIQ
Is the PIQ going to dramatically change Home Information Packs?
No, probably not. However, it will provide additional relevant information of interest to the prospective home buyer which many critics have complained the home information pack has not done so far.
For buyers - the PIQ will give some great information on practical issues/points related to the property in question, which will help make an informed decision on the prospective purchase.
For sellers - it will give the opportunity to provide upfront information about the property which may either further attract interest or assist in preventing sales falling through at the last minute.
If you need to instruct a HIP, Freelancer Financials can offer a personalised HIP service at competitive prices. To get an immediate quote or speak to an adviser, please call on 020 8421 7998.