As of 6th April 2009 changes in legislation now mean that a HIP must be available to potential purchasers prior to first day marketing of a property. The pack must include the following in order to market the property: -
- Index
- Energy Performance Certificate (EPC) or Predicted Energy Assessment (PEA)
- Sustainability information (for new homes)
- Sale statement
- Evidence of title A Property Information Questionnaire (PIQ) which lets potential purchasers know vital information about the property now also needs to be completed and returned to the HIP provider.
Justin Parkinson a representative of ERS (Energy Reposts and Surveys) who work alongside LMS the chosen HIP providers of James Laurence Estate Agents: "The biggest impact here will be on price. In the fullness of time when local authorities can provide efficient electronic access to ALL data, these costs should come back down. Other than price, there should be little impact on the market. There’s no doubt that the focus will turn to getting the PIQ returned quickly or at least as quickly as the EPC, as this could hold up marketing of the property. The pressure with therefore turn to the HIP provider to ensure that all possible means are available to complete and return the form as quickly as possible. We also believe there will be an impact in on completion turnaround time now as exchanges of contract should be quicker with information being sought sooner in the process courtesy of the PIQ. There are also likely to be fewer fall-throughs as a result." |