Have your Hip Done

If youâ re planning on selling your home in the new year, youâ ll need a Home Information Pack. This will inform potential buyers of certain elements of your home such as the energy consumption and efficiency, planning permissions, guarantees on any work or repairs carried out, and numerous other things that would originally have been in a local authority search. It does not replace the full survey required by most mortgage lenders, but it will absorb some of the fees otherwise payable by the buyer.

The HIP is expected to cost between  350 and  600, which the seller pays. This will balance out however, as most sellers are also buyers. It will also save buyers paying for a local authority search for each property looked at â " which, with â gazumpingâ going on, could be more than one.

HIPs can be commissioned from specialist providers, and some estate agents are also offering them. The seller can also compile their own, but they must pay for an energy assessment to be done.

The original purpose of the HIP was to speed up the property-buying process and reduce the chances of gazumping â " a seller promising to sell a home to one buyer, then changing their mind and accepting and offer from another, higher bidder. This can happen if there are long, drawn out delays when buying a home and can be frustrating for the buyer whoâ s in the middle of setting up and planning out their mortgage payments.

From the point of view of a first-time buyer, struggling to comprehend the vast array of mortgages and other hazards of home buying, the HIP can prove a godsend. It saves them the worry of having to pay high fees for a search and survey, because the costs are covered by the seller.

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