From 1 August 2007 there will be a requirement to prepare a HIP for all properties with four or more bedrooms. The property can be marketed before any HIP documents have been obtained, as long as proof is provided that the documents have been ordered and there is a belief that they will arrive within 28 days. A HIP must be provided to prospective purchasers.
A HIP is likely to contain the following:
- Terms of sale
- Evidence of title
- Copies of any planning, listed building and building regulations consents and approvals
- Copies of warranties and guarantees, for new properties
- Guarantees for any work carried out on the property
- Local search replies
- An energy performance certificate
However, HIPs will not apply to all properties and there are specific regulations for leasehold properties. Notable exceptions include properties sold with sitting tenants, and homes held on a lease of less than 21 years.