Hip Terms & Definitions
The HIP (Home Information Pack) was first introduced by the UK government in August 2007. It is now compulsory for any person in the UK selling their home to make a HIP available to potential buyers. There now follows an explanation of terms commonly associated with the HIP.
Conveyancing - conveyancing is the name for the legal processes involved in buying and selling property.
Energy Assessors - an energy assessor is employed to test the energy efficiency of a property. They do this by collecting information about the age, building type and heating system in the home.
EPC (Energy Performance Certificate) - the EPC is a compulsory document to be contained in the Home Information Pack. The EPC shows the current energy rating of a home along with suggested ways that the rating can be improved. Energy Performance Certificates are created by qualified energy assessors.
Energy Rating - the energy rating is used to measure the energy efficiency of a property and is listed on the EPC. The rating is set on a scale of 1 - 100, the higher the rating the more energy efficient the property is.
Estate Agents - provide a number of services relating to selling property. Many estate agencies are able to provide Home Information Packs.
Evidence of Title - evidence of title documents show who owns a particular property. They are used to prove that the seller of a home is the owner and therefore has the right to sell it.
Home Condition Report - the Home Condition Report is an optional non-compulsory part of the HIP. Designed to be used by potential buyers of a property the HCR gives an objective report of the condition of a home.
Home Contents Form - an optional section of the HIP that contains a list of all the items that will be left by the owners of a property when it is sold.
HIP (Home Information Pack) - designed to be used by prospective buyers of a property the HIP contains a series of documents relating to the condition of a home being made available for sale.
Sale Statement - the sale statement outlines the terms on which a property is being offered for sale. Example information contained in the sale statement includes the name of the person selling the property and whether it is being sold freehold or leasehold.
Solicitor - solicitors will typically be able to produce a <a href="http://jmslaw.co.uk">Home Information Pack</a> for people putting their home up for sale.
Standard Searches - standard searches are used to inform a home buyer about any hidden charges relating to the property being sold.
Related Tags: hip, epc, home information pack, energy performance certificate
JMS are a firm of family solicitors in Manchester. JMS offer a range of legal services including conveyancing, home information packs and personal injury advice.
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