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HIPs get energy boost
A new consultation initiated by the Government is set to boost efforts to tackle climate change and promote energy efficiency by proposing that estate agents include Energy Performance Certificates EPCs with their property particulars for the first time. And it's also proposing to make the EPC the first document in the Home Information Pack HIP when launched on June 1st.
EPCs, so the argument goes, would give consumers better access to information, helping them make new green choices by comparing energy costs between homes and offering practical steps to reduce carbon emissions and save on energy bills.
The consultation also includes changes to speed up the home buying process based on the evidence of rigorous testing in area trials. It proposes changes to accelerate the delivery of local searches, which can take more than 4 weeks in some areas, and to tackle the post code lottery of different levels of service and different charges for consumers.
Ministers are also in discussion with the financial services industry about providing green mortgages which fund the improvements suggested in EPCs, as well as exploring options for linking EPCs to incentives to encourage energy efficiency, such as the council tax rebates some local authorities are offering in conjunction with energy suppliers.
While action on searches is being implemented, there will be transitional measures to ensure the smooth implementation of HIPs in June, based on evidence from the area trials. Sellers will be able, for an initial transitional period, to market their home as soon as an EPC and key legal documents are provided as long as searches and leasehold documents where relevant have been commissioned. These transitional arrangements will be reviewed after six months to see whether they're still needed.
Where relevant, flood and ground stability searches will be required in packs as soon as systems are available to enable pack providers to find out quickly and cheaply whether a property is in an 'at risk' area. This will give buyers key information without putting sellers to the expense of providing extra searches in areas in which these are not relevant.
Meanwhile, fines for estate agents who fail to produce Home Information Packs including Energy Performance Certificates will be reviewed in the light of experience from June 1st and could be raised from £200 to £500 if they fail to meet their commitments.
Moneyextra.com recommends you take independent financial advice before acting on any article
Back2007-01-26 12:31:03 © Moneyextra.com
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