The Home Information Pack (HIP) Code has been changed to recognise ‘exchange ready packs’.
AHIPP, which maintains the code, said the move is designed to protect consumers, estate agents, conveyancers and mortgage lenders using an Exchange Ready Pack (ERP), an ‘enhanced’ HIP that provides additional legal documents upfront.
All HIP Code subscribers supplying Exchange Ready Packs will now be required to meet strict minimum standards, putting the document on a par with the HIP in terms of quality, as well as containing supposedly ‘stringent’ levels of regulation and redress.
The ERP will also comply with the standards and be covered by insurance as prescribed by the Property Codes Compliance Board.
Mike Ockenden , director general of AHIPP, said: “With the uptake of the Exchange Ready Pack increasing steadily
