Is it worth remortgaging?

What's in a Home Information Pack?
For freehold properties, the HIP will include documents relating to the terms of the sale, evidence of the title, replies to standard enquiries made on behalf of buyers (currently carried out by lawyers), copies of planning, listed building and building regulations consent and approvals.

Packs relating to new properties will contain copies of warranties and guarantees, guarantees for work carried out on the property, replies to local searches.

There will also be information on whether the property is on the register of contaminated land - as is required by the Environmental Protection Act 1990 - or whether searches have been made to ascertain whether the land is contaminated.

The Home Condition Report, which was to offer an objective statement of the property's condition, regardless of effect on value, is not now required. Instead, it is an 'authorised' document, which is to say, it is voluntary.

The pack contains:

• An index (i.e. a list of the contents of the Pack)
• A sale statement (summarising terms of sale)
• Evidence of title
• Standard searches (local authority enquiries and a drainage and water search)
• Energy Performance Certificate
• Where appropriate, commonhold information (including a copy of the commonhold community statement)
• Where appropriate, leasehold information (including a copy of the lease, information on service charges and insurance)
• For new property, a New Homes Warranty
• Guarantees, warranties and the HCR are optional.

  Who assesses my home for energy efficiency?
  The requirement for an Energy Performance Certificate has been set by a European Directive which EU member states must implement.

  During the home inspection, the Home Inspector will record the key information that affects the energy efficiency of a property, such as the depth of insulation in the roof and the efficiency of the boiler.The data is entered into a computer programme that calculates the energy efficiency and produces a result on an easy to read scale.

  Is anyone exempt from producing a report?
  Sellers conducting private sales do not have to produce a report. Nor do vendors of tenanted property not offered with vacant possession and non-residential property.

  What happens if search results become out of date?
  The results of searches are expected to be accepted for six months. However, if they become out of date after that point there is no obligation to renew them.

  What effect will seller's packs have on the property market?
  The Council of Mortgage Lenders has criticised the decision to introduce the packs at the height of the property buying season.

  It says that one immediate effect will be a glut of homes coming on to the market prior to June 1, and a marked decline in the number of people committing to buying before they can benefit from the introduction of HIPs.

  What do the professionals think?
  The Royal Institute of Chartered Surveyors is supportive of the packs as they will bring regulation and transparency to an industry that currently has very little.

  It is hoped the HIPs will speed up the process of buying and selling, eliminate sellers 'testing the market' and buyers being out bid at the last minute.

  The Consumers' Association says its research shows that 82% of adults in England and Wales think the packs would be useful in the home buying process and help to ensure that all relevant information is available upfront for prospective homebuyers. The CA has long been calling for the introduction of HIPs.

  But Splinta, a campaign group opposing the introduction of Hips, has called the pilots a waste of money and says the packs are of little value without a home condition report.

  The group's Nick Salmon says: "Buyers and lenders are still going to feel they need to carry out their own surveys in order to have peace of mind.

  "Nobody in their right mind as a purchaser would take the pack on face value, but would incur their own time and expense in checking out the facts, the local planning department and more importantly in having their own survey."

  - What do you think of HIPs? Vote in our poll on the right and also share your thoughts

  - More information: The official Home Information Pack website.