H

HEADS OF TERMS

A document or memorandum setting out the main terms of a commercial transaction as agreed between the parties. Heads of terms are evidence of intent but will not compel the parties to conclude a transaction on these terms or at...

HEADLEASE

A lease held directly from the freeholder and subject to one or more...

Homeowner Variable Rate

The Homeowner Variable Rate (HVR) is the rate that homeowners who have applied for residential mortgages can change to when their mortgage deal expires.  A number of banks adopted this new measure for buyers who submitted mortgage applications from June 2010 onwards. The Homeowner Variable...

Habitable room

A habitable room includes all of the living spaces and bedrooms within a property, excluding bathrooms, kitchens, lavatories and circulation areas. Any room that is not fit for human living is inhabitable....

Home Information Pack

The Home Information Pack is a set of documents providing important information about a property such as searches, copies of the deeds and information regarding its energy efficiency. This change will help to make the sale of homes more transparent and help reduce unnecessary, duplicated and wasted...

HM Land Registry

The primary statutory function of HM Land Registry is to keep a register of title to leasehold and freehold land throughout England and Wales. On behalf of the Crown, it guarantees title to registered estates and interests in land. State-backed registration gives greater security of title,...

HIP Code

The HIP Code provides protection for homebuyers, home sellers, estate agents, conveyancing lawyers, conveyancing lawyers, conveyancing solicitors and mortgage lenders who rely on the information within in a Home Information Pack (HIP). It sets out standards which HIP providers have to meet. ...

Home Information Pack Index

The HIP Index lists the documents contained in the HIP. If a required HIP document is missing from the HIP, the HIP Index must reveal this, give the reason it is missing, and list what steps are being taken to get it. The HIP Index should be updated whenever HIP documents are added or removed....

Home Use Form

The historic HIP document has now been superseded by the Property Information Questionnaire (PIQ). Although the PIQ does not replicate the Home Use Form exactly, both forms include additional information that deals with the seller’s knowledge of the property. Such information would...

Home Contents Form

The home contents form is authorised for inclusion in the HIP. It sets out whether the seller intends to take with them certain fixtures and fittings at the property or whether they could be included as part of the sale....