Mike Richards, managing director of Richards Gray, said: “Both Barclays and HSBC, the two banks that, according to media reports, didn’t accept personal searches, have this morning confirmed that they accept them. They have simply clarified that they require their customers solicitor to approve the search. Around 90 major mortgage lenders, including nine out of the top ten lenders, already accept personal searches, and the Government has confirmed their validity.
“The use of personal searches in the conveyancing process has grown significantly over the past five years, with over 650,000 taking place in 2006. Personal searches are faster, come with significant indemnity cover and are a more cost effective solution for the consumer. Recent media reports on this issue have been irresponsibly presented and are factually inaccurate. It appears that certain groups and sections of the media will do anything possible to discredit HIPs.
“HIPs have had a somewhat rocky introduction but we remain convinced that they will fulfill the purpose for which they were introduced; namely to speed up and add transparency to the conveyancing procedure, help first time buyers and make moving house a more environmentally conscious process."
HIPs came into force for properties with four bedrooms or more on 1 August 2007, and are set to be extended to three bedroom homes on 10 September 2007.
