homefast believes that market forces are already driving the move towards provision of HIPs, making regulation largely unnecessary.
Legal advantages already delivered
The legal aspects of HIPs will add no extra cost and it would be advantageous if they became common practice throughout the industry sooner than the 2007 deadline. E-conveyancing is here to stay and is an essential part of the future of mortgage processing.
John Brian, Partner in homefast property lawyers, commented:
"Anything that speeds up the conveyancing and remortgage processing can only be a positive for the industry. At homefast we already have the systems working to provide this speed and offer a fast, efficient service on a no-move-no-fee basis. We believe that most aspects of Home Information Packs can and should be introduced before the suggested 2007 implementation date. They can only help the consumer as well as the mortgage industry.
Home Condition Reports (HCRs) are an unnecessary expense and should be voluntary only
John Brian also contends that the position of Home Condition Reports should be reconsidered. He comments:
"Home Condition Reports, if included in HIPs, will be a significant extra cost to the consumer. At the moment about 30% of homeowners putting their houses on the market do so speculatively. The additional cost may dissuade this behaviour and have huge knock-on effects to the market. In addition, less than 20% of purchasers currently choose to engage the services of a surveyor. homefast feels that HCRs could and should be introduced on a voluntary basis initially. If they are then seen as being really helpful in the selling process they will gradually be adopted anyway."
A sample Home Information Pack (excluding HCR) is available on request.
