The survey, conducted for electronic local search provider, OneSearch
Direct, revealed that 60% of mortgage lenders stated their belief that HIPs
would not assist property transactions. E-conveyancing, however – in
particular the storing of local search information in electronic format -
was believed likely have a significant, positive effect on speeding up
property transaction times.
A significant majority (80%) believed that consumers would need a lot of
help in compiling HIPs. This will create opportunities for mortgage lenders
to expand on the services that they currently offer and yet despite this,
20% declared that they do not plan to change their existing service.
Richard Megson, Sales and Marketing Director of OneSearch Direct commented:
“Having surveyed both solicitors and estate agents on the subject of HIPs as
well as mortgage lenders, we were struck by the financial community’s lack
of enthusiasm. This comes despite the potential commercial opportunities,
and is certainly an indication that further debate and analysis is required
before the existing system is changed.”
