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Conveyancing News: HIPs implementation a farce |
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Article Published: 23-Aug-2007
The Association of Home Information Pack Providers (AHIPP) has branded the implementation of HIPs a farce. A damning statement in light of the problems the government have already faced over the implementation of the HIPs.
During an interview with Channel 4 News the deputy director general of AHIPP, Paul Broadhead, said "It has been a bit of a farce the whole implementation of HIPs."
His comments are not too surprising following the decision by several lenders, of which Barclay and HSBC are two, who revealed yesterday that they will not accept personal searches as part of Home Information Packs unless they were certified by a conveyancer or solicitor and in addition, the Law Society has stated that solicitors refuse to take responsibility for approving personal searches. The vice president of the Law Society, Paul Marsh, says "The difference between a bank and a solicitor is that we are not in the business of underwriting risk, we are in the business of giving advice. Why on earth should a solicitor, who is not being paid by the lender, take this risk?" He further added "The buyer still has to go through all sorts of loops to make sure they are satisfied and that's why HIPs were never really going to work, because the onus is on the seller."
However Broadhead, during his interview, denied there is any problem with these searches and further urges consumers to choose lenders who do not require additional local authority searches are performed, saying "If consumers are going to go to a lender that insists they pay a further £200 to £300, that is their choice, but personally I'd go to a lender that does accept personal searches. The whole thing has been coloured by the mismanagement the government had in actually getting HIPs into the marketplace."
Source: Conveyancing-0800.co.uk
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