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Farewell HIPs – Hello Same Old Conveyancing?

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Whilst the coalition government has been very swift to announce the scrapping of Home Information Packs HIPs, when it comes to enabling the house buying and selling process longer term in a slow marketplace, this may be a bit of a red herring.

House for saleThe end of HIPs will no doubt be welcomed by consumers as a layer of red tape they can do without - although it’s worth remembering that the vendors will still have to provide an Energy Performance Certificate (EPC) at a cost of around £50-100. (The average price of a HIP was £250-350).

The Association of Home Information Pack Providers (AHIPP) is already estimating that the decision will affect the livelihoods of between 3,000 – 10,000 people.

Michele Todd, Head of the Residential Property Team at Yorkshire Law firm Keeble Hawson feels that more reforming zeal needs to be directed at our current conveyancing process:

“The abolition of HIPs is clearly designed to encourage sellers back into the market. Whether or not that happens, one element that causes delays on a daily basis for people buying and selling property and has done for many years is our current conveyancing process.”

“There is a lack of transparency with this system that creates unnecessary work, time and costs, so in real terms we may be no further forward with the abolition of HIPs.”

“Last but not least saying goodbye to HIPs does not directly encourage lenders to start lending again, which would be a real catalyst for the housing market and key to creating a positive impact on our economy.”

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