HIP could be axed! About time.

simytrader

I'll be glad to see the back of this useless piece of red tape.

www . ftadviser.com/FTAdviser/Mortgages/News/article/20091006/7b6ff01a-b27c-11de-b38a-00144f2af8e8/TORY-CONFERENCE-HIPs-would-be-axed-under-Conservatives.jsp

poppysarah

Don't they speed up transaction time by ensuring all documents are gathered together?

beccad

poppysarah wrote: »

Don't they speed up transaction time by ensuring all documents are gathered together?

In theory yes, but the searches and so on that are required for the HIP aren't the bits that take the time... Maybe it saves your solicitor time (or a Legal Secretary). From having read threads on here, and speaking to people in the outside world, the house-buying process isn't any quicker.

pie81

can someone remind me, why did they decide not to include the survey in the HIP in the end?

if it contained a survey I could see the point of it - as it is it's totally pointless.

g_attrill

beccad wrote: »

In theory yes, but the searches and so on that are required for the HIP aren't the bits that take the time... Maybe it saves your solicitor time (or a Legal Secretary). From having read threads on here, and speaking to people in the outside world, the house-buying process isn't any quicker.

The lead-time to get the searches back can be quite a while, so for a property which is on the market for a while it will mean the buyer doesn't need to apply for them and wait. For properties selling instantly they might have to wait, so it's not so good.

The main idea was to ensure that buyers didn't have to keep paying for searches on properties when sales fell through (due to gazumping), and in that respect it has worked. There were stories of solicitors refusing to accept the searches and doing them again, but I haven't seen evidence that this is common practice.

The stupid energy report can go though, complete waste of time. Most buyers who are interested will check or ask for themselves, and those who don't care won't have bothered to read the HIP anyway.

g_attrill

pie81 wrote: »

can someone remind me, why did they decide not to include the survey in the HIP in the end?

if it contained a survey I could see the point of it - as it is it's totally pointless.

I think the problem is that the survery is for the benefit of the person who commissions it, so the surveyor would have no liability for the purchaser of the house, only the former owner. So if the new buyer found it had (for example) obvious subsidence they wouldn't be able to sue the surveyor because they had no contract with them.

pie81

g_attrill wrote: »

I think the problem is that the survery is for the benefit of the person who commissions it, so the surveyor would have no liability for the purchaser of the house, only the former owner. So if the new buyer found it had (for example) obvious subsidence they wouldn't be able to sue the surveyor because they had no contract with them.

makes sense. thanks.

Nosht

g_attrill wrote: »

The stupid energy report can go though, complete waste of time. Most buyers who are interested will check or ask for themselves, and those who don't care won't have bothered to read the HIP anyway.

The EPC is here to stay as it is an EEC requirement & even the new Tory Govt., which has already promised to scrap the HIP, cannot rescind this unless they threaten withdrawal or re-negotiate our terms.

HAS EVERYONE SEEN THE REPORT, IT IS A LOAD OF GARBAGE.


Regards,


Nosht.

Sweetcaz_2

poppysarah wrote: »

Don't they speed up transaction time by ensuring all documents are gathered together?

:rotfl:You would think but in the real world no! :mad:

CJE

g_attrill wrote: »

The lead-time to get the searches back can be quite a while, so for a property which is on the market for a while it will mean the buyer doesn't need to apply for them and wait. For properties selling instantly they might have to wait, so it's not so good.

The main idea was to ensure that buyers didn't have to keep paying for searches on properties when sales fell through (due to gazumping), and in that respect it has worked. There were stories of solicitors refusing to accept the searches and doing them again, but I haven't seen evidence that this is common practice.

The stupid energy report can go though, complete waste of time. Most buyers who are interested will check or ask for themselves, and those who don't care won't have bothered to read the HIP anyway.

But if a buyer needs a mortgage the lender will only accept searches that are less than 6 months old at the date of completion so if the property takes a long time to sell they will probably have to be done again.

Ulfar

The HIP should have included the survey and then it might have been of some use.

The government could have written the legislation such that the survey was binding on the surveyor if anything was found to be wrong after sale. They didn't do this due to vested interests, the result is what we have today a worthless document.