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GOVERNMENT NEED TO IMPLEMENT A ï¿½HIPï¿½ REPLACEMENT SCHEME

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GOVERNMENT NEED TO IMPLEMENT A ï¿½HIPï¿½ REPLACEMENT SCHEME

Written by Kate Hines

Tuesday, 17 April 2007

17/04/07

For immediate release

‘Better buying, simpler selling’ is the mantra from a Government insistent on Home Information Packs – unfortunately this is not strictly the case;
The introduction of Home Information Packs is supposed to make things easier, but there is a glaring error in the legislation – instead of making things easier they are in fact inviting it to become more expensive to buy and sell property.
Steven Bletsoe Managing Director of Homefinder UK, has voiced his concerns on key aspects of the new law.
One of the many elements of the Home Information Pack is the local searches that are requested by the mortgage lender. Under the new plans these will be part of the sellers pack and will be paid for by the prospective vendor. These will be available to the buyer and in principle save the money and time taken in conveyancing. The practise though is completely different when you understand that mortgage lenders insist on local searches being up to date i.e. not more than six months old and some lenders even insists on them being less than 3 months old on completion of contracts. This now means that the vendor will have pay for these searches (under the new legislation) and unless they sell the property very quickly so will the buyer to satisfy the lender.
“This glaring mistake is typical of a flawed system” commented Bletsoe “This has been rushed through despite the government knowing that this is a problem and it beggars belief that they have pushed it through Parliament with such a fundamental problem”. Bletsoe concluded “The fact is that this fee goes to local government and national government have passed a law which may lead to buyers and sellers paying for it twice. It should be re-done for free!”
With only 44 days to go before this is introduced surely the government need to postpone its implementation and sort out this problem.
##ENDS##
NOTES TO EDITOR:
(1) Steven Bletsoe is available for comment at your convenience and can be contacted on 07900 218044 or through head office on 0113 3912906.
(2) Homefinder UK have made the HIPs scheme redundant with their ‘Sell for free’ system. This is where individuals looking to sell their home can do so for free and with a number of benefits. Firstly, as the name suggests they will incur no selling fee, nor are there any contractual tie-ins. Secondly by using the Sell for Free system the vendor can take advantage of a government implemented loophole. Namely that properties sold privately without being marketed on the open market do not have to put in place a HIP. Bletsoe summarises “This is a service we have been offering since September 2006 and is really valuable to the buyer and seller alike. Using this service avoids paying for a Home information Pack undoubtedly saving both parties valuable time and money”.
(3) For more information please visit the website at www.homefinderuk.com
(4) Photographs available upon request.

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