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Press Coverage
11.04.2008
HIPs to cost buyers and sellers millions - ConvexToday's full introduction of HIPs could cause home buyers and sellers to waste money by carrying out two identical local authority searches, according to online conveyancers Convex.net. The increasing time taken to sell properties, coupled with strict rules from mortgage lenders, mean homebuyers will still need to pay out to get necessary information about a property.
At present, HIPs must include a local authority search, which gives information on issues such as planning and environmental concerns, at a cost of around £280. Mortgage lenders also require this information from applicants.
However, most mortgage lenders need up to date search information and will not accept searches that are more than three months old, according to Convex.net.
This is likely to be problematic, because the length of time a property is spending on the market is growing, with the latest National Association of Estate Agents survey indicating properties now take 4.9 months to sell.
If a search is over three months old, then the property buyer will need to pay for their own search, which will also take extra time and further delay the process.
Duncan Samuel, managing director of Convex.net, says: “This issue is set to cause havoc in the property market. Vendors have already expressed their dissatisfaction with having to compile a HIP before marketing their property, but this extra expense is yet another added worry.”
Samuel says the added expense of HIPs, along with a general cooling of the property market, means there will be a dramatic decline in properties for sale over the coming months and says the introduction of HIPs could not have come at a worse time.
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