With the date for the implementation of Home Information Packs finally set, tensions are rising between brokers and estate agents – each group feeling threatened by the other.Online conveyancing firm eConveyancer has carried out research into the needs of intermediaries and estate agents in its campaign to design an effective HIP provision service which reveals the subject of who will develop the best platform for compiling HIPs is a big source of anxiety. Brokers are concerned they might miss out on business and see estate agents gaining influence by offering HIPs at the outset. Agents are concerned brokers will steal a march by offering HIP services. David Hollingsworth, mortgage specialist at London & Country, says: “I don’t see why estate agents should be worried about brokers. The provision of HIPs adds much more weight to agents’ offerings. “The big distributors will be the estate agents. Brokers will be putting clients on to them to produce HIPs and they’ll be able to do the rest. “What you might see at first is providers competing on price. The biggest danger lies in the consumer thinking they have to take mortgage advice from the HIP provider. Most providers are likely to have limited panels but consumers may think they are getting a good deal if their provider has searched five or six lenders. “Obviously, as brokers we can search across the whole market.” Hollingsworth adds: “Where agents might have more reason for concern is that the requirement for a HIP to sell could cut the number of properties on the market. Clients may not want to go through with selling their properties when they see the expense they will incur in getting HIPs.” Threatening both agents and brokers are the online property portals like Rightmove.com which are likely to make their move on HIPs. Frank Eve, managing director of Frank Eve Consulting, says: ” Rightmove is producing a HIP package and is likely to be a major player in the HIP marketplace. “Whether intermediaries and estate agents should feel threatened is for them to decide.”
Mortgage Trusts latest survey reveals that 46% of landlords are not aware of the Houses in Multiple Occupation regulations due to come into effect in April 2006. Of those landlords who were aware of the licensing requirements, 44.2% became aware as a result of media coverage of the regulations whilst 21.6% of landlords became aware […]
It was soon clear that many of the advertisements placed after M-Day were non-compliant. What is shocking is that many are still non- compliant 12 months on.
The number of exhibitors at the Mortgage Business Expo has more than doubled since its first year, despite concerns over costs.
Research from the Association of Investment Trust Companies suggests that while active investors are geared up for pensions A Day, the message is still not getting through to the general public. Some 83% of active investors are familiar with the upcoming pension changes, with a significant 25% of these poised to change their pension portfolios […]
An investment bond offers investors certain tax advantages, one of which is the ability to take partial surrenders from the investment. This facility allows the policyholder to withdraw amounts up to 5% of the amount invested each policy year on a tax deferred basis, without incurring any immediate tax liability. This tax deferred allowance can […]
News and expert analysis straight to your inboxSign up