So what effect will Home Information Packs have on me? Very little. First, they don’t exist yet and second, until I want to sell or buy a house I have no need for information about the packs, or any need of estate agents or conveyancers either. For Joe Bloggs, HIPs are not on the radar.But here’s some more information – Joe is a mortgage broker, which makes his feelings about HIPs more worrying. After all, the implementation of the packs next year will be a fundamental change to the home buying and selling process and will inevitably have an impact on his business. The question is whether this will be a negative or positive influence. Most in the intermediary sector believe it will be the former. The implementation process took a big step forward this month with the publication of the government’s HIP regulations. The regulations prescribe what documents should be included in the packs and the exemptions from HIPs. They also make provision for the approval of the certification schemes home inspectors will have to join if they are to be able to provide Home Condition Reports. The Association of Mortgage Intermediaries has kept you in the loop with regard to the packs’ developments but now is the time to consider your response to their introduction. For example, have you informed your clients about HIPs and their implications? Have you talked to them about where they will get their packs from? Will you be providing the packs and if so, how will you do this – will it be through a relationship with a HIP provider or will you do it inhouse? What are your responsibilities with regard to pack provision? These are questions that must be answered soon. Almost a year might seem like plenty of time but remember how quickly Mortgage Day came upon us. The point is that the public may not be concerned about HIPs at the moment but it soon will be, so advisers should be concerned. As someone who is in the process of buying and selling properties I can’t help but wonder what the process would have been like with a HIP. Advisers must use the time available to consider their options and produce a HIP plan for their businesses. The time when the man in the street will need one will be here before you know it.
- Top trends
AXA’s Protection Account is being made available to the whole of the market following its launch to brokers 18 months ago. Iain Mallon, head of protection and e-commerce at AXA, says: “We have spent the past 18 months honing our offering and are confident this account will prove popular across the market.”
Buy-to-let and commercial mortgage specialists The Money Centre processed almost 181m worth of buy-to-let mortgages in May, a 61% increase on the same time last year. Based on this monthly figure, The Money Centre is on target to exceed its annual target of 2bn. These figures show a 10% production improvement from sales consultants at […]
Corporate finance lawyer Lucian Pollington has been appointed to the newly created position of corporate development director and general counsel at independent estate agency group, Spicerhaart, which also owns Mortgages Direct.Pollington, 44, has provided corporate finance and legal support to the company for over six years through his own company and his new role will […]
From J Light I am writing to warn other brokers about a situation we recently had with Abbey so they can help their clients avoid suffering a similar fate. We applied online for a fixed rate product on April 25. The client elected to pay the 599 arrangement fee by debit card. The client contacted […]
Re-enrolment is a sizeable task, and requires proper planning. You must ensure that eligible staff who are not already in your auto-enrolment pension scheme are put back into it.
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