Brokers and lenders have questioned how successful the voluntary rollout of Home Information Packs by the Association of HIP Providers will be.The first stage of AHIPP’s regional rollout of HIPs and Home Condition Reports will take place from November 6 in Southampton, Bath, Northampton, Newcastle, Cambridge and Huddersfield. But Malcolm Graham-Jones, head of lending at Bath, says AHIPP is “living on another planet”. He adds: “People will see a voluntary HIP as a hassle, so why would they bother?” David Hollingworth, mortgage specialist at Bath-based London & Country, admits that if he were selling his home he wouldn’t voluntarily pay for a HIP. He says: “Bearing the soul of my property might gain me some potential buyers, but unless the person whom I’m buying from also supplies a HIP then not only do I have the additional cost of the HIP but I also have to pay for the searches on my new property.” Although the finer details of how it will carry out the rollout have yet to be confirmed, Paul Broadhead, deputy director-general of AHIPP, says it will focus on marketing HIPs to consumers through the local press and radio publicity campaigns. Hollingworth expresses doubt about how successful this will be. But Broadhead says: “I have no concerns that people will take up a voluntary HIP. There is a legitimate concern that they will end up paying twice, but we are looking at ways to overcome that. “The take-up of HCRs is more difficult, but we aren’t forcing them on people. If people say they are a waste of time, we’ll know the government was right to make them voluntary.”
- Top trends
The Tories are launching a national campaign to prioritise building family homes over one-bedroom flats and stop England’s gardens and suburban neighbourhoods being over-developed.
The Financial Services Authority has issued a consultation paper outlining a new proposal to merge the customer functions in the approved persons regime in response to feedback from the industry. This feedback from retail and wholesale firms follows the publication of a consultation paper in July 2005 detailing a series of proposals to streamline and […]
Technology has revolutionised the application process for mortgages. It’s now not a matter of if the goal of instant mortgage offers will be achieved but when. But all companies involved in the mortgage industry need to apply this same level of technological innovation and imagination to every area of the process for the market to advance.
Inheritance Tax planning specialists The WAY Group is to embark on a major drive to raise the profile of its suite of IHT products within the independent financial advisor sector. The WAY Road show, which kicks off in Southampton on October 4, is a series of seminars designed to alert IFAs to its full range […]
With continuing legislative changes dominating an already evolving market, regularly auditing your employee benefits schemes has never been more important.
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