Tuesday, August 28, 2007

I have been prompted by a comment to waken from my state of near retirement to comment (once again) about the HIP's debacle. All conveyancers know that this whole business is a waste of time and money. It would have been easy to make provision for an Energy Rating Certificate for properties being sold and then perhaps link this to registration at the Land Registry in much the same way as SDLT forms i.e you cant register the transfer/mortgage without producing the ERC to the Land Registry.

We have had all the comment in the papers about Lenders not accepting personal searches which we knew all along. I have just received an email from a personal search company with a list of lenders who will accept personal searches. I have in the past researched this issue and have found some lenders who in their CML Handbook part 2 replies say in answer to the question "do you accept personal searches" , "yes but at your risk". One wonders why any lender would expect me to take a risk rather than opt for an official search.

It appears most Sellers will commission personal searches for their packs as it will be the cheaper option and we will then have to explain to our clients (the Buyers) the difference between personal and official searches and sometimes have to insist on new official searches as the lender will not accept personal searches.

One thing has become clearer and that is that most of my local estate agents want nothing to do with preparing or sourcing HIPS. They appear content to refer their clients to a local solicitor to get the HIP but I suspect that may not remain the case once they have to have the HIP before they can market the property as opposed to the transitionary arrangements at present in effect.

So the big question is "how many HIPS have I done up to the 28th August 2007". The answer, you may not be surprised to hear, is NONE. I did get an email from HIPAG a week or two ago who appeared very excited about doing a HIP or two but at that time they still hadn't done an unregistered HIP or a leasehold HIP. I suspect all will change with the inclusion of 3 bed properties next month.

I am geared up to package HIPs if a client wants me to do that but I suspect I will just order one through Richards Gray or similar (how weary is that!).

Dont know about you but new work is very slow at the moment.