HIPs reduce failed transactions and speed up house sales, provider claims
By Stephen Higham, solicitor
Home Information Packs (or ‘HIPs’ as they are otherwise known) seem to be partially responsible for the reduction in failed property transactions, and the acceleration of the process.
This is according to a HIP provider, ‘myhomemove’ who recently reported that the drop out rate for failed transactions is now only 9%. Prior to the full introduction of HIPs in April 2009, that rate was 23% according to government figures.
In addition, it is claimed that HIPs contribute to speeding up the conveyancing process by, on average, 6 days. It now takes about 50 calendar days on average to complete according to myhomemove.
Peter Pownall, Head of Conveyancing at David Phillips & Partners Solicitors, confirms the findings.
‘Since we launched our integrated service, offering HIPs and conveyancing services to sellers, we have definitely seen improvements in terms of less incompleted transactions, and smoother, quicker sales,’ he says.
He continues, ‘our HIPs are available from only £149 including VAT, which is great value when you consider the benefits they offer to sellers and purchasers alike. As they are a legal requirement now, there’s no getting around them so the only question for sellers is who to approach. Having your solicitor provide the HIP ensures that the necessary legal and other information is obtained at once, reducing errors and delay which can cause conveyancing chains to fall apart.’
For more information on the benefits of obtaining a HIP from your solicitor, and the services David Phillips & Partners’ conveyancing solicitors provide, please call Peter Pownall on 0800 564 2843.