ODPM Timeline

Conveyancing Month!

CONTENTS

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The UK’s first monthly on-line journal dedicated to conveyancers!

News...

Explanatory note

Explanatory note

Explanatory note

Explanatory note

Text Box: Stung by the CML’s criticisms earlier in the month, and their declared intention to insist on professional valuations (which are not currently part of the governments HIPs proposals, and which Home Inspectors qualifying under the 2004 Act would not be qualified to undertake) Housing Minister Yvette Cooper MP, has published the long called for timeline, setting out in more detail the governments proposals for introducing the new HIPs regime. According to the minister, HIPs are part of a parcel of measures which, taken together, were “practical steps to help families get a first foot on the housing ladder”. In particular, she felt that that HIPs would assist first time buyers by saving them “hundreds of pounds on searches and surveys”. This seems to be based on the assumption - an assumption by no means shared by other industry commentators - that sellers will not pass on the cost of the HIP to buyers in the contract. Reaction from the CML was muted, and contained little comfort for the Minister. According to Peter Williams, CML Deputy Director General “there is still a great deal of work to do to implement HIPs”. He further commented “HCRs are not a substitute for lender valuations - they do not contain an assessment of value. Lenders may be able to use automated valuation systems to establish value in some cases, but not all. Over time, automated valuations are likely to become more common, but at the time HIPs go live there is still likely to be a sizeable proportion of properties on which lenders will wish to commission physical inspections for valuation purposes”. Practitioners can learn more by downloading the newsflash which we sent out earlier in March, and which contains a copy of the timeline.

ODPM Publishes Timeline