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We all know that the original Home Information Pack (HIP) proposals
were emasculated by the government’s decision in the summer to
remove the requirement for there to be a Home Condition Report. So, what remains?
The answer is that as of June 2007, the compulsory
element of HIPs will be restricted to title deeds, searches, and also an
energy efficiency assessment. That energy assessment (required by EU law)
will provide buyers with A-G ratings on their homes, as well as a list of
practical measures to cut their fuel bills and carbon emissions. Needless
to say, this is all light years away from what was originally proposed.
At the same time, the appetite of the High Street retail and banking
sector for the conveyancing market continues unabated. For instance,
Halifax Legal Solutions has an annual membership fee of £89 which
gives access to a free helpline (DIY tenancy agreements, powers of
attorney, etc), plus discounted conveyancing (eg £389 on a house of
£250,000-£500,000). Whether all these new arrivals will make as much
money as they anticipate remains to be seen; what is surely inevitable,
however, is that it will put yet more pressure on conveyancing practices.
[2006] LSG 9 November 1.
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December 2006 |
