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The transitional rules allowed HIPs to include incomplete personal local searches, provided the omissions were covered by insurance. However, that exception came to an end on 6 April.
Accordingly, local search information must now be complete in order to comply with the HIP Regs. The Law Society President has warned practitioners to be on their guard against personal search companies that might continue to submit incomplete information. For instance, a solicitor who accepts a defective search on behalf of a buyer could be liable if the buyer suffers loss as a result of the incomplete search information. 6 April also saw the introduction of the new property information questionnaire (PIQ), which is seen by most practitioners as a waste of time since it is no substitute for the full set of inquiries that will have to be made during the conveyancing process.
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April 2009 |
