You are here: Home - News -

HIPs need more work says Select Committee

by:
  • 28/07/2003
  • 0
Home Information Packs (HIPs) need considerable work before they are ready for the market according ...

Home Information Packs (HIPs) need considerable work before they are ready for the market according to a disparaging report by an Office of the Deputy Prime Minister Parliamentary Select Committee.

In its report the committee said: ‘Much more work needs to be done on the Home Information Pack before the Bill even gets a second reading.’ This view has been supported by the Council of Mortgage Lenders (CML).

Michael Coogan, director general of the CML, said: ‘The CML and others have been warning for some time how important it is to iron out these problems before rolling out the legislation. Hopefully the Select Committee report will now encourage the Government to work through the problem areas before introducing the Housing Bill into Parliament.’

The Select Committee said it was unclear whether HIPs speeded up the selling process, and proposed the cost should be deferred until the property has been sold, and not paid up front. The committee concluded that before their eventual introduction, HIPs needed to be tested more extensively, after the pilot in Bristol dealt with only 61 completed sales.


Tags

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
The Mortgage Event attracts the support of UK’s largest lenders

Premier Mortgage Service, ZIFA, L&G Mortgage Club and Norwich Union are supporting this year's The M...

Close