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Jimmy2Times

Hsbc Hips Toys Out The Pram.

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Its another fine example of the government screwing things up. People will have to pay for their searches twice as they will be legally required to have a HIPs and also do searches to satisfy the mortgage company.

This whole HIPs thing looks like a complete white elephant. I do pity the people that have spent thousands on the courses to perform these HIPs. I cant see them lasting for much longer.

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and? the more hassle the better i think.

You have to remember that Mr Brown is an expert on doing U-turns. He did a complete 180degree turn at the 11th hour with your home being put into your pension fund. Just recently they backed down with the HIPs only being required for 4 bed houses and even then the HIPs was a watered down version.

I believe that soon the searches will also disappear from the HIPs. The only thing that will remain there soon will be the energy efficiency report which i think will eventually be rolled out to all houses even if you are not selling them. The local council will then apply an additional levy of council tax to the least energy efficient houses. Effectively screwing people for more tax while waving the green flag.

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The easy solution would be for the seller to put the packs together but have all the info and searches available form the suppliers (land reg, local council etc) on line so it can be verified as accurate.

Also why are the Banks suddenly getting worried about fraud at this stage of the game? They haven't worried too much before have they?

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This is an interesting development. I do a bit of software development work for estate agents and have been interested/involved in how HIPs were going to work etc.

When Home Condition Reports were to be part of HIPs the mortgage lenders said 'we will not trust a survey commissioned and paid for by the vendor.' ... and Home Condition Reports were made voluntary.

I never heard of any of them saying 'we won't trust Local Authority Searches paid for by the vendor'. Which, when you think about it is logical - why would a Local Authority provide searches to a vendor that were different from the searches provided to a buyer? The objection that the searches made by the vendor would go out of date was made by many people, but the government said the objectors were 'wrong'. Why? Who knows? Sheer pig-headedness and the belief they always know best I suppose. Simple fact is that when a house with a HIP has been on the market for 6 months the searches are 6 months old. Any buyer with an ounce of sense will get new ones done.

But this latest development is interesting. It strikes me almost as spite. It's like the lenders are saying 'we told you HIPs were a bad idea and now, we're going to make sure they fail.'

Of course, the time may come soon when they need the BOE to bail them out. Maybe they should go along with HIPs!

Edited by Lets' get it right

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Guest Winnie
You have to remember that Mr Brown is an expert on doing U-turns. He did a complete 180degree turn at the 11th hour with your home being put into your pension fund. Just recently they backed down with the HIPs only being required for 4 bed houses and even then the HIPs was a watered down version.

I believe that soon the searches will also disappear from the HIPs. The only thing that will remain there soon will be the energy efficiency report which i think will eventually be rolled out to all houses even if you are not selling them. The local council will then apply an additional levy of council tax to the least energy efficient houses. Effectively screwing people for more tax while waving the green flag.

Are you Kirstie or just an EA? Certainly a VI!!!1

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I believe that soon the searches will also disappear from the HIPs. The only thing that will remain there soon will be the energy efficiency report which i think will eventually be rolled out to all houses even if you are not selling them. The local council will then apply an additional levy of council tax to the least energy efficient houses. Effectively screwing people for more tax while waving the green flag.

That's interesting. My wife has a colleague at work whose partner has trained to provide HIPS reports. On the HIPS training course they were told (unofficially) that the only important component of the report is the energy efficiency report which will be used for tax raising purposes.

On the positive side, we can now use the efficiency report to negotiate a further reduction on the purchase price.

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Guest Winnie
That's interesting. My wife has a colleague at work whose partner has trained to provide HIPS reports. On the HIPS training course they were told (unofficially) that the only important component of the report is the energy efficiency report which will be used for tax raising purposes.

On the positive side, we can now use the efficiency report to negotiate a further reduction on the purchase price.

I think this is why people with a vested interest in keeping prices high and the bubble swelling are so afraid..... A HIP tells you that you are being a crock of SH""* which you will need to spend a fortune on....the poperty porn/ EA merchants have been able to just sell anything pushing the mantra of "investment" "location" etc. Basically, armed with a HIp, it becomes a buyer's market again. :P For so many reasons they are a good thing, and GB will not u-turn here, he has already gone through a d ;) elay, and will not stop this one.

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The energy efficiency reports are required under EU rules so are not going away.

As for the other searches, all of these are available on-line very cheaply and it would make no sense not to do you own check given this potential risks involved.

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I think this is why people with a vested interest in keeping prices high and the bubble swelling are so afraid..... A HIP tells you that you are being a crock of SH""* which you will need to spend a fortune on....the poperty porn/ EA merchants have been able to just sell anything pushing the mantra of "investment" "location" etc. Basically, armed with a HIp, it becomes a buyer's market again. :P For so many reasons they are a good thing, and GB will not u-turn here, he has already gone through a d ;) elay, and will not stop this one.

I dont see how this differs from a buyers report which has been available in the market for many years.

The HIP's only additional information is the energy efficiency. I have never walked away from a house just because there was no cavity wall insulation!!!

As mentioned earlier, energy efficiency is the new council tax addition. Soon you will charged in three ways.

Basic Council tax - banded as usual according to value of home (whatever that may be in the next few years- if it rises, they will re assess everyone, if it falls, they will keep original valuations

Climate Levy - Additional charge depending on how energy efficient you house is. Only those with smallest rating will be exempt (ie have six windmills and a roof full of solarpanels)

Rubbish Collection - Soon you will be paying for your rubbish collection separately and will be charged depending on how much the chip in your wheelie bin says you should pay

Climate change, my ****

:blink:

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