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Guest KingCharles1st

And There Was Hips

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Guest KingCharles1st

or wasn't...

:unsure:

HIP Facilities Group and its subsidiary HIP Payment Services will withdraw from the market and will not accept new business from August 31.

HIP Payment Services will continue to service the needs of its customers, agents and Home Information Pack providers on any matters relating to existing loans until each case is concluded and the book has run off.

Jeff Smith, chief executive of HIP Facilities Group, says: “Having weathered the shambolic launch and roll out of HIPs, I am very disappointed that we have had to take this decision.

"But there eventually comes a time when even a market leader must acknowledge that the transaction volumes in the HIP market no longer offer an independent lender such as HIP Payment Services a viable platform on which to build a profitable business."

He adds: "With market prospects remaining grim for the foreseeable future and the political outlook still uncertain, we are unable to justify the further investment required to continue to support trading at these levels.

“I believe that the HIP market as a whole will continue to suffer unnecessarily until the government has the courage to implement a clear and positive stance for HIPs, and the Tories stop treating this entire industry as a political football.

"Frankly everyone connected with the production and use of HIPs deserves better."

Edited by KingCharles1st

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"I believe that the HIP market as a whole will continue to suffer unnecessarily until the government has the courage to implement a clear and positive stance for HIPs, and the Tories stop treating this entire industry as a political football.

HIPS, an industry? :lol:

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I was considering do a HIPs course a c couple of years back. Costs 7k to do. Good job I didn't now but my heart goes out to those who will have done...

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A friend was urging me to take the HIPs course as well. He was planning to set it up as a business. I said to him at the time, what happens if the government changes its mind. He believed that the environmental rating part of the HIPs was a EU requirement, so they would have to stay in some form.

We are no longer in contact, but I hope he didn't quit his day job.

Are the Tories planning to get rid of them?

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Are the Tories planning to get rid of them?

Labour realy have pi55ed uk Tax payers money up the wall,,,

How many £,£££,£££,£££, down the drain..

Its better to make a Country simpler to run, rather than all the stuiped departments that push paper about.

Remember when they brought in SORN,, how much did that cost,, has it worked...????

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Are the Tories planning to get rid of them?

Grant Shapps made a speech a few weeks ago in which he suggested getting rid of most of their contents, but keeping the energy efficiency rating because it was an EU requirement. But I don't think this is official Tory policy yet.

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HIPS, an industry? :lol:

Don't mock it.

The third world export potential in particular is enormous

Britain's export or die revival starts here

It's never too late.......is it? :(

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Most solicitors firms in my area will do the HIP for free in with the conveyancing. Trouble is by the time the clients see us they have already instructed an agent to do this for them. Quite often now if the agent provides the HIP for "free" the contract for the HIP ties the vendor into using a set solicitor for the conveyancing, usually a crappy factory conveyancing firm which often charge more than a decent local solicitor. Also if the house doesnt sell and the property is withdrawn from the market the client ends up paying over the odds for the HIP. That is something that the agent doesnt always spell out to the vendor.

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There are so many people 'trained up' to do HIPs, <_< they haven't enough work to go round. A quick web search shows costs down to £200 now for houses up to 3-bed. Still paying for some of the buyers searches this way though.

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Most solicitors firms in my area will do the HIP for free in with the conveyancing. Trouble is by the time the clients see us they have already instructed an agent to do this for them. Quite often now if the agent provides the HIP for "free" the contract for the HIP ties the vendor into using a set solicitor for the conveyancing, usually a crappy factory conveyancing firm which often charge more than a decent local solicitor. Also if the house doesnt sell and the property is withdrawn from the market the client ends up paying over the odds for the HIP. That is something that the agent doesnt always spell out to the vendor.

Hi TC, dont you find that you have to submit new searches if the HIP is too old, once the property is sold?

A property is taking longer than 3 months to sell in my area. I guess i speak for the whole country ;)

Plus where i work it is still 50 working days for the searches. So a HIP takes 10 weeks to complete

Edited by ossie

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Are the Tories planning to get rid of them?

The Tories want to get rid of them, but the energy performance certificate part of it is an EU requirement, so I think the Tories will just require that document. The HIP is full of crap that no one will ever read, but you have to pay a few hundred quid more to have all that rubbish. As usual, Labour couldn't possibly let some EU law come over here without gold-plating it with additional bureaucracy.

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Most of the courses people undertook were in relation to Home Condition Reports (HCRs). Many gave up careers to re-train and spent a small fortune. This part of the HIP was scrapped; they were only valid for six months and given current market conditions, they would have been pretty useless anyway.

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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