Not since Kubrick’s prostitute in Full Metal Jacket made her generous offer have we seen such outrageously low prices for professional services until the recent increase in cut price HIPs. The proliferation of poor quality websites offering cheap HIPs seems to grow daily. However, as any property professional knows, relying on very low prices results in compromises to the level of service that can be provided, and our first story highlights that factory-style prices are leading to factory-style service. Sadly, with some companies flouting the law through the use of personal drainage searches, invalid copies of title documents and incomplete personal local authority searches, it is the consumer who was hoping that HIPs will speed up their sale, will be the loser.
Invalid HIPs Grow
Last week, the government published a warning that it was aware that a number of HIP providers were not using valid title documentation. It appears that a combination of cost cutting and an inability to combine the title documents into a single file has lead to some providers using “Register Views” rather than official copies of the register. This, when combined with the use of personal searches that do not include critical information such as environmental health reports is resulting in some consumers paying for HIPs that are not legally compliant.
Leasehold HIPs
Many people are still unaware that from last December, complete leasehold information in a HIP was made optional by a change in the law. This means that leasehold HIPs only need to contain just a copy of the lease which significantly reduces the amount of work required to produce HIPs for such properties. This is just a temporary measure and after June 1st much more useful information such as planned works, management accounts and service charge documents will be required.
Price unification
Recent changes in the market has meant that we are now able to offer a much simpler pricing mechanism for our HIPs. Our Compliant HIPs are now a fixed price of only £349+VAT, which covers unlimited number of titles, unregistered titles, two printed copies with additional copies available for no additional cost. The price of our unique fixed-price authorised HIPs, with full authorised searches and complete title documentation has been significantly reduced to only £495+VAT outside London, and £560+VAT for all London boroughs, making them considerably more attractive for all our clients.
