The way we buy and sell our homes should be reformed for the benefit of consumers, according to some of the leading professions in the industry.
Solicitors, estate agents, surveyors and consumer bodies recently held a meeting chaired by the Building Societies Association (BSA) to discuss new approaches.
The Government’s decision to abolish HIPs was broadly welcomed but most experts said more still needs to be done. Paul Broadhead, Head of Mortgage Policy at the BSA, said: “The new Government has acted swiftly since coming to office suspending HIPs within its first few weeks. Work must continue to ensure customers receive better value and an improved experience. A key component in reforming the process remains providing the right information to the right person at the right time.”
Christopher Hamer, the Property Ombudsman, said: “It is clear that a lack of consumer understanding and poor information on a wide range of issues from roles, terms of business and the process overall place consumers in a weak position.”
The Law Society says that it has always supported the idea of buyers receiving information up front about a property they wish to buy but HIPs had not properly addressed the issue. It said: “Concern about the additional cost to sellers and lack of benefit to consumers has prompted the Law Society to propose a complete and comprehensive set of documents, prepared by a solicitor, who has the benefit of specialist legal training and professional responsibility.
“The Society is recommending that the information be provided in a standard format to bring proper value to consumers and improvements in the process whilst at the same time reducing cost.”
The president Robert Heslett added: “The professional integrity and legal skills which solicitors have traditionally brought to the housing market are probably more important now than they have ever been.
“The marked increase in property fraud, including registration fraud and mortgage fraud, means that the role of the solicitors as the gatekeeper in the process assumes a greater importance.
“This role falls to solicitors as the most highly regulated professionals in the process. Solicitors can help consumers understand the residential conveyancing process, the role of the solicitor and others in the buying and selling market and to make informed choices.”
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