Compl-i - February 2010

Property

HIPs - The Latest

The shadow housing minister, Grant Shapp has recently announced that he would scrap HIPs if the Conservatives were voted in at the next general election.  This would certainly put pressure on the profession to come up with a new and improved option.  The Law Society is currently working on TransactionPlus which would establish common conveyancing protocols and completion-ready packs.  These would contain all the information required for the transaction to complete including the contract.  It is likely that other suggestions and options will also be looked at in the near future.

Home Buying Process – Call for Improvements

Following their consultation on ways to improve the home buying process, the Law Society has produced a summary of responses which includes a revision of the Transaction conveyancing protocol and even the introduction of a completely new protocol. 

Many of the respondents also expressed interest in the proposed new accreditation schemes, but were much less happy about changes to the “caveat emptor” rule or requiring sellers to provide more information.

The Law Society has expressed the belief that they could meet the requirements of consumers by refreshing the protocol and forms into a bespoke membership scheme.

All the responses can be viewed by clicking on this link.

The Building Societies Association has published a set of mortgage instructions that its members can use from 1 January 2010.  This link is therefore essential for all conveyancers.