Exposing the HIP Business - The Partnership - Podcast 21

Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby thedeaman2007 on Mon Dec 17, 2007 12:44 pm

kevintye wrote:Well that's cleared that up then hasn't it?

Thank you Peter

Absolutely Kevin, Like you and I, perhaps everyone will now believe in fairies, elves & father christmas, that pigs do fly, that there are no vested or self interests in this game, that everything is above board, that decent DEAs with or without families will be paid on time but hopefully upfront and, that all involved are morally and ethically sound and stick to their principles.
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby jonezy on Thu Dec 20, 2007 8:51 pm

pambrose wrote:...properties that they expect will take a long time to exchange, then they want to do the absolute minimum to be compliant with the law - and to keep the costs down...


Isn't this the problem with the current legislation, the 'bare bones' HIP is a flawed product that does nothing to improve property buying/selling, and is just a regulatory compliance cost (when enforced)?
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby barrie on Fri Mar 07, 2008 8:28 pm

I'm a little puzzled by this podcast. I have read Peter's Home Information Pack self-help kit in which he proposes that the average house holder can quite easily do his own HIP.

Yet in this podcast Peter appears to be discouraging DEAs from doing them.

Is the average house holder therefore more capable than a DEA of compiling a HIP?

Can someone please enlighten me.
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby pambrose on Fri Mar 07, 2008 8:36 pm

Hi Barrie

Yes - it is technically possible to do your own HIP. However, doing your own (i.e. 1) HIP and servicing any reasonable number of clients is a totally different proposition.

Believe me - when you see some of the problems with local authorities, search companies and title problems, you'd have to take a deep breath on this stuff!

Peter
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby pauline on Fri Mar 07, 2008 8:53 pm

Hi Peter

I think that I know where you are coming from when you say that it is technically possible (barring the hassle factor) but am I correct in my belief that the 'ordinary home owner' would find it financially unviable because of the insurance implications?

I looked at the DCLG site a long time ago and can't remember the details but my vague recollection (from somewhere else, perhaps) is that the HIP itself must have some insurance attached (in addition to its component parts) and I wouldn't have a clue where the 'ordinary home owner' would get this from.

Or maybe the insurance aspect was an obligation of being a member of the Hip Code?

Either way, unless someone has a lot of time to spare, I agree, is it really worth it?
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby kevintye on Fri Mar 07, 2008 10:11 pm

pauline wrote:Hi Peter

I think that I know where you are coming from when you say that it is technically possible (barring the hassle factor) but am I correct in my belief that the 'ordinary home owner' would find it financially unviable because of the insurance implications?

I looked at the DCLG site a long time ago and can't remember the details but my vague recollection (from somewhere else, perhaps) is that the HIP itself must have some insurance attached (in addition to its component parts) and I wouldn't have a clue where the 'ordinary home owner' would get this from.

Or maybe the insurance aspect was an obligation of being a member of the Hip Code?

Either way, unless someone has a lot of time to spare, I agree, is it really worth it?



Hi Pauline...long time no phone call! Hope you are well!

If I may add my voice:

Everybody does (and should) worry about insurance.

Let me see if I can make things clear (if not for you, for others).

The "already insured" documents of a standard HIP;
The Personal Local Searches of the Local Authority, including required responses to the Con29R form, are required under the HIP Regs to carry the minimum of £2000 000 of "omissions insurance" (I am sure I do not need to explain this to the industry pro's).

Any person that wishes to comply with the damp squib we know as the Search Code must have an additional £2000 000 PII to cover any negligence while compiling such searches.

The EPC Carries the minimum Insurance (set out by the Government), and home owners in general will not be able to undertake the assessment of their own home (under the present government at least) due to the lack of adequate qualification.

The CON29DW carries insurance cover from each respective water company.

The Official copies of the Register & Plan. We can only get these from Land Registry (directly or otherwise). Land Registry provide (by statement) cover for any errors in these documents.

We are left with a Sale Statement: Completed by the seller and very hard indeed to get wrong.

The Index: Completed by whoever is compiling the HIP and simply illustrates dates on documents and documents provided in the HIP (hard to sue against in my opinion).

So to answer you question, not a lot needs insurance really. All the important parts have already been covered. I think the government got this bit spot on!

The actual legislation does not require HIP Provision Insurance. So far as I can tell.

Any use?
HIP provider training and personal Search Agent Training for DEA's & HI's who wish to remain completely independent and in control.
http://www.hiptraininguk.com
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby pauline on Fri Mar 07, 2008 10:55 pm

Thanks K

Very clear and concise.

Perhaps we (personally) are using the 'belt and braces' approach and paying some more insurance to be a HIPP (despite all the component parts being insured, as you point out) but 'each to their own', as they say and I'm not saying or suggesting that others should do the same.

The really good news is that our premium has dropped considerably from last year when I imagine that the brokers didn't know what they were covering so based their premiums accordingly.

However, maybe we have gone for 'over kill' and, as I have said - each to their own!

Going back to the original question (and assuming that no 'extra' insurance is required) then it would appear that it should be relatively simple for the ordinary householder to compile his/her own HIP (as long as they have many hours to spend researching the regs to compile a compliant HIP and then have to either provide on line or some other means of access to whoever may ask to see it etc. etc)
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Re: Exposing the HIP Business - The Partnership - Podcast 21

Postby barrie on Fri Mar 07, 2008 11:16 pm

The actual legislation does not require HIP Provision Insurance. So far as I can tell.

Does it not require £250,000 PI insurance? If not then certainly the house holder could do it?

Or is the statement above referring to PL insurance?
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