News

Firsthips Review - September 2008 - For Agents

Agents' Review Welcome to the September 2008 issue of the Firsthips Review which includes news, advice and articles from the HIP industry front-line. We welcome comments and suggestions for additional content.

For greater flexibility, HIPs now start from Ł226 with the option to change your admin fee for each HIP. We are also pleased to confirm that we continue to offer a deferred payment option for your clients.

HIP Companies Close While Firsthips Expands

Two of the major HIP providers in the UK have been forced to close. Hipstar based in Chertsey Surrey has gone into administration and Openbook, founded by one of the pioneers of HIPs, has been forced to halt operations. Both companies have blamed difficult market conditions following on from the delayed introduction of HIPs.

Meanwhile Firsthips continues to expand its business despite the difficult market conditions. Ron Kellerman the CEO of Firsthips explains:

"Despite the downturn in the market, Firsthips is continuing to sign up new accounts and take on new levels of business. Our combination of excellent pricing, flexible software and outstanding support has enabled us to retain our customer base and attract new business. We are finding that estate agents in particular are looking to appoint a HIP provider they can rely on and that is where Firsthips can provide peace of mind. With our own in-house team of software developers and support staff, backed by the support and advice of a major firm of property lawyers, we are able to offer an unrivalled service that is impossible to beat".

Energy Performance Certificates Compulsory From 1st October 2008

Regulation 51 of the Energy Performance of Buildings Regulations 2007 was added by Statutory Instrument 647 of 2008. The effect of regulation 51(1) is to exempt properties from the requirement to provide an EPC on properties for which no HIP is required under the various exemptions. Through Regulation 31 of the HIP (No. 2) regulations this includes homes which were marketed prior to the various applicable commencement dates and have been continuously marketed ever since.

The exemption provisions of Regulation 51(1) cease on 1st October as provided by Regulation 51(7). The effect of this is that for all properties for sale as at 1st October where contracts have not been exchanged the seller must provide the buyer with an EPC prior to exchange. This relates to all properties being sold regardless of when listed and whether or not they have been openly marketed.

The seller is responsible for procuring the EPC, having a copy available for prospective purchasers to view and providing a hard copy to the purchaser prior to exchange.

Auction Repossessions Increase

The number of repossessed properties sold at auction has increased by over 300 per cent in the past three years. The number of bargain hunters flocking to auction houses in the south-east has risen dramatically with repossessed properties said to make up over 20 per cent of all auction properties.

First Time Buyers Moving Back Into Market

According to the estate agents haart, the London housing market has turned the corner with price reductions slowing down and first time buyer levels beginning to increase. Haart is predicting a further fall of around 5% for this year before prices start to recover in 2009 but in the meantime the market will remain a buyers market with excellent opportunities to pick up a bargain until prices start to rise.

Getting the most from HIPs

Automated Deferred Payment

Firsthips has introduced a new clearer, simplified and automated process of deferred payment

Did You Know?

Sellers and buyers can track the HIP and can also communicate with all parties via the message centre
Sellers lawyers can make the draft contract available to the buyer's lawyer through the Firsthips system
You can track when buyers have viewed the HIP

Why They Choose Us!

"The system online is easy and straight forward"
"Despite dreading the introduction of HIPS I was surprised how easy it was to organise instructing a HIP"
"Firsthips have made everything so uncomplicated with a speedy, cost effective service and a very easy to use website that even a technophobe like me can use!"
"With the use of the online training and tracking facility we have found the system both user friendly and professional"
"We have used Firsthips for the production of all our Home Information Packs and have found the system to be user friendly, efficient and the level of support offered to us has been excellent"

View testimonials

Great Value Floorplans

NRG Experts, an EPC supplier to Firsthips users are pleased to be able to offer Floorplans on properties from 1 June. Delivered electronically to the solicitor/agency office and in a high-resolution jpeg format suitable for all leading estate agency software. The floorplans are created using CAD software and include square footage details and annotated kitchen appliances and bathroom fittings. Dimensions are also included but can be removed on request.

Any Feedback?

If you have any feedback regarding this newsletter, the firsthips system, HIPs in general or any stories you think are relevant and would like us to publish in the next newsletter, then please contact us.

Help and Advice?

We regularly update our FAQ section with useful and relevant information for our clients. Recent entries include some of the latest government clarifications regarding market concerns such as:

What constitutes marketing, and do 'informal or one-off viewings' trigger the HIP duties?
What constitutes requesting or ordering a HIP?
Do EPC graphs need to be included in the estate agents particulars?

Go to firsthips FAQ

Success stories

97% of EPCs ready within 3 days
Some EPCs produced in less than 48 hours!
HIPs assembled in less than 3 days
Lawyer gains new conveyancing business using Firsthips

Key Features

HIPs at competitive prices
No investment or long term commitment
Seller pays by debit/credit card or deferred payment up to 9 months
Take instructions with a one page simple form
Prospective buyers can securely view and print the HIP online
Estate agent can track viewings
Keep control over the complete process
The most flexible system. Fully automated or use your own suppliers for selected elements
EPC competitively priced from a nationwide panel or use your own DEA
Searches from a nationwide established group or use your own supplier
Communicate with all parties through the secure message centre
Document management enables you to have draft contract and any other documents you require per case