Newsletter 1 - February 2006

E-conveyancing - The Practical Issues.

E-conveyancing will be with us shortly but just how will it impact on lawyers and their clients?

Newsletter 1 - February 2006
Welcome to the first issue of Firsthips Newsletter. We will be bringing you news of exciting developments with our new system that is aimed at changing the process of house selling and conveyancing in the 21st century. We will also be covering news of developments in the world of e-conveyancing and Home Information Packs as the target date of June 2007 draws closer.

System testing starts
We will shortly be releasing our beta version of the Firsthips internet software and would like to thank those of you who have volunteered to test the new system. If you are interested in helping us test and use the system entirely free then please register on our website at www.firsthips.com and we will contact you as soon as testing begins.

CML issues warning on valuations
The Council of Mortgage Lenders has submitted a warning to the Office of the Deputy Prime Minister that there is unlikely to be any initial change of lenders reqirements to obtain a valuation before lending. As the Home Condition Report does not contain a valulation the CML has warned that it is likely that there will always be a need for a separate physical inspection regardless of the existence or otherwise of an HCR. The CML has also voiced concern over the Government’s assumption that lenders will not need, nor continue to charge for a valuation once an HCR is available, resulting in anticipated cost savings for consumers.

The CML goes on to criticise the implementiation issues and the lack of key milestones in the programme. There is still no clear indication of who will control the HCR databank, who can access reports stored on it and on what terms, and the standards for Home Inspector certification schemes have yet to be formalised.

The CML response is highly critical of the Government’s strategy in a number of areas and whilst it has re-affirmed its intention to work with the Government to implement HIPs as efficiently and effectively as possible, it is concerned over the outstanding issues and seemingly false assumptions that have been made.

Visit the CML website at www.cml.org.uk for more details.

Search Provider changes hands TM Property Services - one of the three NLIS search providers - has been acquired by web site Rightmove and estate agents Countrywide, Connells and Halifax. Rightmove has announced that the purchase will help it secure accesss to all the components of the HIP.

Land Registry e-conveyancing trials The Land Registry is set to trial a prototype of the chain matrix service in Portsmouth, Fareham and Bristol for 6 months commencing Autumn 2006. The main purpose of the trials is to test the usability of the service, to ensure that it is “bug-free” and to begin to assess the impact of e-conveyancing services on both the Land Registry and its users. The Land Registry suggests that it is probable that the current matrix will undergo considerable transformation once the trial period ends.

Lawyers ask Lords to legalise e-mails The Law Society has called for the House of Lords to amend the Company Law Reform Bill so that e-mails and faxes are legally classified as business letters. The Society has called for business letters to be re-defined as being either hard copy or electronic for the purpose of disclosure requirements.

Keep up-to-date
Please keep up to date with Firsthips developments by visiting our web site at wwww.firsthips.com. We are constantly adding to the site with news of the system, and you will also find a number of interesting articles dealing with HIPs and e-conveyancing.


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