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Firsthips Review - February 2009 - For Agents


Agents' Review Welcome to the February 2009 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.

 

Firsthips Success Continues

Despite all the doom and gloom in the property market, Firsthips is going from strength to strength and in the current year it has significantly increased its market share and doubled the level of instructions. A combination of cutting edge internet technology providing simplicity in ordering and speed of HIP production, backed up by an outstanding support team has led many customers to realise the importance of choosing Firsthips as its sole provider.

First day marketing draws closer

In around two months' time on the 6th April it will be illegal to market a property without a HIP, with the exception of searches that have to be applied for before the property can be marketed. The government has decided to cancel the requirement for mandatory search insurance from that date based on the requirement that local authorities are now obliged to provide access to all data.

Bulk Conveyancer Closes

Hammonds Direct the bulk conveyancing business spun off from Hammonds solicitors has been forced into administration. The company which had a turnover of £14m and employed 250 people has been hit hard by the collapse of the property market and it is understood that the level of instructions had fallen by around 80%.

Sources close to the Law Society indicate that there are many other conveyancing firms on the brink of collapse, particularly those that have followed the bulk conveyancing model of high turnover and low profit margins.

Property Information Questionnaire Published

The new form of questionnaire that will be a mandatory requirement in a HIP from the 6th April is now available. There are two separate forms, one covering existing leasehold and freehold properties and a separate form for new build properties.

The PIQ is not as comprehensive as the Property Information Forms recommended by the Law Society but contains sufficient information for a buyer to make an informed decision about the property. However some of the questions are of a technical nature and - in particular - will require a thorough knowledge of the legal rights over the property and in the case of leaseholds the precise nature of any restrictions in the lease covering such matters as sub-letting, the keeping of pets and other onerous restrictions that might affect the use of the property.

Firsthips is currently working on the design of the forms and intends to have an online form that can be completed online and instantly incorporated within the HIP, along with forms that can be downloaded where a seller does not have online access.

As the PIQ must be available before marketing, Firsthips will ensure that this form can be accessed over its online system the moment the new property is logged onto the system.

Agents may be personally liable for providing wrong information

Estate agents may be personally liable if they complete or assist in the completion of the new PIQ. The form warns that the seller must complete the form and points out that an agent may be liable under the Property Misdescriptions Act where all or part of the form has been completed by an estate agent. Where, for example, an agent has completed the form on behalf of the seller and indicated that there is no restrictions against sub-letting. The agent may find himself personally liable for substantial costs and potential damages if the buyer subsequently discovers that the information was wrong before contracts are exchanged.

Firsthips HIPs are compiled by highly trained staff working under the supervision of qualified property lawyers who will be able to deal with any technical queries that may arise on the PIQ.

Getting the most from HIPs
Automated Deferred Payment

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

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Why They Choose Us!

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Great Value Floorplans

Don't forget that we can offer you great value floorplans and professional photographs!

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:

Go to firsthips FAQ


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