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Free HIPs and no Stamp Duty boost first-time buyers

AHIPP believes that an Exchange-Ready Pack (see below) should become mandatory, as it has been proved that those conveyancers now using this type of pack have dramatically speeded up transaction times, which has resulted in fewer fall-throughs.

Mike Ockenden, director general of AHIPP, said: “Not only did the Budget gave a boost to first time buyers, but the HIP is also free to them and will make it easier and far quicker for them to jump onto the housing ladder.

“We are actively pressing for the HIP to be adapted not scrapped, with the move to a mandatory Exchange-Ready HIP which will further improve the HIP for house buyers.”

The voluntary introduction of Exchange-Ready HIPS has reduced the time to exchange of contracts to an average 35 days from 82
Over 10,000 Exchange-Ready packs have already been produced
HIPs have helped reduce the cost of local searches by £25million per annum (source: One Search Direct)
Over 75% of buyers lawyers use the HIP to progress transactions
HIPS have not increased the cost of moving – it has decreased by a third from £2,402 in 1999 to £1,604 despite the introduction of the HIP (Source: reallymoving.com)
HIPs do not cost as much as their critics say they do – average price is around £219 (Source: reallymoving.com)
Stock levels of property are recovering (Source: Land Registry) so unaffected by necessity of having a HIP
85% say the HIP has not influenced their decision to sell (Source: ipsos MORI)
83% say process of buying and selling a home takes too long (Source: ipsos MORI)

* Documents included in an Exchange Ready Pack in addition to the ones already found in a HIP:

Contract for sale prepared by a lawyer
The Seller Property Information Form which includes information about fixtures and fittings together with other documents available from the vendor
Additional documents referred to in the Register
Lawyer’s certificate confirming the pack is exchange ready


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0 thoughts on “Free HIPs and no Stamp Duty boost first-time buyers

  1. bob petit says:

    Isn’t it amazing how you can make it sound exciting that first-timers won’t pay stamp duty WHEN they DON’T anyway!!