Law Society to provide online HIPs
With the government planning to introduce HIPs in early 2007 the Law Society has revealed it will offer an online service to cope with the expected demand.
Although details are still to be finalised the Law Society has confirmed that technical solutions company MDA will provide its HIPs online service for conveyancing solicitors.
President of the Law Society Kevin Martin told its Property Section Annual Conference audience that the organisation would be ready for HIPs’ arrival. “The Law Society will continue to ensure that a full dry-run of the proposed HIPs is conducted in 2006 before any final decisions are taken by the government on the final HIPs scheme and its implementation.”
Martin added: “Whatever the final scheme it is important that conveyancing solicitors are able to provide this service to their clients who wish to sell their home.”
Alan Dring, sales director at eConveyancer, agreed more preparation and implementation of plans is needed for brokers to stay up-to-speed with the potential impact of HIPs.
He said: “Unless intermediaries work on their relationships with their clients now, there is nothing to say that estate agents won’t attempt to take their client pool. Brokers need to act to make sure their client relationships are robust and that they are ready for HIPs.”
Dring went on to say he is eager to see what would come out of discussions about HIPs when the Mortgage Business Expo takes place in London later this month. “HIPs is going to be a hot topic of conversation and should make for lively debate at the Expo,” he said.