Hsbc Msci Eu Is Discussion Threads

[pictureframe] 08/5/2007 13:46

I am currently training to be a DEA, dont be suprised to see the whole hips packs put back a few months

[lyntwyn] 08/5/2007 13:36

I am intending to market my own property, and to prepare my own HIP. Obviously I will have to EA compiled by a "qualified assessor" but the remainder I can do myself.

Just discovered that I will be able to charge potential buyers for the HIP, which makes sense otherwise I might have to print off a large number if all viewers asked for one, but see no guideline anywhere as to how much?
Anyone know something about this?
Thx

"The person responsible for marketing a property must have a Home Information Pack in their possession while the property is on the market and provide a potential buyer with a copy of the Pack, or any document from it, on request and within the 'permitted period'. These duties do not apply to sellers in cases where an estate agent is responsible for marketing the property.

The 'permitted period' is either 14 days following the request for copies, or, if later, the day on which a payment for copies is received."

[waldron] 05/5/2007 12:35

Don't rush to sell before Hips
Simon Lambert, This is Money
5 May 2007
Reader comments (1)
Homeowners have been warned to ignore the hype and not rush to sell their property before home information packs become law - by an estate agent.

The estimated £450 cost of providing a home information pack (Hip) has been highlighted by some estate agents who are running advertising campaigns urging homeowners to sell before they become mandatory on June 1.
But Dan McLeod, of London and South East-based agency Atkinson McLeod, has urged homeowners not to leap into one of the biggest decisions most people make and to put the cost of a pack into perspective.

Mr McLeod said the 'beat the Hips' marketing is simply a ploy by agents to get more properties onto their books and sellers would be better off making sure they are certain about moving and paying out £450 for a pack.

He said: 'Most agents, and certainly those in London, have a shortage of stock at the moment - and they're desperate to get properties onto their books. But urging people to 'avoid' Hips is making light of a significant transaction - it's poor advice.

'Sell your home when the time is right for you and don't pay attention to the scaremongering many agents are up to. Sellers should instruct agents when the time and the market are right for them - not the agent.'

Homeowners who do put their home up for sale to try and beat the deadline will also see themselves up against properties with packs if they do not sell by June 1.

All homeowners putting their property up for sale after that date will have to supply a Hip, containing information on the property including title deeds, local authority searches, leasehold/freehold information and an energy assessment report.

Although the packs are aimed at speeding up the buying and selling process they have drawn widespread opposition from the property industry, which has claimed they are being rushed in and will cause serious problems in the property market.

This led to heavy criticism of the introduction of the scheme by a House of Lords committee this week, paving the way for opposition MPs to launch a last-ditch attempt to halt their introduction with a commons vote. However, with the Government's majority of 62, it is unlikely that Tory and Lib Dem MPs will secure enough rebel votes to overrule the introduction of Hips.

While some agents are offering to cover part of the cost of Hips, the arrival of the packs has come at the same time as homebuyers are facing a hike in mortgage costs.

The Bank of England is widely predicted to raise interest rates to 5.5% when its monetary policy committee meets next week and lenders have already pulled their best fixed rate deals from the market, replacing them with more expensive options.

[waldron] 02/5/2007 12:54

Lords HIPs report lacks balance, providers complain Published: 11:45 Wednesday 02 May 2007
By Lorna Bourke, Money Columnist

Hopes that the government would see sense and postpone the introduction of Home Information Packs (HIPs) on 1 June suffered a serious setback with the publication of the House of Lords' merits committee report.

In failing to take evidence from the members of the Association of HIP Providers and others with a vested interest in HIPs, its findings lack balance, if not credibility.

'The Merits report on HIPs has not presented a balanced and fair review and failed to obtain evidence from a number of industry players including AHIPP, CoPSO and key environmental groups,' complained Mike Ockenden director general of AHIPP.

'While its findings have been far from damning of the HIPs regulations, the committee's failure to consult with major players in the industry has made it difficult to see how a truly balanced report can have been derived. As with any major reform there will always be an element of opposition within the industry but if the committee had successfully consulted with the full range of industry bodies involved, a number of the conclusions drawn may have been very different,' Ockenden said.

'AHIPP represents a wide constituency of members from estate agents and surveyors to conveyancers, search organisations, insurers and finance companies. All of these organisations have made a substantial investment to ensure the smooth and successful implementation of HIPs on the 1st June, yet all of these collective voices appear to have been ignored.'

HIPs trials have taken place across the UK in recent months. According to Ockenden, 'they have provided evidence of improved efficiency in the market as a result of HIPs. Latest figures show that the number of transaction failures fell 8% and the time between offer exchange was cut by an average of 11 days, as a result of Hips, even without the added advantage of the HCR'.

'If there was one element of the recent report that I would support, it is the importance of the Home Condition Report (HCR) and we will continue to lobby Government for a route map to re-instating the HCR as a mandatory element of the pack within a given timeframe,' Ockenden said.

There are many industry experts, including the Council of Mortgage Lenders and the Royal Institution of Chartered Surveyor as well as the National Association of Estate Agents, who believe that without the vital Home Condition Report, HIPs are virtually worthless and will do nothing to speed up conveyancing transactions – the government's stated intention in introducing HIPs.

Recent research from website propertyfinder.com shows that the general public is totally confused about what HIPs are and what they offer. Although most buyers and sellers have heard of a HIP, 36% of the general public thought that HIP stood for Homeland Immigration Policy, while only 27% correctly identified it as a Home Information Pack. People actually buying and selling property were much better informed. Some 80% of buyers and 94% of sellers picked the correct answer.

There is widespread confusion over what a HIP will contain. Three fifths of buyers expect to receive at least a home condition report, and two fifths expect a full structural survey. They will be disappointed as the requirement to include the HCR has now been removed. Most people correctly picked the energy performance certificate, but astonishingly less than half of buyers expected evidence of title or a search, the two key legal documents in the pack.

'The level of ignorance amongst the general public is astonishing given the publicity HIPs have had over the last year. But at least most buyers and sellers have heard of them, even though they have little clue of what will actually be in the pack,' said Warren Bright, chief executive of propertyfinder.com.

With regard to the cost of HIPs, on average, sellers expected to pay £496 for a HIP, while buyers thought they would cost £549. 'The pricing of HIPs is still a mystery to many in the industry, not just to those selling their home. Given that most people, especially buyers, expect either a full structural survey or at least a home condition report, they will be in for a shock when they see they'll still need to pay to see if their chosen property is in a fit state to buy,' Bright warned.

[waldron] 01/5/2007 19:21

Last Updated: Tuesday, 1 May 2007, 09:40 GMT 10:40 UK

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Q&A: Home information packs

Home Information Packs will become mandatory in June
The introduction of Home Information packs on 1 June for England and Wales is highly controversial.
Some suggest that it will add an unnecessary layer of expense and bureaucracy to the house selling process - others that it brings much-needed transparency.

BBC News explains what the packs will mean for homeowners and the housing market.

I want to sell my house and have been told that I will need a Home Information Pack (Hip). What are they?

The packs contain information that will be useful to any potential buyer.

Copies of title deeds, any recent planning permission or building consent given on the property, a local area search and an energy performance certificate will all be in the pack.

From 1 June, everyone who puts their property up for sale will be legally obliged to produce a HIP. Failure to produce a HIP can lead to a substantial fine.

This will initially apply to England and Wales only - but Scotland is set to get its own version of Hips in 2008.


PACKS WILL INCLUDE
Evidence of title
Copies of planning, listed building or building regulations consents
A local search
Guarantees for any work on the property
An energy performance certificate.

What are energy performance certificates?

The idea of the certificate is that, at a glance, would-be buyers will be able to see the properties energy efficiency - a bit like when buying a fridge.

The homeowner will also be presented with some tips on how the energy efficiency of their home can be improved.

Energy performance certificates kill two birds with one stone - providing information for homebuyers and ensuring the UK complies with an EU directive which comes into force in 2009.

Under the directive all homes have to be energy rated once every 10 years.

However, the cost of having a property's energy performance assessed has been estimated at anything from £100to £150.

An army of assessors have been trained up to inspect properties new to the market and issue certificates.

Why are the packs being introduced?

Hips have been in the offing for a decade.

The Labour government went into the 1997 general election promising to introduce Hips, with the express intention of reducing the number of property sales which fall through.

The idea is simple: the more information that is presented to the buyer upfront, the slimmer the chance of a nasty surprise scuppering the sale further down the line.

I remember that originally Hips were meant to contain a structural survey - has that plan been dropped?

Yes.

Last year the government announced that Hips would, for the time being, not have to include a structural survey.

Many thought that dropping the requirement to have a survey would mean that the whole Hip project would be shelved.

However, the government has pressed on with Hips and told the legal and estate agency industry - which have both objected to the introduction of the packs - that they had better prepare for 1 June.

How will I organise getting a pack?

That is unclear at present. However, estate agents are expected to offer to act as go-between for pack providers.

Alternatively, homeowners maybe able to approach pack providers direct.

I have read that these packs could cost up to £1,000 - is this true?

This is probably a bit of an overestimate - but you can probably expect to pay £400-£700 for a Hip.

Potential buyers will not have to contribute to the cost of a Hip.


Will the packs make the buying and selling process easier?

However, they may want to get their own local authority searches done and mortgage companies will still insist on a proper valuation.

My estate agent has advised to sell my house before the packs are introduced, is this a good idea?

Anyone who gets their property on the market before 1 June will not need a Hip until January 2008.

However, if lots of homeowners rush to get their properties on the market before 1 June it could cause a glut which in turn could depress prices.

I am buying a property. How much store should I set on the information in the pack?

The information will be useful but it may soon be out of date. Your solicitor may well advise that you get your own searches done.

Your mortgage provider may also want fresh property searches.

In other words, they may well disregard Hips.

Will the packs speed up buying and selling?

That is the big hope - but also the big unknown.

Some solicitors and estate agents have suggested that the introduction of Hips will actually slow down the buying and selling process.

They say that a shortage of energy assessors means there may well be delays in putting Hips together.

However, the Association of Home Information Pack Providers, which is overseeing the launch of the scheme, states that there will be plenty of assessors ready for 1 June.

[habayyut] 08/4/2007 10:26

nurdin

i take it you probably hold ndh?

could be a winner imho

[nurdin] 08/4/2007 09:57

Right wing papers such as th Mail and the Telegraph are bound to give HIPS a bad press...fabricating stories on the flimiest of evidence in an attempt to tar labour as an incompetetnt Government.Tha doesnt detract from the fact that HIPS are here to stay and will provide ample opportunities for some segments of the indusrty, including private investors to make good money...:o)

[habayyut] 08/4/2007 09:54

NDH looks set to profit from HIPS i think

[waldron] 08/4/2007 09:22

Home seller pack chaos
Martin Delgado, Mail on Sunday
8 April 2007

The Government's new property sales pack scheme is heading for crisis - with potentially momentous consequences for the housing market.



SHORTAGE: Only 1,000 of the required 7,500 home inspectors have been trained.

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From June 1, homesellers will be legally obliged to supply buyers with a property information pack, to include a newly devised energy-performance certificate awarded by a new army of inspectors.
But The Mail on Sunday has learned that so far only 1,000 of the inspectors have been trained - out of a target of 7,500.

Experts fear that this shortfall will bring the housing market to a standstill as sellers queue to obtain the vital certificates.

And there were further warnings that the inspectors - and other suppliers of home pack information - will exploit the situation by charging exorbitant fees of up to £1,000.

These suspicions received dramatic new emphasis last night when it was revealed that the Minister in charge of introducing the Home Information Packs (HIPs) is due to speak at a training seminar for estate agents hoping to cash in on the new rules.

Housing Minister Yvette Cooper is to give the keynote address at the £60-a-head gathering where, in other lectures, delegates will be shown 'how to make money from HIPs', later this month. The packs will also include legal documentation and searches. But delegates' discussions will centre on the new energy assessors, who will scour homes for loft and cavity-wall insulation, double-glazing and energy efficient light bulbs.

The theory is that buyers will then be able to 'punish' energy inefficient sellers by lowering the sum they offer.

There are various ways to obtain a HIP. Some vendors will get hold of the legal documents themselves and hire the energy inspector - called a Domestic Energy Assessor - to rate the property's environmental efficiency.


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Others will employ an accredited Home Information Pack provider to do the work, and commission the energy inspector. But only an official inspector can supply the energy performance certificate.

Most vendors are expected to hand the entire task to their estate agent, leaving the firm considerable freedom to charge whatever it thinks is appropriate. Even if the actual price of a HIP is as low as £400, the agent can charge the customer more by claiming to have offered a particularly speedy service or by telling the client that obtaining the documents involved extra work.

Mike Ockenden, director-general of the Association of Home Information Pack Providers, admitted last night that only 1,000 people had been trained as energy assessors - but he claimed that a further 2,200 would be ready by June 1. When the Government announced plans for the packs, which it claims will 'add transparency' to the process of buying and selling, it was estimated that 7,500 to 8,000 inspectors would be needed.

The burden placed on sellers by the packs, which will also include legal documentation, is now expected to throw the housing market into turmoil this summer - inducing a glut of homes on to the market in May, then a shortage in June.

There are also fears that the energy ratings could in time be linked to council-tax payments. The Government has already suggested that 'green mortgages' with lower rates should be restricted to properties that fare well under the new energy-assessment scheme.

Kevin Martin, from the Law Society, which has described the Government's plans as ill-thought-out, costly and damaging, estimated that sellers desperate to put their homes on the market would be forced to pay at least £750 or face long delays.

'Barring a miracle, there will not be enough inspectors ready on June 1,' he said. 'It means the inspectors, or the estate agents acting on their behalf, will see the opportunity

to add a premium. There is no control over what they can charge.'

A number of companies have been set up to take advantage of the need for homes to have HIPs and estate agents are preparing lists of freelance energy-assessors. Training for inspectors takes three to six months, at a cost of about £3,500.

Ms Cooper will be appearing at a one-day conference organised by the Association of Home Information Pack Providers alongside property expert Richard Rawlings, who will tell delegates at the Emirates Stadium in North London that the packs are a 'tremendously powerful way of raising commission levels'.

The event has fuelled concern that many estate agents will raise their charges as soon as the regulations come into force.

Tory housing spokesman Michael Gove said: 'The Government has tried to tell us that HIPs will help the consumer. This revelation underlines-that they will only add to the cost hard-pressed homebuyers face.

'Yvette Cooper faces an embarrassing choice - either admit HIPs won't help homebuyers or pull out of a conference designed to line the pockets of people prepared to exploit the consumer.'

A spokesman for the Department for Communities and Local Government said some estate agents were already offering special deals that would save consumers money.

'It is ridiculous to suggest that because you attend a conference you necessarily agree with the views of every other person there,' he said.

'The introduction of Home Information Packs and energy ratings of homes will cut costs by increasing competition and transparency in home buying and selling.'

[waldron] 07/4/2007 15:49

Will anyone be exempt?


The pack will not be required for private sales, such as to a family member, a neighbour or friend, where the property is not offered on the open market. Sales of tenanted property where the home is not offered with vacant possession, will also be exempt, as will non-residential property; mixed commercial and residential property, and portfolios of properties.

[lyntwyn] 07/4/2007 14:31

Anyone know whether HIPS will be required if someone advertises house privately, on websites etc.without using estate agency. I read conflicting reports on this.Looks like the whole thing is confusing.

[waldron] 07/4/2007 11:04

cheers nurdin

enjoy your weekend

or perhaps i should say to you

hip,hip who ray or something to that affect

[nurdin] 07/4/2007 10:50

Thanks for that Waldrons,looks like even the strongest objectioners of the scheme are now resigned to the inevitability of HIPS coming into force on 1st June.It remains to be seen how it will impact the housing market..but I suspect very little.

I have a reasonable sized holding in NDH,one of the biggest, if not the biggest, suppliers of HIPS.NDH have invested heavily in HIPSTAR over the last 18months and I understand they have recently recruited about 50 call centre staff to deal with queries and take orders.

On brokers forecasts NDH are currently trading at 9x this years earnings,falling to 3.5x for 08.Admittedly the 08 estimates include a significant contribution from HIPSTAR,but even if they make half the contribution expected,NDH look pretty cheap to me at current levels.