As a result of the introduction of HIPs, the cost of searches provided by local authorities has reduced by an average of £30, and the cost of personal searches has virtually halved, according to AHIPP. The information in searches does not change over a 12 month period in 98% of cases, and insurance, routinely used before HIPs were introduced, is available for around £15.
Mike Ockenden, director general of AHIPP, said: “It is not necessary for purchase conveyancers to re-order searches, but even if they do, the cost savings from the inclusion of searches in HIPs far outweigh any additional cost. In other words, the inclusion of searches in HIPs save consumers money.
“Research by Connells also shows that properties sold with a HIP reach exchange of contracts 12 days sooner than those without. This is a result of having search information available earlier in the process, enabling the conveyancer to get on with his job as soon as he is instructed.”
