The research revealed that 82 per cent, of law firms surveyed, were not clear on how the HIPs process and legislation was going to work, with 79 per cent uncertain on what the key components of a HIP is going to be.
The survey also highlighted that more than three quarters (78 per cent) of the law firms questioned did not believe HIPs would be ready in time for the implementation date at the start of June, echoing the concerns of the Council of Mortgage Lenders (CML).
Despite ConveyanceLink's survey revealing a largely uninformed law market with regards to HIPs, Malcolm York, director at ConveyanceLink admitted law firms should be forging relationships with estate agents to maximise the potential of the packs when they come to market. He said: “We have seen the CML express its concerns over the introduction of HIPs and that concern seems to be echoed by many of the high-street law firms. It is possible that they don’t realise the immense opportunity that these packs represent.
“Conveyancing law firms will have a major role to play in the success or failure of HIPs. By laying down the necessary infrastructure now, they will be in a much stronger position to benefit from the changes to the home-buying process. HIPs will enable them to take an even more important role in conveyancing.”
However, Chris Traynor, sales and marketing director at Paymentshield, admitted his concerns that HIPs would not be ready, with a lack of trained surveyors threatening the implementation of the packs.
