HIP displacement

Despite the introduction of Home Information Packs (HIPs) being dogged by delays and difficulties, technological developments will continue to create new opportunities to speed up and improve the home buying process. The proviso however is that lenders' concerns are addressed as plans are developed and implemented. It now looks as if HIPs will do very little to speed up or improve the home-buying process.

CML News maintains that other methods can do this, most notably electronic conveyancing, in which formal documents are executed electronically via a secure communications network with conveyancers initiating the process. The 'chain matrix', which is being developed by the Land Registry for conveyancers, lenders, estate agents, home-buyers and sellers, will have a dedicated website to view the progress of property transactions in chains. It will make the system far more transparent, so that the consumer can easily identify bottlenecks in the chain and the causes of delay.

The chain matrix will enable all involved parties to streamline processes and business practices. The advantages being self-evident, mortgage lenders have one big reservation and that is that it is not appropriate for conveyancers alone to control access to the matrix as it must also reflect the way they operate their businesses in practice.

Article on Politics.co.uk