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Survey reveals 47% of solicitors’ instructions for HIPs come directly from sellers

Key findings of SearchFlow and Law Society survey shows solicitors are taking the initiative in HIP market. SearchFlow (www.searchflow.co.uk), the UK's largest property search information provider, has today unveiled the findings of its recent survey, undertaken in conjunction with the Law Society, looking at the current state-of-play of HIPs in the housing market. This is believed to be the largest survey to look at the HIP market, with over 2000 respondents from the legal sector, and the survey was specifically designed to identify the current position of solicitors within the HIP chain, as well as general market sentiment.

Amongst the key findings was the realisation that solicitors and conveyancers are clearly taking the opportunity to take ownership of HIPs. From compiling core elements of the Packs to providing legal oversight, it is clear from the survey that lawyers are routinely assembling all of the required documents for HIPs, with nearly 50 percent of instructions now coming directly from sellers, and another quarter of their instructions coming via referrals from estate agents.

Paul Marsh, Vice President of the Law Society, says: “These figures are encouraging. Solicitors have engaged with HIPs, which is good news for buyers and sellers alike. It is clear that many sellers, as well as estate agents, identify solicitors as being best placed to produce the Packs.”

However, even though nearly 80 percent of the legal professionals questioned said that their clients were either 'aware' or 'very aware' that HIPs are now a legal requirement, only 13 percent of those surveyed said that they had received a HIP for every property when acting on behalf of the buyer. Whilst there may be a "lag" of properties on estate agents' books from before HIPs were mandatory, this is still a surprisingly low figure. In addition, more than 65 percent of those surveyed said that they had processed less than 10 HIPs to date, a seemingly low figure given that half of the market rolled out over six months ago, and that HIPs for one and two bedroom properties should be presenting at the buyers' end now.

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