Revised HIP Code announced
EXCHANGE READY PACKS RECOGNISED IN REVISED HIP CODE
The HIP Code has been amended to protect consumers, estate agents, conveyancers and mortgage lenders using an Exchange Ready Pack (ERP), an enhanced HIP that provides additional legal documents upfront.
All HIP Code subscribers supplying Exchange Ready Packs will now be required to meet strict minimum standards, putting the document on a par with the HIP in terms of quality, as well as stringent levels of regulation and redress.
The ERP will also comply with the standards and be covered by insurance as prescribed by the Property Codes Compliance Board.
Mike Ockenden, Director General of AHIPP, which maintains the Code, comments: "With the uptake of the Exchange Ready Pack increasing steadily, bringing this enhanced HIP under the HIP Code is a vital step in the quest to improve the home buying and selling process. The move ensures that the ERP complies with minimum standards while protecting the consumers, estate agents, conveyancers and mortgage lenders that rely on the information that the pack includes."
"All HIPs and ERPs which comply with the Code will include the HIP Code logo. As ever, to ensure that they are supplying a quality product to their clients, agents should check whether their HIP provider subscribes to the Code by searching the Register of Firms."