HSBC says borrowers will be required to carry out their own local authority searches because those provided in HIPs do not carry sufficient insurance.
As a result, solicitors have been advising homebuyers to pay for a full local authority search, which checks for illegal extensions and enforcement orders, which many may demand back from the seller. A full local authority search costs between £200 and £300, compared with the personal searches, which cost around £120, that are bundled in with the cost of a HIP. Peter Ambrose, director of HIPs provider The Partnership, says: "Sellers paying for HIPs containing such searches may well find their buyer's solicitor will not accept them and may want sellers to reimburse them for the additional ...
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