A Vision for the Future

•Home Information Packs

•PISCES

•Buy to let and SIPPS

HIPS •The current home buying and

selling process is slow, wasteful, stressful and causes far too much delay and failure.

•HIPS will make the home buying and selling process more transparent, more certain, consumer friendly and faster.

•The period from offer to exchange will be halved.

HIPS

•What is a HIP ? – Home Condition report

– Searches

– Warranties/Guarantees

•Timetable – Pilot mid 2006

– Go Live in early 2007

HIPS

•“Not a prayer “

HIPS

•The problems ; – Definition

– IT resource

– Home Inspectors

HIPS

•The big problem – The cost £600 to £800

– Will it deter sellers ?

– Who is going to pay ?

HIPS

•The opportunity

– NBS white labelled HIP –Retain customers

–New customers ?

– We fund it , if we get a mortgage .

HIPS

The opportunity for intermediaries

– Will you offer a white labelled HIP ?

– Will you fund it ?

– If you don’t offer it – will you loose the customer ?

PISCES

•Property Information Systems Common Exchange Standard .

PISCES

• Members– HBOS

– Nationwide

– Countrywide

– Rightmove

– First Title

– Many of the large legal firms

– Newcastle Building Society

PISCES

•What is it ?

• “The development, synthesis, and adoption of e-business standards that enable the Real Estate industry to function effectively and efficiently in the new economy.”

PISCES

•The electronic exchange of data.– Lenders

– Valuers

– Conveyancers

– Land registry

– Local Authorities

PISCES•The Vision

– Richard Barnett –Barnett Solicitors–The two hour remortgage

–Maybe not but the one week remortgage ?

•The Timetable – Pilots commence in the next few

months.

PISCES

•The Advantages– Speed

– Certainty

– Fees paid quicker !

•Possible Actions– Membership of PISCES ?

– Understanding lenders commitment to it.

SIPPS

•Self Invested Personal Pensions

– April 2006

– Much greater flexibility –Assets that can be included within a

pension

–How pension is taken

–Borrowing rules changed

SIPPS

•Property – At the moment commercial property

– April 2006 –Holiday homes

–Buy to Let

– Tax issues with holiday homes

SIPPS•Buy to Let

– Will existing buy to let customers want to transfer property to a SIPP ?

– Will you want to give advice ?

– Will you want to make customers aware of the opportunity and seek a partner that can give the advice ?

– Will lenders want to lend to SIPP trustees ?

SUMMARY

•HIPS

•PISCES

•SIPPS