HIP Question

scw1

Do I need to have the HIP done before I can even put the house on the market? If so, how long does it usually take?

Do you have to use the EA's HIPs provider or can you find your own? If so, where?

TIA

Biciitalia

Hi - just had mine back - took about 3 weeks to compile and cost 465 - definately need one to sell as per legislation 06 April - really dissapointed by mine as surely it is the same information that the solicitor will aquire - I am sure you can get it cheaper than mine - I had mine done by the compay recommended by the Halifax - if I wasnt living abroad I could have easily done it myself

Kind regards

Dave

mose_2

wow £465 is very expensive. I belive as of the 5th april you now need the HIP before you can market your property. Mine took a week and cost £211. I used myhiphome.co.uk. No problems at all.

Evee2000

From 6th April, you will need a 'basic hip' in order to market your property. A 'full hip' is not required in order to market, and you are allowed 28 days for the return of the searches/lease.
A basic hip comprises of:

Index
Property Information Questionnaire
EPC
Sale Statement
Title documentation

The only element that will hold you up will be the EPC - the rest take minutes to put together.

Unfortunately, there is a lot of mis information about the requirement for a full hip prior to marketing. This is not the case.

If you're paying more than £350 for a HIP from an estate agent, then you're paying too much. In fact some would say, if you're paying more than £250, its too much!

scw1

Thanks for clarifying that.
I will see how much the EA will want for the HIP later and go from there. So I dont have to have the HIP from the EA? Even though no doubt they will try and make me get one from them.

Ah I am so nervous about our valuations today!

Richard_Webster

I'm not sure how far a cheap HIP provider will give guidance on the completion of the Property Information Questionnaire, where you could make statements that a buyer might rely on later, or because of the way it ids worded, you could give literally right answers which would still confuse anyone looking at it.

Evee2000

Richard_Webster wrote: »

I'm not sure how far a cheap HIP provider will give guidance on the completion of the Property Information Questionnaire, where you could make statements that a buyer might rely on later, or because of the way it ids worded, you could give literally right answers which would still confuse anyone looking at it.

Richard - would a more expensive HIP provider give guidance (apart from a conveyancer obviously)?

Richard_Webster

Evee2000 wrote: »

Richard - would a more expensive HIP provider give guidance (apart from a conveyancer obviously)?

Probably not - and as estate agents often hide the cost in their commission and get a cheap provider to do it and then take a margin of the cost on top you would be best with a conveyancer/solicitor to do a HIP now.

Gorgeestwo

We are just in the process of getting ours done, its being done by a local solicitor who has a good reputation and because we will be using them to do the conveyancing on our sale we got a £100 off the hip, so it was £199 plus vat, not the cheapest, but have only ever heard good things about this solicitor. We requested it last friday and we've already had the PIQ and the energy rating was done today so we are expecting it all to be done by mid wk next week.

Evee2000

Richard_Webster wrote: »

Probably not - and as estate agents often hide the cost in their commission and get a cheap provider to do it and then take a margin of the cost on top you would be best with a conveyancer/solicitor to do a HIP now.

I provide HIPs to a number of conveyancing solicitors, all of which add a commission to the price of their HIPs - so EAs are not alone in this practice. Conveyancers/EAs are struggling to make a profit at the moment due to the downturn in the market - and will take a commission where they can. Its an unfortunate situation for the consumer.

A lower cost HIP provider, who works in the local area and can offer a one to one service and is registered with some form of HIP trade body (I would always recommend IPPA), is best placed to turn around HIPs in a personal, knowledgable and expedited way.

Evee2000

Gorgeestwo wrote: »

We are just in the process of getting ours done, its being done by a local solicitor who has a good reputation and because we will be using them to do the conveyancing on our sale we got a £100 off the hip, so it was £199 plus vat, not the cheapest, but have only ever heard good things about this solicitor. We requested it last friday and we've already had the PIQ and the energy rating was done today so we are expecting it all to be done by mid wk next week.

Its all about service, and if you're happy with the level of service your conveyancer is providing, then thats great. I'm just curious about the conveyancing charge - often the conveyancer will make his 'discount' back on the conveyance fee. Also, 6 days to have an EPC undertaken is actually quite a considerable time (unless of course, this was at your request). Generally, the EPC should be turned around within 2-3 days tops and the 'basic hip' (which will allow you to market the property) provided a day after the EPC has been returned (if not the same day). Were you advised that you could market with a 'basic hip'?