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When to buy HIP?
saint_david
Posts: 37 Forumite
Hello, currently have 2 properties on the market and have been told by EA we can get our HIPS for about £100 cheaper (on each property) if they're sorted now rather than after a sale has gone through (if it ever does!). Can anyone explain why?
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Ring round a couple of other EA's to find out their answers, this one is probably just trying it on0
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saint_david wrote: »Hello, currently have 2 properties on the market and have been told by EA we can get our HIPS for about £100 cheaper (on each property) if they're sorted now rather than after a sale has gone through (if it ever does!). Can anyone explain why?
That doesn't make any sense. If you have put your properties on the market since Dec 14th you need to have the HIP commissioned before the property goes on the market. No one will have a HIP sorted once a sale has been agreed.
HIP needed on the following dates
August 1st 4 bed +
September 10th 3b
December 14th All0 -
Something was mentioned about "deferred payment" from what i can remember if that rings any bells.0
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Are they suggesting that if you pay up front that it will be cheaper than paying for it as part of the EA's fee upon completion?
It's important to shop around. How much are they charging you?
(pedant note: It's a HIP - Home Information Pack, not a HIPS)Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »Are they suggesting that if you pay up front that it will be cheaper than paying for it as part of the EA's fee upon completion?
It's important to shop around. How much are they charging you?
Thats right. Up front was £240 if we use the same solicitor for the conveyancing (which was also pretty cheap), upon completion though it was £380. We've got a 16 week contract with them to market the property, can we still use the HIP after this if we decide to change EA?Doozergirl wrote: »
(pedant note: It's a HIP - Home Information Pack, not a HIPS)
Thanks, sorry that must have been annoying!!! Have edited accordingly.0 -
Deferred payment will cost more than paying up front. This is because you will usually be entering into a credit agreement with the HIP provider. Check which local solicitors can provide you with a HIP, it may well be cheaper. We only use local solicitors for HIPs, some have installed credit card machines so people can spread the cost of the HIP. Only do this if you can clear the card at the end of the month or have a 0% on new purchase card.0
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If it's a solicitor providing the HIP rather than the EA then one would hope that the HIP is your property, especially if you pay up front.
It's really important that you check that the HIP is your property though
Really sorry about being a pedant. Even my husband says 'HIPS pack' which is even worse and he's supposed to know what he's talking about :mad:Everything that is supposed to be in heaven is already here on earth.
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We've got a 16 week contract with them to market the property,...
They couldn't have been very confident about being able to sell the proeprty quickly then....RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
You can use the HIP only if you pay up front - it is then legally yours and you can take it to other EAs. We have found this out the hard way when we deferred payment with our original EA, changed them and only then found out that the HIP was not portable :mad: . We have ended up having two HIPs, both deferred....what a bl**dy waste of money. I'm still challenging this one......watch this space.
BTW.....I am a bit of a pedant like Doozergirl.....don't even get me started on apostrophes!YOUR = belonging to you (your coat); YOU'RE = you are (I hope you're ok)
really....it's not hard to understand :T0 -
Richard_Webster wrote: »They couldn't have been very confident about being able to sell the proeprty quickly then....
Is anyone at the moment???0
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