HIPS packs - such different prices?
Discussion
We are putting out flat up for sale and I'm currently looking at HIPS packs. The prices range from £95 (online) and £250 through our agent. Naturally the £95 one seems more attractive, however is there anything I need to bare in mind?
Our Flat is a two bed within a large block or around 80 flats.
Thank you!
Our Flat is a two bed within a large block or around 80 flats.
Thank you!
nope, they are the same thing... bits of paper your buyer wont look at..
I got mine done with these people. http://www.hips4u.com
completed in less than 2 weeks, and they almost certainly use the same people to do the inspections that your agents hips people use.
You can probably get them done in less time now, last year you only had to 'start' getting a hip, in order to market your house, now its got to be finished, so theres a bit more pressure for a quick turnaround.
Don't think my buyer even read the hip, and the one on my new house was pretty much no help on any important issues.
I got mine done with these people. http://www.hips4u.com
completed in less than 2 weeks, and they almost certainly use the same people to do the inspections that your agents hips people use.
You can probably get them done in less time now, last year you only had to 'start' getting a hip, in order to market your house, now its got to be finished, so theres a bit more pressure for a quick turnaround.
Don't think my buyer even read the hip, and the one on my new house was pretty much no help on any important issues.
Look here for what a hip is
http://www.homeinformationpacks.gov.uk/
Please don't fall into the widely held belief that hips are solely intended for the attention of a potential buyer. The vast majority of your hip is provided for the benefit of your eventual buyer's solicitor. Whether or not the pack is of sufficient quality to be of use to this solicitor is questionable, as is whether the solicitor concerned is minded to pay any attention to it.
A good quality pack should enable your buyer's solicitor to produce a final contract more quickly by providing a basic contract and standard answers to standard questions earlier in the conveyancing process. Many packs are of such low quality (and of dubious legality) that many solicitors may choose to effectively ignore the pack and start from scratch. This can mean the conveyancing process takes a lot longer and can be a bit of a pain in the bum for the seller as they can't help feeling they've "already answered that".
If you consider what is legally bound to be included within a hip, especially one for a leasehold property, quite how a business can operate offering them at £95 I've no idea. Even £295 is probably unsustainable. At least it will be as and when this form of conveyancing is dropped within the next year or so...
Best of luck with your move.
http://www.homeinformationpacks.gov.uk/
Please don't fall into the widely held belief that hips are solely intended for the attention of a potential buyer. The vast majority of your hip is provided for the benefit of your eventual buyer's solicitor. Whether or not the pack is of sufficient quality to be of use to this solicitor is questionable, as is whether the solicitor concerned is minded to pay any attention to it.
A good quality pack should enable your buyer's solicitor to produce a final contract more quickly by providing a basic contract and standard answers to standard questions earlier in the conveyancing process. Many packs are of such low quality (and of dubious legality) that many solicitors may choose to effectively ignore the pack and start from scratch. This can mean the conveyancing process takes a lot longer and can be a bit of a pain in the bum for the seller as they can't help feeling they've "already answered that".
If you consider what is legally bound to be included within a hip, especially one for a leasehold property, quite how a business can operate offering them at £95 I've no idea. Even £295 is probably unsustainable. At least it will be as and when this form of conveyancing is dropped within the next year or so...
Best of luck with your move.
scenario8 said:
Look here for what a hip is
http://www.homeinformationpacks.gov.uk/
If you consider what is legally bound to be included within a hip, especially one for a leasehold property, quite how a business can operate offering them at £95 I've no idea. Even £295 is probably unsustainable. At least it will be as and when this form of conveyancing is dropped within the next year or so...
It cannot be done for £95, unless the provider does their own search and EPC. For nothing. http://www.homeinformationpacks.gov.uk/
If you consider what is legally bound to be included within a hip, especially one for a leasehold property, quite how a business can operate offering them at £95 I've no idea. Even £295 is probably unsustainable. At least it will be as and when this form of conveyancing is dropped within the next year or so...
I'd *really* like to see a link to someone doing it for that price.
Also bear in mind no legal training is required for a HIP - you need more qualifications to flip burgers.
I'd guess a £95 HIP would go straight in the bin, and the buyer's solicitor would just start from scratch.
andy43 said:
I'd guess a £95 HIP would go straight in the bin, and the buyer's solicitor would just start from scratch.
and you dont think a £295+ hip would end up in the same place.Any buyers solicitor is still going to repeat the searches themselves, they can charge you for them after all...
HIPs, great idea, poorly executed, and as a result, worth f
k all.whitechief said:
You need one to market, but as has been said they are a waste of time, so get the cheapest you can. By all accounts should the tories win the election they will be abolished.
For "abolished" read "replaced". The hip ultimately contains information that will have to be provided in order for a final contract to be drafted. This information will always have to be provided. It is still pretty unclear what the Conservatives intend to do to replace HIPs. They could, quite easily, revert to the pre-hips regulations. But then we'd all complain that the conveyancing process takes such a long time and that very little information is available up front. (Fair enough, you could easily argue that currently, but at least the wheels are in motion at the beginning of the process).Rather than abolish hips I understand it is at least as likely that DMC will try to strengthen the concept of hips by removing the mandatory production of legal papers at the point of marketing, but simultaneously increasing the number of mandatory elements within a "pre exchange pack" (my words). It is possible this will go hand and hand with a liberalising of the conveyancing licencing regulations. So we can all look forward to Tesco and Matalan offering conveyancing.
If we thought RICS reacted badly to dropping the Home Condition Report from the original HIPS proposal (and suddenly appearing in the media every other night slagging off hips, despite having shown pretty broad support to them up to that point) how do we envisage solicitors might react to a further breaking up of their near monopoly?
I guess we'll see what the Conservatives finally come up with when they're ready. Don't hold your breath though hip-haters.
scenario8 said:
whitechief said:
You need one to market, but as has been said they are a waste of time, so get the cheapest you can. By all accounts should the tories win the election they will be abolished.
For "abolished" read "replaced". The hip ultimately contains information that will have to be provided in order for a final contract to be drafted. This information will always have to be provided. It is still pretty unclear what the Conservatives intend to do to replace HIPs. They could, quite easily, revert to the pre-hips regulations. But then we'd all complain that the conveyancing process takes such a long time and that very little information is available up front. (Fair enough, you could easily argue that currently, but at least the wheels are in motion at the beginning of the process).Rather than abolish hips I understand it is at least as likely that DMC will try to strengthen the concept of hips by removing the mandatory production of legal papers at the point of marketing, but simultaneously increasing the number of mandatory elements within a "pre exchange pack" (my words). It is possible this will go hand and hand with a liberalising of the conveyancing licencing regulations. So we can all look forward to Tesco and Matalan offering conveyancing.
If we thought RICS reacted badly to dropping the Home Condition Report from the original HIPS proposal (and suddenly appearing in the media every other night slagging off hips, despite having shown pretty broad support to them up to that point) how do we envisage solicitors might react to a further breaking up of their near monopoly?
I guess we'll see what the Conservatives finally come up with when they're ready. Don't hold your breath though hip-haters.
whitechief said:
scenario8 said:
whitechief said:
You need one to market, but as has been said they are a waste of time, so get the cheapest you can. By all accounts should the tories win the election they will be abolished.
For "abolished" read "replaced". The hip ultimately contains information that will have to be provided in order for a final contract to be drafted. This information will always have to be provided. It is still pretty unclear what the Conservatives intend to do to replace HIPs. They could, quite easily, revert to the pre-hips regulations. But then we'd all complain that the conveyancing process takes such a long time and that very little information is available up front. (Fair enough, you could easily argue that currently, but at least the wheels are in motion at the beginning of the process).Rather than abolish hips I understand it is at least as likely that DMC will try to strengthen the concept of hips by removing the mandatory production of legal papers at the point of marketing, but simultaneously increasing the number of mandatory elements within a "pre exchange pack" (my words). It is possible this will go hand and hand with a liberalising of the conveyancing licencing regulations. So we can all look forward to Tesco and Matalan offering conveyancing.
If we thought RICS reacted badly to dropping the Home Condition Report from the original HIPS proposal (and suddenly appearing in the media every other night slagging off hips, despite having shown pretty broad support to them up to that point) how do we envisage solicitors might react to a further breaking up of their near monopoly?
I guess we'll see what the Conservatives finally come up with when they're ready. Don't hold your breath though hip-haters.
edited cos of an even lower quality sentence than normal
Edited by scenario8 on Tuesday 26th January 00:13
The only bit that must stay, due to Europe, is the energy performance certificate. Better to be done for the buyer, not the seller, then they may actually be interested in improving the property and saving some money.
The rest of the HIP has always been done by the buyers solicitors - searches and title documents etc.
Passing it onto the seller, so they can do it as cheap as they can, is not really useful.
It delays first marketing, and means everything is paid for twice, certainly if the house on for sale for a number of months.
A solicitor won't trust a search that's too old, been done by an unknown third party, or just one that smells funny. Their insurance policies won't let them. Can you imagine using a search that's three months old then finding planning for a bypass at the bottom of your garden was approved in the weeks between first marketing and your purchase? You'll sue your solicitor. So most searches now get done twice, at point of marketing, and at sale.
Oh, a bit of extra VAT and some search fee cash for the councils there Gordon, well done.
Oh, and just wait 'til Tesco do do sausage factory conveyancing
- you think moving house is stressful now?
The rest of the HIP has always been done by the buyers solicitors - searches and title documents etc.
Passing it onto the seller, so they can do it as cheap as they can, is not really useful.
It delays first marketing, and means everything is paid for twice, certainly if the house on for sale for a number of months.
A solicitor won't trust a search that's too old, been done by an unknown third party, or just one that smells funny. Their insurance policies won't let them. Can you imagine using a search that's three months old then finding planning for a bypass at the bottom of your garden was approved in the weeks between first marketing and your purchase? You'll sue your solicitor. So most searches now get done twice, at point of marketing, and at sale.
Oh, a bit of extra VAT and some search fee cash for the councils there Gordon, well done.
Oh, and just wait 'til Tesco do do sausage factory conveyancing
- you think moving house is stressful now? Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff