House sale advice.
Discussion
Hi guys, Id really appreciate some advice on this.
I've never sold a house before and am realising what a minefield it is. Money grabbers everywhere.
We've probably gone about this the wrong way, but my wife has found her dream home which we think we can afford.
My present house has a decent amount of equity in it.
I am one for proceeding slowly, but bowed to pressure and approached estate agents to get the house valued. Three came back with the same price.
One estate agent offered us a fixed deal to sell. 500 deferred for nine months which covers the hip and advertsing costs. Then on selling, You pay the 500 (Assuming it less than nine months) and then a fee of 1500 quid.
So I agreed to this over the phone. Then the estate agent asked me if I was going to pay the 500 up front (He obviously wants cashflow) but I told him again I would take the deffered option. Then the phone starts going, Hip provider sending me an email in half an hour - I am at work now - Phone calls about how I am going to pay. I wake up this morning to an email about how I pay for the hip.
Its some sort of credit agreement.
All too much hassle.
I have a high pressure job - but I understand it. I have no problem buying and selling cars.
This is a nightmare and I am surprised that somethign as simple as selling a house has be so out of my depth.
So, I have told the estate agent by email - he was coming this monring to get me to sign stuff - that I am not going ahead.
Using the maxim, if in doubt do nowt. I am very much in doubt.
How do I proceed through this minefield without getting stitched up? Can I arrange my own HIP - if so, how much will this cost?
Am I right in wanting to take the house to market on my terms. Have a HIp in place, go to an estate agent and just work out a percentage deal with them?
I am really lost here guys, so would appreciate some calm, sensible advice.
Dan
I've never sold a house before and am realising what a minefield it is. Money grabbers everywhere.
We've probably gone about this the wrong way, but my wife has found her dream home which we think we can afford.
My present house has a decent amount of equity in it.
I am one for proceeding slowly, but bowed to pressure and approached estate agents to get the house valued. Three came back with the same price.
One estate agent offered us a fixed deal to sell. 500 deferred for nine months which covers the hip and advertsing costs. Then on selling, You pay the 500 (Assuming it less than nine months) and then a fee of 1500 quid.
So I agreed to this over the phone. Then the estate agent asked me if I was going to pay the 500 up front (He obviously wants cashflow) but I told him again I would take the deffered option. Then the phone starts going, Hip provider sending me an email in half an hour - I am at work now - Phone calls about how I am going to pay. I wake up this morning to an email about how I pay for the hip.
Its some sort of credit agreement.
All too much hassle.
I have a high pressure job - but I understand it. I have no problem buying and selling cars.
This is a nightmare and I am surprised that somethign as simple as selling a house has be so out of my depth.
So, I have told the estate agent by email - he was coming this monring to get me to sign stuff - that I am not going ahead.
Using the maxim, if in doubt do nowt. I am very much in doubt.
How do I proceed through this minefield without getting stitched up? Can I arrange my own HIP - if so, how much will this cost?
Am I right in wanting to take the house to market on my terms. Have a HIp in place, go to an estate agent and just work out a percentage deal with them?
I am really lost here guys, so would appreciate some calm, sensible advice.
Dan
Only pay estate agents fees when your have moved into your new house.
You can arrange your own HIPS and a search of the interweb will bring up various companies who do the same, when I moved in 2008, my solicitors arranged the HIPS since they had a deal with a company they used alot and I was billed for the fee, think it was only around £350 probably less now.
Good luck, it is one of the stressful things in life, but worth it when you finally move.
HTH.
G
You can arrange your own HIPS and a search of the interweb will bring up various companies who do the same, when I moved in 2008, my solicitors arranged the HIPS since they had a deal with a company they used alot and I was billed for the fee, think it was only around £350 probably less now.
Good luck, it is one of the stressful things in life, but worth it when you finally move.
HTH.
G
You should not pay any fee to the agent up front, I have never heard of this before. It disincentives them and ties you to them as far as I can tell. Fees are paid on completion. Therefore cease ties with that shyster.
Get a HIP independantly, or wait 2 weeks for the Tories to abolish them
Get a HIP independantly, or wait 2 weeks for the Tories to abolish them
wildcat45 said:
All too much hassle.
I am surprised that somethign as simple as selling a house has be so out of my depth.
Sellings houses IS hassle, it hasn't even started yet!I am surprised that somethign as simple as selling a house has be so out of my depth.
You do not need to use an agent for a HIP-use these people, you WILL have to pay for it before you can market the house though! (forget who it was but one guy on here refused to pay so didn't market his house-£200 selling something worth tens of thousands is f
k all, yes the money could be better spent on hookers & coke but that is the law-suck it up or do not move-simple!).http://www.myhiphome.co.uk/
Then find an agent who only wants paying when the sale completes, this is the NORM. Your solictor should deal with all of this when things complete.
All you have to do is pay for the HIP and find an agent to sell it, or, stick a DIY sign out the front if you are on a street that gets seen, it DOES work!
Thanks guys.
As for selling the house yourself. I guess that's added hassle. Do places like rightmove allow individuals to put ads up like Autotrader does for cars?
I got the feeling this guy was a shyster the moment I told him I was gong to use him. The attitude changed. What was "a great little property, should sell no bother" became "The markets picking up, but who knows...."
I thought, fk you matey. Then the phone calls started.
So, if my house sells for say 200k. I pay somethng like 2 grand to the estate agent. Then I have to add on the price of the HIP. And lawyers buyng and selling fees?
Do I have this right.
The house I am in now is my first house - I bought it from the builder to have no experience in selling. At the time - ten years ago - the lawyer wanted about 200 quid for conveyancing - so its probably double that for buying and selling.
Stress and hassle I can handle - I think - I do at work, but thats a world I understand intimately. Stress and hassle in the unknown is really putting me off.
As for selling the house yourself. I guess that's added hassle. Do places like rightmove allow individuals to put ads up like Autotrader does for cars?
I got the feeling this guy was a shyster the moment I told him I was gong to use him. The attitude changed. What was "a great little property, should sell no bother" became "The markets picking up, but who knows...."
I thought, f
k you matey. Then the phone calls started.So, if my house sells for say 200k. I pay somethng like 2 grand to the estate agent. Then I have to add on the price of the HIP. And lawyers buyng and selling fees?
Do I have this right.
The house I am in now is my first house - I bought it from the builder to have no experience in selling. At the time - ten years ago - the lawyer wanted about 200 quid for conveyancing - so its probably double that for buying and selling.
Stress and hassle I can handle - I think - I do at work, but thats a world I understand intimately. Stress and hassle in the unknown is really putting me off.
You should be able to go to a HIP supplier yourself and get one for around £250.
Mine was £240 from my agent, is mine and has no strings.
If you feel they're pressuring you, use another agent and insist on a simpler deal.
One agent quoted me £99 for a HIP. Via a rather random system that would have eventually seen me paying £500 for it
Mine was £240 from my agent, is mine and has no strings.
If you feel they're pressuring you, use another agent and insist on a simpler deal.
One agent quoted me £99 for a HIP. Via a rather random system that would have eventually seen me paying £500 for it
wildcat45 said:
So, if my house sells for say 200k. I pay somethng like 2 grand to the estate agent. Then I have to add on the price of the HIP. And lawyers buyng and selling fees?
Do I have this right.
Yes, and stamp duty, land reg fees etc! Most people say budget 7-10K on fees, IIRC ours was £5K, that was selling for around £120K and buying for £250K. Do I have this right.
The estate agents should be helping you not hassling you! I've bought and sold a few times and the others are right, it's always stressful but, in my experience a decent agent (and there really are a few!) should be able to help. The last one I used explained it all to me, sorted out the HIP (which was about the same price as sorting it myself and a lot less hassle) and then dealt with it all which, if you think about it is actually what you're paying them for!
I'd go back to the other agents, explain your position and see which ones come with the goods and help you through the process - then negotiate a price that you think is fair for the work they're promising.
Good luck and try not to let it get to you!
I'd go back to the other agents, explain your position and see which ones come with the goods and help you through the process - then negotiate a price that you think is fair for the work they're promising.
Good luck and try not to let it get to you!
Got to agree, this part of the process should be completely stress free - it's later down the line that the real stress starts to build.
Can you not speak to people at work, your mates, people down the pub, in the local newsagent and get a recommendation? Getting a good EA who comes recomended makes all the difference. I will always know which EA I'm planning to use before I've even seen them - I then get several round and use their quotes to get the best price out of the one I'd always planned to use.
Remember, a good EA is not always the nicest - from my point of view their most important role when selling my house is negotiating the best possible price using whatever means necessary and making sure it completes at that price. It's the most valuable item I own and them pulling an extra 5% out of the purchaser makes all the difference in my back pocket.
Go and speak to loads of people and get some recommendations.
Oh, and if you find this part of the process stressful I definately don't think trying to sell it yourself is a good idea.
Good luck with it all, it will be worth it in the end, once you're in the dream house.
Can you not speak to people at work, your mates, people down the pub, in the local newsagent and get a recommendation? Getting a good EA who comes recomended makes all the difference. I will always know which EA I'm planning to use before I've even seen them - I then get several round and use their quotes to get the best price out of the one I'd always planned to use.
Remember, a good EA is not always the nicest - from my point of view their most important role when selling my house is negotiating the best possible price using whatever means necessary and making sure it completes at that price. It's the most valuable item I own and them pulling an extra 5% out of the purchaser makes all the difference in my back pocket.
Go and speak to loads of people and get some recommendations.
Oh, and if you find this part of the process stressful I definately don't think trying to sell it yourself is a good idea.
Good luck with it all, it will be worth it in the end, once you're in the dream house.
Edited by JQ on Wednesday 5th May 13:40
MonkeyMatt said:
If you feel like it you can actually produce a HIP yourself! the only bit you need someone else to do is the EPC! Putting it all together can be done by the seller if they want to to!
Looking at the amount of st that goes in one i'd be following the link i posted above...........anonymous said:
[redacted]
Prety much bang on.We've been ready to exchange contacts for 3 months (only a three person chain), I'm in the middle. People we are buying off have gone quiet, thier solicitors have gone quiet, saying give us 48 hrs etc. We are living out of boxes with a 10 month old kid, as we keep getting told, it could be next week, next week, next week. Its a joy.
I tell you what... the way the Scottish do it is a million times better, once they accept you offer, their obliged to sell it to you.
The fun has just started for you OP!
£1500 to sell your house.Yuorrraavinnalarrrrf.
Seriously though.These agents are desparate for property to put on their books.Bargain with them and make sure you read the contract.I know they try to con you into signing up for as long as posible which may restrict you if you hate them.Tell them they can have it for 4 weeks and the price is £1200,no sale no fee, and get your own hip done.
Seriously though.These agents are desparate for property to put on their books.Bargain with them and make sure you read the contract.I know they try to con you into signing up for as long as posible which may restrict you if you hate them.Tell them they can have it for 4 weeks and the price is £1200,no sale no fee, and get your own hip done.
We used www.housenetwork.co.uk and got a HIP done independantly for about £200.
Worked a treat, sold ours within 2 weeks and cost circa £500.
One thing I would not skimp on is your solicitor. Ours was frankly sheeit. Could never speak to the chap direct, only via emails, makes things more stressful as you go along and need reassurance things are moving. We've also found out they are building a fvvckin football pitch behind our house for the local clubs to use....nothing in the searches!!
We moved in here last Friday and did all the physical moving bit ourselves....hard, hard work
All in all it's a bloody expensive ball ache and I'm not doing it again in a hurry.
Worked a treat, sold ours within 2 weeks and cost circa £500.
One thing I would not skimp on is your solicitor. Ours was frankly sheeit. Could never speak to the chap direct, only via emails, makes things more stressful as you go along and need reassurance things are moving. We've also found out they are building a fvvckin football pitch behind our house for the local clubs to use....nothing in the searches!!
We moved in here last Friday and did all the physical moving bit ourselves....hard, hard work
All in all it's a bloody expensive ball ache and I'm not doing it again in a hurry.
For me gettin the sale is the easy part, it's the management of the chain were a decent estate agent comes in their own.
Our sale is just going through at the moment luckily the chain is very small, just us and the chap buying our house.
Have paid extra to use a decent solicitor that is locally based, echoing the comments above it is not worth saving £100/£200 to use an online solicitor.
Our sale is just going through at the moment luckily the chain is very small, just us and the chap buying our house.
Have paid extra to use a decent solicitor that is locally based, echoing the comments above it is not worth saving £100/£200 to use an online solicitor.
I'd echo the point about using a good solicitor and, ideally, one close to either your home or work. If things aren't going right, or you need to sign papers etc, it's so much easier if you can pop in and speak to the solicitor face to face.
I could've saved a bit here using someone at the other end of the country, or saved a lot and used what is effectively a call centre type service, but for me it just wasn't worth it.
When our move got complicated, our solicitor earned the extra it cost me
I could've saved a bit here using someone at the other end of the country, or saved a lot and used what is effectively a call centre type service, but for me it just wasn't worth it.
When our move got complicated, our solicitor earned the extra it cost me
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