An agent in the west midlands is to write to his MP about the plight of home sellers facing financial difficulties and who need to sell up – but who cannot afford HIPs.
Daniel Thomas, of The Property Shop, which has three offices, said it is just one more obstacle home sellers do not need: “We currently have several clients who wish to market their home for sale due to their financial situation having changed and them no longer being able to afford their home.
“As sensible people, they wish to sell their home before they miss too many payments and before legal proceedings are started against them to repossess their home.
“Obviously, these clients are in most cases unlikely to have the money to pay for a HIP up-front and need to defer payment.
“However, as they have had one arrears on their mortgage within the last six months, no HIP provider will give them a deferred payment option, which of course means we cannot market their property for them. This means these people are being backed into a corner that can only really result in them losing their home.”
He added: “I cannot blame the HIP providers – they are a business after all and have to protect themselves from risk of not being paid.
“But surely the Government should have thought of this when introducing HIPs, or at the very least be aware of this now, especially since they are supposed to be trying to reduce repossessions.”
He called on the Government to offer help or guarantees for people unable to put their homes on the market because of their inability to buy or fund a HIP.
Agent angry over lack of help for sellers who cannot afford HIPs
Latest Features
-
AI struggles to pass the trust test in the workplace
Artificial Intelligence will not be taking over people’s jobs any time...
-
Scottish housebuilding needs to return to levels from 25 years ago
Scottish housebuilding needs to return to the completion numbers from 25...
-
There is a future in buy-to-let
High interest rates, slow price growth and more stringent tax rules...
Sponsored Content
-
Looking for a client account? Five steps to better...
You don’t have to simply accept things as they are when...
-
How to deal with damp and mould in rented...
There are a few common questions that arise when the issue...
-
Electric Vehicle Charging: What Homebuyers Really Want to Know...
As electric vehicles increasingly populate our roads and the necessity for...
-
Upcoming Stamp Duty Change may spur sales in short term
An expert says a change in Stamp Duty Land Tax, coming...
-
Industry Views - Airbnb Crackdown - this time it's not just Michael Gove...
It’s tempting to think that Michael Gove’s proposed clampdown on Airbnb-style...
-
Stamp Duty Cut possible in Mini-Budget - government briefing
A report in the Times newspaper says Chancellor Jeremy Hunt is...
-
Rightmove: It's difficult for agents to provide material information
The task of obtaining material information is more difficult than it...
-
Stamp Duty Revolution - call for sellers to pay instead of buyers
A prominent estate agent has started an online petition to reverse...
-
Agency regulation and enforcement will improve home sales - claim
Estate agency regulation is needed to help improve the homebuying and...
60 second interview
Jake Gann, Sales Director at Bamboo Auction
Who are you and what does it say on...
Ashley Day - Director of Bristol Property Centre
Who are you, and what does it say on...
Graham Paterson ‘Co-founder and CEO of Jitty’
Who are you and what does it say on your...
Comments
Hi! bETxgf
Hello everybody,
I'm glad to describe here www.theinvestblog.com an a worth thinking of
kind of making money. Can you imagine that one
may earn up to 3% a daily through investments without limitations in without sum limits?
I. e. that even if one has US$1.000,00 one may earn the same amount in a month !
If someone is interested welcome to my blog www.theinvestblog.com .
if they cant afford a hip then dont sell the house! simple
Tell you whats a laugh though. If it's part of a private portfolio you don't need a HIP. So the rich gits don't need to spend any money if they just fancy offloading just the one house!!
You'll not get anywhere with this. I've tried emailing phoning and writing. The government are deaf when it comes to hearing any criticism of HIPS. I share yor view but until the Tories get in we're stuck. Why anyone thinks that HIPS are a good idea is beyond me.I've only been an agent for 35 years so maybe I don't know what I'm talking about.
If they can't afford £250 can they pay your bill!? and I suggest the HIP boys pushing their wares here may get a shock when they try to collect from these bad cretit crew just after the Repo man has knocked on thier door.
Yes, not all HIP Providers use credit agencies. At ActionMove we do not but work closely with our Estate Agents.
you could also work in conjunction with your solicitors to enable a HIP to be prepared with the cost postponed until sale. The trust equation would be with the agent pricing to sell within a reasonable period.
Paul Hajek
We at Pali Ltd don't do a credit check and can defer payment for nine months or 'til the property sells.
Nick.
Presumably they would also use a credit agency.
It is not the HIP providers that refuse to defer the payment. Most deferred payments are managed by credit companies. The company I use just ask for £30 up front then the balance when they sell the property.