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No sale, no fee HIP is launched

02 February 2009
Written by Rosalind Renshaw

A HIP company is launching a ‘no sale, no fee’ HIP in an effort to encourage vendors to the market.

Jason Clemmit, managing director of Home Information Pack Providers Direct (Hippd), said: “This is an insurance-backed product which we think will remove a potential barrier to the market. Instead of having to pay the full price of a HIP, a seller can pay £89 for an insurance policy that lasts 12 months. If the property doesn’t sell within that time, the vendor will pay nothing else.

“If the property does sell within the year, then the full price of the HIP will be paid to us as a disbursement by the seller’s solicitor – so at no stage will the seller have to find the money to pay for their HIP as an upfront cost.

“We feel it is a very good product, which will help sellers who are nervous about the current market and are worried about fall-throughs.”

The £89 policy also covers sellers against redundancy, critical illness, death and jury service. The full price of the HIP, £350 including VAT, is payable on completion or voluntary withdrawal of the property from the market.

Estate agents can earn referral fees of around £100 per HIP, which can include leasehold and unregistered properties as well as freeholds. Hippd is a member of the Association of Home Information Pack Providers.

Comments

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    sounded really good to start with, but either way your paying for a HIP and in some cases you will be paying a additional 89 quids. HA HA HA.

    • 02 February 2009 14:06 PM
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    No Sale - No Fee does not mean No Sale - No CHARGE - Bemused is just that! A fee is an earning event. Charging for a HIP is a disbursement

    • 02 February 2009 13:36 PM
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    This topic gets my back up. I dont like hips is is giving some agents the right to fleece people. One of my clients had a quote from an other agent for £600..and was told not to worry we will just put it on the end.!!!when the house sells(at least dick turpin had a mask!!)..we source out the hips and epc and we have it down to £200 for the hips and £50 for the epc. I feel that some agents are taking their clients for a ride, at a time when they need all the help they can get to sell their property ...newcastle agent....

    • 02 February 2009 13:11 PM
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    If the seller is paying on withdrawal from the market it is not No Sale No Fee!

    • 02 February 2009 13:00 PM
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    Nothing new here. This has been around for over a year with Century 21 Estate Agents.

    • 02 February 2009 12:49 PM
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    now this is news.....

    • 02 February 2009 12:38 PM
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