HIPs – my fees
14 August 2008
Because this is all very new – and because the attitudes of buyers,
sellers and lenders haven’t settled down yet – I am not able
to offer a fixed fee for creating a HIP for a seller. For similar reasons,
I am not yet able to tell how your buying fee will be affected by the
seller’s HIP.
That said, some indicators are possible…
selling
- On its own, an Energy Performance Certificate (EPC) would cost in the region of £150
+ VAT
- The other elements of the HIP – which would previously have been
completed by the buyer’s solicitor – include (1) amounts
paid out for searches and (2) the cost of the preparer’s time
- My fees start at £320 + VAT = £376.00.
This includes amounts paid out for searches
and the EPC. I will carefully assess the available information
and agree a fee with you
- Although work on the HIP is carried out at the start of the process, I
am able to offer deferred payment: you will have nothing to pay for 6 months
or the completion of your sale (whichever comes first)
- Leasehold HIPs will cost more than freehold by about £40 + VAT.
buying
- Some commentators have said that the money you spend on the HIP for your your sale will be
saved on legal fees for your purchase. This looks unlikely:
- The same searches and enquiries have to be carried out
- Some of them might have to be carried out more than once (if lenders require it)
- The Energy Performance Certificate is a new requirement
- Though there are reasons why I might not be able to reduce my fee for buying with a HIP, it is
unlikely that I will have to increase it.
Full details of fees, terms of trade and the whole buying process are in a letter that I will send
if you contact me.
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