Financial Matters

How much will a HIP cost?

This will vary according to the type of HIP that is ordered, but the basic required HIP is currently priced at £299 plus VAT, including 2 printed copies of the HIP and full use of all the on-line ordering and HIP management systems. Richards Gray is committed to delivering a quality service and great value to our clients, and we will review these prices on a quarterly basis as the HIP programme develops.

A full pricing schedule can be accessed from this site, giving details of costs for leasehold properties, HCR’s etc.

Payment methods

There are a variety of ways to pay for a HIP, many of which allow vendors to defer payment until the house is sold. The options include.

1. Payment up front by the vendor
2. Deferred finance for up to 9 months provided by Close Brothers – this costs a flat fee of 11%, with payment being made on sale of the property, or on withdrawal of the property from the market by the vendor
3. HIP purchased by the Estate Agent  - Richards Gray provides 90 days credit to the agent or solicitor purchasing the HIP

Different organisations (and of course individual vendors) have different ideas as to which option is best for them, and we can provide the solution that works specifically for your business – or you can use a mixture of the above – again great flexibility from Richards Gray!

Conveyancing

The Richards Gray HIP system will soon incorporate an easy to use conveyancing distribution option, which will allow agents and brokers to offer conveyancing capacity from their chosen conveyancing partners – which in most cases will be their existing local network of solicitor partners. This is not a panel – simply a means of helping local agents and solicitors to continue to work together using the benefits of technology.

Revenue opportunities

The significant reduction in the cost of the basic required HIP has certainly reduced the scope for revenue opportunities for Estate Agents from the HIP programme if they do not want to become uncompetitive, but there is still scope for a referral fee/commission to be built into the HIP. Again, please contact your regional account manager or email hips@richardsgray.co.uk to discuss your individual requirements.