LMS has set the cost of its HIP from £249 for mortgage brokers and lenders who sign up with the company to provide their packs.
This price is available for all freehold properties up to £500,000 where the cost of the HIP is paid at the time of commissioning and the home seller uses LMS’s conveyancing services.
Without conveyancing the HIP cost for these properties is £299, and even a funded HIP, with payment deferred for up to 11 months or until the sale, is only £349 – or £299 with conveyancing.
LMS’s HIPs for properties from £500,000 to £1million are £50 more on these prices.
All HIPs contain everything required by law, including searches, energy efficiency assessment with Energy Performance Certificate and Evidence of Title and can carry the branding of the broker or lender.
Dominic Toller, director of marketing and new business at LMS, said: “The unique combination of our £12 million investment in developing our proven systems, together with the enormous economies of scale of our conveyancing business, has enabled us to deliver HIPs at rock bottom prices, yet with top quality service and support.
“With HIPs on track to become compulsory in just a few weeks time brokers and lenders can now be confident that they can deliver a fast, efficient and cost effective HIP service in partnership with LMS.”
Meanwhile, Goldsmith Williams has announced the launch of its unique £499 all-inclusive no sale, no fee GWHip product.
The GWHip, which is available with immediate effect to all clients who instruct Goldsmith Williams for their conveyancing, offers clients a cost-competitive all-inclusive HIP, with the added reassurance of backing from a well-established and reputable legal firm.
As well as the 'unique' no sale, no fee feature - if the sale does not complete there will be no charge for the HIP - additional benefits of the GWHip include no deferred payments, no consumer credit agreements and no upfront fees.
Brokers also benefit from recommending the GWHip product as it provides an opportunity to earn unlimited additional income through legal and administration fees.
For clients looking to keep house moving costs to a minimum, Goldsmith Williams offers an even more competitive GWHip at just £399. As the £399 is paid up front, the no sale, no fee feature does not apply.
Clients who use alternative providers for their conveyancing can still take advantage of a £499 HIP through Goldsmith Williams’ select panel of chosen HIP providers throughout the UK, although this does not include the no sale, no fee feature.
Eddie Goldsmith, senior partner at Goldsmith Williams, commented: “With 1 June looming ever closer we recognise that there remains a great deal of confusion among the general public about HIPs. We can help to put clients’ minds at rest by offering a clear, cost competitive and comprehensive HIP. Clients need not worry about being out of pocket for their HIP as, unless their sale completes, they won’t have to pay out a penny for a GWHip – something we know from our research is a real added benefit.
“We recognise that the HIPs marketplace will become increasingly competitive as we move towards and beyond 1 June, but we believe that our reputation and extensive experience in the legal aspects of the conveyancing process set us apart from any other prospective HIP providers. We’re very excited about adding GWHip to our range of legal products for the mortgage sector and, if the success of GWLive is anything to go by, GWHip will be a real hit with our clients and brokers.”
