HIP Payment Services has joined LMS alongside other leading Pack providers to launch the scheme which sees vendors enter into a 10-month 'buy now, pay later' deal where they only pay for their HIP once the sale of their property has gone through.
Jeff Smith, chief executive at HIP Payment Services, said: “Whilst the cost of a HIP is minimal when compared with the overall costs incurred in selling a home, the majority of consumers have indicated that they would prefer to pay for their HIP at the end of the process, delaying any upfront costs.
“As a result, we have developed a unique solution which can be offered by all agents and Pack providers to their customers. The scheme allows consumers to ‘buy now pay later’, paying for their HIP after their sale has gone through, enabling agents to meet the demand from their customers whilst removing the burden of chasing any necessary payment.”
LMS is currently offering the new system to its estate agency clients, and incorporating the deferred payment scheme as part of its overall offering.
Dominic Toller, director of marketing and new business at LMS added: “We are very pleased to be offering our agents this new deferred payment system which will, we hope, make life just a little bit easier for house sellers. From 1 January, a HIP will be needed before a property can be marketed and so getting it produced as soon as possible will be in the best interests of vendors and agents alike.”
