Estate Agents

[rachmc]

Can estate agents cancel the contract because I do not want to drop the asking price any more? They have just called and said if I do not drop the asking price again, they will take the property off of the market and will will have to pay the hip (which is no longer valid).

[mrs.chappie]

Sorry I can't answer your question, just wanted to mention that we have the opposite problem with our estate agent. We want to drop the price but the agent says we'll get a buyer if we just "bide our time - things are starting to pick up".

My hubby and I are thinking about changing agents (it's not just the price issue - there are other issues we are not happy with). I am going to find out how much we would have to pay them if we went with another agent.

[Buenchico]

A HIP remains valid as long as a property remains on the market. If your estate agent decides that he'll no longer act for you (as he's fully entitled to do), your HIP will continue to be valid as long as you're still trying to sell the property.

You could either immediately engage the services of another estate agent or, possibly better, try marketing the property yourself. (On the two occasions that I've sold a house I've avoided paying an agency fees simply by putting up some big 'For Sale' signs of my own, and paying a small amount for local advertising. Many people don't seem to realise that using an estate agent is similar to employing someone to do their decorating for them; it's a lot cheaper to go for a DIY approach).

Chris

[buildersmate]

As Chris say, the HIP is still valid.
I suspect you took a contract whereby the Agent funded the HIP as part of the contract you had with the organisation - and hence that is why you are saying you'd have to pay for the HIP now.
You are going to have to pay for a HIP somewhere along the line - so look closely at the small print of your contract to see what it says about HIP cost. If it says nothing, he can sing for the cost of his HIP.
Frankly if the agent is telling you to drop the price or he'll withdraw it doesn't say much about the organisation - he presumably advised you initially on the price to market the property at.
If you are forced to fund the HIP cost, just don't pay over the odds - should be around £250 - not these silly sums estate agents conjure up.

[weeal]

In Scotland its a Home Report (equivalent to HIP) but as it contains a survey report this is only valid for 3 months, as most surveys. Does this differ with HIP's?

[weeal]

From the HIPS website:

How long is a Pack valid for?
Some documents can be no be more than three months old when marketing starts, but there is no obligation to update Packs as long as the property remains on the market. No component of the Pack should be more than 12 months old on the day the property goes on sale. For more details, see the regulations on the industry site.