Home sellers can end up paying £500 or more for a HIP if they purchase it through an estate agent, which is more than twice the cost of buying from an independent specialist provider.
Which? Money looked at the cost of HIPs provided by estate agents, lenders and independent providers on a three-bedroom freehold property and a two-bedroom leasehold flat in Balham, London.
Estate agent Spicerhaart topped the list for the most expensive Hip for a two-bedroom leasehold flat at £516, which was £292 more than the cheapest option from direct provider Hip Save.
The research showed Halifax offered the most expensive Hip for a three-bedroom freehold semi-detached property at £413 whereas online provider Fridays Property Lawyers charged just £189.
James Daley, editor of Which? Money, said: “Our research shows that the most expensive high street agents charge over twice as much as the cheapest online Hip providers – so you could save hundred of pounds by shopping around for the best deal.”
