Why does a HIP for a Leasehold property cost more than one for a Freehold property?
For a HIP for a leasehold property to be fully compliant, it should contain a copy of the lease. This is generally obtainable from the Land Registry at an extra charge. We therefore have to reflect this additional cost in our fees. Some HIP Providers will place the onus upon you or your Solicitor to provide the lease and do not therefore include it within their fees. A Solicitor will generally charge rather more for this service and you should be aware that the HIP is NOT compliant without the lease. Your Solicitor will need to provide it at some stage during the conveyancing process anyway, so it is far better to obtain it at the start, include it in the HIP and save the higher cost that the Solicitor will charge later on. Of course, you can also therefore be sure that your HIP is completely compliant and legal from Day One.
