The Council of Mortgage Lenders has warned the Government to listen to the industry regarding the introduction of sellers packs or risk them causing problems. Sellers packs are most definitely on the Government's agenda but the majority of details are as yet undecided.
The Council of Mortgage Lenders stated that if a sellers pack takes around two weeks to put together and the cost for the seller was high, people would shy away from selling altogether. There is also the question of how the Government will monitor sales and make sure sellers packs are put together correctly and actually issued.
Our View
Sellers packs have been a topic of conversation for a long time now and although new ideas are banded around, nothing concrete has yet been decided.
We are concerned that people will worry about the administration of putting a sellers pack together and also the cost. The initial idea from the Government was that sellers packs would speed up the process of buying and selling houses. For the moment we will reserve judgement!
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