UK Mortgages - Home Sellers Pack

In response to the long sales process and gazumping (seller dropping one buyer in favour for another after the purchase process has begun, normally in response to a higher offer price) the UK government are currently proposing new selling procedures, which will be effected via the 'Sellers Pack'.

The sellers pack will contain basic but crucial information about the property such as data on the title deeds, survey on house condition, local search information. It will be compiled by the seller and professional at the sellers expense.

Proponents of the system say that buyers will be able to make an informed decision before going ahead with a purchase, and if the sellers pack contains inaccurate information, the buyer can sue the seller for costs associated with the inaccuracy. The net effect is anticipated to be an improvment in completion times, and security of sales.

Critics of the system say that the sellers packs will slow the sales down, as it will take the seller about 3 weeks to compile the sellers packs, and the buyers bank will insist on their own survey aswell. It also puts an unnecesary additional bill of about £500 on the seller.

The new system is scheduled for spring 2007.

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