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Imla says seller&#39s packs will cost time and money

The Intermediary Mortgage Lenders&#39 Association says home seller&#39s packs will raise costs and fail to improve consumer understanding.

The Government sent out details of the proposed packs last week. Imla chairman John Heron says the plans have changed little since the original scheme was unveiled despite extensive feedback from the industry warn- ing the Government of weaknesses in the project.

He says the packs, which will have to be offered to buyers by all sellers, rely on outdated technology and fail to take advantage of improvements made to the housebuying process. Imla claims the packs could lead to longer transaction times and higher costs.

It particularly points out that lenders will not be prepared to rely on the home condition report – a survey supplied by the seller.

Heron says: “The fundamental concerns we expressed in the original consultation have not been addressed. There is a real danger that this pack will increase costs and fail to improve transaction times or consumer understanding.”

Heron is also calling for the FSA to treat advisers consistently across all product areas. He says there will be confusion if the FSA does not create clear parallels between an adviser who is seen as independent in the sale of investment products and one who is considered independent in the sale of mortgages.

He says: “The independent label is a very valuable one for mortgage advisers. Customers have an implicit understanding that independent advice represents a gold standard and this perception should be supported and protected.”


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