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L&G produces step by step guide for homeowners

Legal & General is producing a guide for homeowners aiming to explain Government legislation on sellers packs which is due to come into force in 2005.

The guide explains in three steps what sellers will have to do before they put their home on the market so that they can smooth the house selling process.

The first step according to the life office is to get a mortgage agreement in principle before househunting. This step will help househunters know how much they can afford to spend on a new home and when they have found a property it will also help to facilitate a formal loan offer quicker.

The second step is to prepare for the legal work needed when buying the property. As part of this step L&G is offering movers, concerned about the costs incurred if their sale falls through, conveyancing on a free fees basis if such an event occurs.

The third step is to protect the home move. L&G says that because nothing is guaranteed until contracts are exchanged, it will offer buyers and sellers protection insurance to cover the costs incurred if the deal falls through due to adverse survey, death gazumping or job loss.

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