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L&G survey highlights housebuyer confusion

Only a quarter of homeowners are aware of Government proposals to change housebuying rules according to a survey by Legal & General.

Legal & General claim homeowners need to be educated about the changes, brought about by the introduction of Sellers Packs, if the proposals are to be successfully implemented.

The Government hopes Sellers Packs will make moving house much faster and less stressful.

They require sellers to prepare a pack of information including a property condition survey, draft legal work and the results of local authority searches before their homes can be marketed.

Buyers will then be able to see any defects in properties before they visit them and not be faced with any problems once they’ve made an offer.

There will also be a greater use of mortgage Acceptances in Principle which will tell buyers their mortgage is all pre-arranged and help them be presented as serious buyers.

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