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Mortgage agreements in principle will be necessary for offer

Legal & General is expecting lenders to offer mortgage agreements in principle as standard market practice when the Homes Bill comes into force in 2003.

L&G believes buyers without agreements in principle will be excluded from making offers for homes under the terms of the Homes Bill, which allows sellers to refuse to provide sellers packs to people they believe are unlikely to have sufficient means to buy a property.

L&G research shows 86 per cent of homeowners expect people viewing their home to have checked out their ability get a mortgage before making an offer.

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