Intermediary mortgage lender trade association IMLA has announced its concern at government plans to introduce seller's packs.
IMLA says it is unconvinced that seller's packs will provide any real benefit to consumers and are surprised by the government decision in the Queens Speech to reintroduce them. In the past IMLA pointed to the likelihood of increased costs for the consumer and likely poor service as reasons why the decision should be reconsidered, recommending that technological innovations were the best way to improve the home-buying process.
IMLA Chairman Tony Ward says: “Following the concerns raised over the compulsory use of seller's packs some two years ago we are somewhat surprised that they have made their way back onto the political agenda without apparently addressing any of those concerns. We continue to favour a technological solution and support more investment and focus on e-conveyancing developments, which we believe will provide greater benefits.
“Until we have clear evidence that the seller's pack will provide any real benefit to homebuyers, IMLA will remain firmly against their introduction.