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Industry warned to prepare for seller&#39s packs

Controversial government plans to introduce house seller&#39s packs must be accepted regardless of housing and mortgage industry misgivings.

Peter Birch, director at North of England-based broker Mortgage Talk, believes plans for seller&#39s packs will miss a great opportunity to reform the house-buying system and will not eliminate gazumping, as some sources have suggested.

Birch says: “Even if they succeed in reducing the length of time between a subject to contract offer being accepted and legal exchange of contracts, there will still be ample time for a vendor to accept a higher offer.

“What is worse is that there will be an increased cost to the seller simply to put their property on the market. Some commentators have naively suggested that the new system will be cost neutral, as most house sellers are also buying.

“This is not the case as although the seller will need to pay an estimated £500 to prepare the seller&#39s pack, most lenders will still want to instruct their own valuer to inspect a prospective borrower&#39s new home. In practice, this means that there will be two valuations or surveys required on each property being sold.”


IFA targets the rich

Solihull-based IFA Millennium Financial Planning expects to double its number of high net worth mortgage clients and double its annual mortgage business to £360m.Millennium plans to recruit 2,000 new members to its financial management service each month. It is increasing its subscription team and has made several key appointments. These include Andrew Wenzel, previously managing […]

Optoma launches online trading platform

Processing company Optoma Broker Solutions expects to triple turnover with the launch of a fully compliant online application system.The system was developed in response to CP98 and refined for CP146 and is being marketed as a &#39compliance guaranteed&#39 system for brokers, offering a full audit trail for lenders.Brokers submit the completed application form to Optoma, […]

Charcol offers exclusive two-year discount

Mortgage and independent financial adviser Charcol is offering an exclusive, market-leading two-year penalty-free discount rate mortgage, with a current payable rate of 3.59% (5.3% APR), available up to 85% loan to value. The product enables borrowers to take full advantage of the current low interest rate environment, whilst having the option of switching without penalty […]

Sick borrowers tied in to poor deals

New research by online protection website shows that mortgage borrowers with pre-existing medical conditions are often tied in to unsuitable and expensive mortgage and insurance deals.These borrowers are trapped because their Mortgage Payment Protection Insurance policies are non-transferable between lenders and contain pre-existing medical exclusion clauses that exclude medical conditions that exist or have […]


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