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Sellers Pack is a new system the UK government plans to introduce to improve the much criticised process of house buying in England and Wales. From 1 June 2007, all home owners in England and Wales will need to prepare a Home Information Pack or sellers pack before putting their home up for sale.The idea is that the onus will be on the sellers to get together the information on their property and show it to potential buyers in a "sellers pack". Under current rules the onus is on the buyer, not the seller, to make adequate checks. Many people have criticised this idea of sellers pack saying there is much needed to clean up the house buying process. The government's sellers pack idea is not good enough, there needs to be a massive shake-up of a rotten house sale system. The law society has baulked at the idea that it would become a criminal offence to market a property without the inclusion of sellers pack one of the most controversial aspects of the proposed pack the seller's survey. This requirement, says the Society, will add hundreds of pounds to the cost of the sellers pack and discourage people from putting their property on the market, especially those who live in areas where house prices are low and among owners who are not well-off. Ed Chamberlain of the Consumer Home Information Pack Support (Chips) - a business group in favour of the sellers pack - said that making surveys compulsory for sellers would extend protection to many more homebuyers. And the "Home Condition Report" (HCR), which is part of the sellers pack, will not meet mortgage lender requirements, according to the Council of Mortgage Lenders. (CML). Under the scheme, people selling their home will have to arrange a basic survey and complete a questionnaire on the details of the property for potential buyers. The government is planning the introduction of a sellers pack which should hopefully speed up the homebuying process. Many believe that the sellers pack will make gazumping - when buyers are outbid by rivals at a very late stage of the house-buying process - harder to achieve. This information dossier or the sellers pack will become a mandatory requirement of anyone putting his or her home on the market. The sellers pack will include a basic surveyor's report and the results of local authority searches - both of which are currently the buyer's responsibility. |