In these types of scheme, the seller must have information available about their property either before or at the time of marketing their property. Like the Government's seller pack proposals, their purpose is to provide the buyer with full information to enable them to proceed more smoothly and at a more rapid pace than usual. The study, which assessed industry views on pre-sale initiatives and compared these with consumer experiences, was undertaken by Dr. Michael Wagstaff, Jill Whitehead and Sian Gibson of Martin Hamblin. This summary describes the key findings from the development of industry initiatives, outlining the advantages and disadvantages to buyers and sellers of running such schemes. Key Findings Advantages to consumers of sellers packs A faster transaction, or a smooth, seamless, stress free process - one month could be saved on a traditional three month selling period.
Buyers feel the pack reduces the prospect of gazumping.
First time buyers feel it makes the process easier as others are doing the work for them. A seller survey could negate the need for a valuation inspection by the lender. Problems are known about earlier, and help to agree a realistic final selling price. All the legal information is together in one place with less paperwork and chasing of professionals, less chance for delays. Buyers' and Sellers' Views Sellers packs should be made compulsory.