Clause 7 - Contents of sellers' packs
Homes Bill
11:45 am
Mr Nigel Waterson (Eastbourne, Conservative)
In that case, I shall proceed with the second half of my remarks. I have already dealt with the issues that are particularly relevant to amendment No. 27.
We say that amendment No. 22 is a bit of double-edged sword. If the report is not acceptable to lenders, the buyer will have to pay for a further report, but if the seller is likely to have to pay even more for it to meet the needs of the lender that simply adds to the cost. It is important that we know where lenders stand on the question of the acceptability of the report itself. If they do not accept it, half the purpose of the exercise will be lost. If the lender starts making unreasonable demands about the nature of the report, the seller will incur yet further expense.
What is the position on valuations? I understand that the Minister had something to say about them when he addressed the CML annual conference in December, but his comments were not that well received.