Clause 7 - Contents of sellers' packs
Homes Bill
12:00 pm
Mr Geoffrey Clifton-Brown (Cotswold, Conservative)
I am not sure whether the Minister is giving way or whether I am to make a speech. A separate speech suits me rather better, as I will not have to be quite so concise—[Interruption.] It is in my nature to be so.
The Minister might like to consider—he does not have to reply now—that one of the problems involved in buying and selling properties is the financial offer. Even after all inquiries and the information provided by the seller's pack, there would still be the problem of purchasers obtaining a financial offer. It has been suggested to us that property transactions could be speeded-up by involving the mortgage industry and other financial lending institutions in a pre-certification scheme. A decision could be made on whether to offer a loan on the basis of the seller's pack. Such institutions could decide, in principle, particularly in the case of new property, to lend a certain amount on a particular property. That could be extended to insurance as well so that one would know that insurance would be provided and the approximate cost of the premium. If we could incorporate such a mechanism, we really would begin to make a step change in the rate at which properties are bought and sold.