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Even if we have all heard of them it's surprising how few people know what the packs will entail. The idea is simple. Sellers will provide potential buyers with the essential information they need when they view a property, without them having to pay for any of it.
The current trials are using a seller's pack containing a full survey and the entire local authority searches and other miscellaneous searches a potential buyer may require. Under the present system the responsibility of carrying these out falls to the buyer for any property they are seriously considering purchasing.
In effect the pack will serve the same purpose as a car log, detailing any present or potential problems with the property. While most of the information can be provided free of charge or for a fairly low sum of money, a survey most certainly cannot. The estimates of the cost for a seller's pack range wildly, from as little as £200 to a whopping £1000. We expect the average pack to set you back around £500.
Here is a quick rundown on what it is proposed will be contained in the packs:
Draft contract
For leasehold property there will be additional information regarding: