Quest, the technology provider in the survey and mortgage valuation market, says that although it welcomes steps to support first-time buyers the new legislation also brings due-diligence issues between lenders and solicitors.
James Sherwood-Rogers, managing director of Quest, said: “Any steps to stimulate the housing market and encourage the return of first-time buyers are clearly a welcome move at this time.
"But once again the problem is how, practically, these sound-bite guidelines can be administered and who carries the burden.
"We understand that the first-time buyer (or all buyers if joint purchase) must not have previously owned a property anywhere in the world.
"Lenders and solicitors have been given just 24 hours to cross-border due diligence procedures which currently do not exist.
"It is now up to the industry to work together in formulating a way in which this can be successfully managed.”
