asked the Minister for the Environment if he is considering proposals to eliminate bridging finance in the area of house purchase involving local authorities; and if he intends to introduce legislation permitting local authorities to accept letters of undertaking from properly indemnified solicitors as to the title of the property.
Written Answers. - Bridging Finance.
14.
The question of the need for bridging finance is being considered by a committee established by me to consider delays and expenses associated with house purchase transactions. I would expect the committee's examination to extend to the feasibility, having regard to the need for proper security for advances for house purchase, of the acceptance by local authorities and building societies of solicitor's undertakings on title. On completion of the committees' deliberations I will be considering the need for, and the nature of, any legislative changes.