UK Government Officials Aim to Accelerate House Buying by One Month
Ministers are attempting to cut the time it takes to buy a home by four weeks under fresh plans aimed at overhauling the housebuying process.
Transferring Expenses from Acquirers to Property Owners
The British authorities will also examine proposals to transfer expenses from acquirers to property owners, including compelling sellers and estate agents to provide buyers with vital information – such as the building's status and the extent of lease expenses – in advance.
"Acquiring a house should be a dream, not a nightmare. Our changes will correct the defective procedure so diligent individuals can focus on the next chapter of their lives."
Financial Benefits for New Purchasers
The housing department said the initiatives were intended to help "stop unexpected problems which result in final-hour breakdowns", with estimates suggesting that first-time buyers will save "£710 on average" when buying a home.
Examination System Across the UK
The consultation process will encompass the entire of the UK – even though the system for acquiring a home varies substantially depending on which nation the building is positioned in.
- Throughout England and Wales, there is no mandatory obligation to arrange an assessment of a building before you purchase it
- Across Scotland, however, the vendor needs to supply a "building assessment" before they can put their property on the market
Legally Enforceable Agreements
The consultation process will also review supplying an option for buyers and property owners to complete legally enforceable agreements "to stop people abandoning agreements after purchasers carefully invest extended periods in discussions".
The government said this will help cut the quantity of unsuccessful deals, so "valuable periods and funds aren't squandered, as well as eliminate distress and stress for hard-working people seeking the perfect home".
Location-Specific Variations
Similarly, nevertheless, the processes change across the UK. A property purchase is legally binding in the English system once contracts are exchanged, which can require over one and a half months. In Scotland specifically, this procedure generally operates much more speedily.
The program commenced when the ministry was managed by former officials who pledged to streamline the home acquisition procedure earlier this year.
