British Government Officials Plan to Streamline Homebuying by One Month
Government officials are working to cut the time it takes to buy a home by one month under fresh plans designed to reform the property purchasing system.
Transferring Expenses from Buyers to Sellers
The UK government will also examine proposals to move financial burdens from purchasers to vendors, including requiring vendors and estate agents to provide buyers with essential data – such as the building's status and the scale of any leasehold costs – upfront.
"Purchasing a property should be a goal, not a nightmare. Our reforms will repair the flawed process so diligent individuals can focus on the following stage of their lives."
Economic Advantages for New Purchasers
The property ministry said the plans were designed to help "stop unexpected problems which result in final-hour breakdowns", with projections indicating that first-time buyers will save "around seven hundred ten pounds" when acquiring a house.
Consultation Process Across the UK
The consultation process will encompass the entire of the UK – even though the procedure for purchasing a home differs significantly depending on which country the building is positioned in.
- In England and Wales, there is no compulsory need to obtain a survey of a property before you acquire it
- Across Scotland, however, the property owner has to deliver a "property document" before they can place their home on the market
Binding Contracts
The consultation process will also review supplying an alternative for acquirers and property owners to complete legally enforceable agreements "to halt parties withdrawing from deals after buyers painstakingly spend lengthy timeframes in talks".
The government said this will help halve the number of failed transactions, so "precious time and funds aren't squandered, as well as avoid heartbreak and anxiety for committed workers searching for the dream house".
Geographical Differences
Again, however, the processes change across the UK. A building transaction is legally mandatory in the English system once documents are swapped, which can take more than 42 days. In Scotland, this procedure generally operates much more rapidly.
The project started when the ministry was managed by previous administrators who pledged to streamline the property purchasing system earlier this year.
