UK Ministers Seek to Streamline House Buying by One Month
Ministers are attempting to cut the time it takes to acquire a house by one month under fresh plans designed to reform the housebuying process.
Moving Financial Burdens from Purchasers to Vendors
The national administration will also review strategies to transfer expenses from buyers to sellers, including compelling sellers and real estate professionals to provide buyers with vital information – such as the property's state and the extent of lease expenses – beforehand.
"Purchasing a property should be a aspiration, not a nightmare. Our improvements will correct the defective procedure so committed workers can direct attention toward the following stage of their lives."
Financial Benefits for Initial Property Acquirers
The property ministry said the proposals were aimed to help "end nasty surprises which lead to last-minute collapses", with projections indicating that initial property acquirers will save "around seven hundred ten pounds" when buying a home.
Review Procedure Across the UK
The consultation process will include all of the UK – even though the procedure for purchasing a home changes considerably depending on which nation the home is situated in.
- Across England and Wales, there is no legal requirement to commission an inspection of a building before you buy it
- Across Scotland, however, the vendor needs to supply a "home report" before they can position their building on the market
Binding Contracts
The review procedure will also review supplying an option for buyers and sellers to sign mandatory documents "to stop people withdrawing from deals after acquirers diligently use months in negotiations".
The authorities stated this will help halve the number of failed transactions, so "valuable periods and funds aren't squandered, as well as eliminate distress and pressure for diligent individuals seeking the ideal property".
Location-Specific Variations
Similarly, nevertheless, the procedures differ across the UK. A property purchase is legally mandatory in the English system once agreements are transferred, which can need beyond one and a half months. In Scotland, this process typically works much more rapidly.
The program commenced when the authority was operated by former officials who pledged to streamline the housebuying process earlier this year.