UK Ministers Seek to Speed Up Homebuying by 30 Days
Government officials are working to shorten the period it takes to buy a home by four weeks under fresh plans targeting improvements in the home acquisition procedure.
Transferring Expenses from Buyers to Sellers
The British authorities will also examine proposals to transfer expenses from buyers to sellers, including requiring vendors and estate agents to deliver to acquirers with vital information – such as the property's state and the scale of any leasehold costs – beforehand.
"Acquiring a house should be a dream, not a ordeal. Our reforms will repair the flawed process so hardworking people can focus on the next chapter of their lives."
Monetary Gains for Initial Property Acquirers
The accommodation authority said the plans were designed to help "stop unexpected problems which cause last-minute collapses", with calculations showing that new purchasers will save "approximately £710" when acquiring a house.
Consultation Process Across the Britain
The review procedure will cover the whole of the UK – even though the procedure for purchasing a home differs significantly depending on which nation the building is positioned in.
- Across England and Wales, there is no compulsory need to obtain a survey of a building before you acquire it
- In Scotland, however, the vendor needs to supply a "building assessment" before they can put their property on the market
Mandatory Documents
The examination system will also examine providing an choice for purchasers and sellers to sign mandatory documents "to halt parties walking away from agreements after purchasers carefully invest months in negotiations".
The authorities stated this will help halve the number of unsuccessful deals, so "important duration and money don't go to waste, as well as prevent disappointment and stress for hard-working people looking for the dream house".
Geographical Differences
Again, however, the systems vary across the UK. A building transaction is legally mandatory in England once documents are swapped, which can require over six weeks. In the Scottish system, this process typically works much more speedily.
The program commenced when the department was being run by past leaders who vowed to expedite the housebuying process earlier this year.
