UK Ministers Seek to Streamline Homebuying by One Month
Authorities are aiming to reduce the duration it takes to purchase a property by 30 days under new proposals designed to reform the home acquisition procedure.
Transferring Expenses from Buyers to Sellers
The UK government will also review strategies to move financial burdens from buyers to sellers, including requiring vendors and property agents to supply purchasers with vital information – such as the building's status and the extent of lease expenses – in advance.
"Buying a home should be a goal, not a nightmare. Our reforms will repair the flawed process so hardworking people can direct attention toward the next chapter of their lives."
Financial Benefits for New Purchasers
The accommodation authority said the proposals were aimed to help "eliminate unpleasant shocks which result in last-minute collapses", with calculations showing that new purchasers will save "approximately £710" when purchasing a property.
Review Procedure Across the Britain
The consultation process will encompass the entire of the UK – even though the system for acquiring a home changes considerably depending on which nation the property is located in.
- Across England and Wales, there is no mandatory obligation to obtain a survey of a building before you purchase it
- Across Scotland, however, the vendor needs to supply a "home report" before they can put their property on the market
Legally Enforceable Agreements
The examination system will also examine providing an option for buyers and vendors to execute mandatory documents "to stop people withdrawing from arrangements after acquirers diligently use lengthy timeframes in talks".
The authorities stated this will help cut the quantity of failed transactions, so "valuable periods and funds aren't squandered, as well as avoid heartbreak and stress for hard-working people seeking the perfect home".
Location-Specific Variations
Again, however, the systems vary across the UK. A property purchase is legally binding in the English system once agreements are transferred, which can require over six weeks. In Scotland, this process typically works much more quickly.
The project started when the authority was operated by past leaders who vowed to expedite the home acquisition procedure earlier this year.
