British Ministers Aim to Accelerate House Buying by One Month
Ministers are attempting to shorten the period it takes to acquire a house by four weeks under new proposals designed to reform the housebuying process.
Moving Financial Burdens from Buyers to Sellers
The national administration will also consult on plans to transfer expenses from buyers to sellers, including requiring vendors and real estate professionals to deliver to acquirers with essential data – such as the building's status and the magnitude of rental charges – in advance.
"Buying a home should be a dream, not a ordeal. Our reforms will fix the broken system so committed workers can direct attention toward the following stage of their lives."
Financial Benefits for First-Time Buyers
The accommodation authority said the plans were designed to help "eliminate unpleasant shocks which cause last-minute collapses", with calculations showing that new purchasers will save "£710 on average" when purchasing a property.
Examination System Across the Britain
The examination system will encompass the entire of the UK – even though the procedure for purchasing a home changes considerably depending on which region the property is located in.
- In England and Wales, there is no mandatory obligation to arrange an assessment of a property before you acquire it
- Throughout Scotland, however, the vendor needs to supply a "home report" before they can place their home on the market
Legally Enforceable Agreements
The consultation process will also review supplying an option for buyers and sellers to sign mandatory documents "to prevent individuals withdrawing from deals after acquirers diligently use extended periods in discussions".
The administration indicated this will help reduce by half of failed transactions, so "valuable periods and funds aren't squandered, as well as avoid heartbreak and anxiety for committed workers searching for the dream house".
Regional Variations
Similarly, nevertheless, the procedures differ across the UK. A building transaction is legally enforceable in the English system once documents are swapped, which can require over one and a half months. In Scotland, this system usually functions much more rapidly.
The initiative began when the authority was operated by former officials who vowed to expedite the property purchasing system earlier this year.
