British Government Officials Seek to Speed Up House Buying by Four Weeks
Ministers are attempting to shorten the period it takes to acquire a house by one month under recent initiatives targeting improvements in the property purchasing system.
Shifting Costs from Buyers to Sellers
The national administration will also examine proposals to shift costs from buyers to sellers, including compelling sellers and real estate professionals to supply purchasers with crucial details – such as the property's state and the scale of any leasehold costs – beforehand.
"Purchasing a property should be a aspiration, not a nightmare. Our reforms will repair the flawed process so committed workers 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 result in late-stage failures", with projections indicating that initial property acquirers will save "£710 on average" when acquiring a house.
Review Procedure Across the UK
The review procedure will include all of the UK – even though the procedure for purchasing a home differs significantly depending on which region the property is located in.
- Throughout England and Wales, there is no compulsory need to commission an inspection of a property before you buy it
- In Scotland, however, the property owner has to deliver a "building assessment" before they can put their property on the market
Binding Contracts
The consultation process will also examine providing an option for buyers and vendors to execute mandatory documents "to prevent individuals walking away from arrangements after purchasers carefully invest lengthy timeframes in talks".
The administration indicated this will help cut the quantity of collapsed agreements, so "precious time and funds aren't squandered, as well as avoid heartbreak and pressure for diligent individuals seeking the perfect home".
Geographical Differences
Once more, though, the procedures differ across the UK. A building transaction is legally binding in the English system once documents are swapped, which can take more than 42 days. In Scotland, this process typically works much more quickly.
The initiative began when the department was being run by previous administrators who committed to simplify the housebuying process earlier this year.
