UK Government Officials Aim to Speed Up Homebuying by Four Weeks
Ministers are attempting to cut the time it takes to purchase a property by four weeks under new proposals designed to reform the home acquisition procedure.
Shifting Costs from Purchasers to Vendors
The British authorities will also review strategies to transfer expenses from acquirers to property owners, including mandating property owners and estate 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 difficult experience. Our changes will repair the flawed process so diligent individuals can focus on the subsequent phase of their lives."
Economic Advantages for Initial Property Acquirers
The accommodation authority said the proposals were aimed to help "eliminate unpleasant shocks which lead to late-stage failures", with estimates suggesting that first-time buyers will save "£710 on average" when buying a home.
Review Procedure Across the Britain
The review procedure will include all of the UK – even though the procedure for purchasing a home varies substantially depending on which region the property is located in.
- Across England and Wales, there is no mandatory obligation to arrange an assessment of a building before you purchase it
- Throughout Scotland, however, the property owner has to deliver a "home report" before they can put their property on the market
Binding Contracts
The examination system will also consider offering an alternative for acquirers and property owners to complete legally enforceable agreements "to halt parties abandoning agreements after purchasers carefully invest months in negotiations".
The administration indicated this will help reduce by half of collapsed agreements, so "precious time and resources aren't lost, as well as prevent disappointment and pressure for diligent individuals looking for the ideal property".
Regional Variations
Once more, though, the processes change across the UK. A property purchase is legally enforceable in the English system once documents are swapped, which can take more than six weeks. In the Scottish system, this system usually functions much more speedily.
The initiative began when the department was being run by previous administrators who pledged to streamline the housebuying process earlier this year.
