UK Ministers Aim to Accelerate Property Purchasing by Four Weeks
Ministers are attempting to reduce the duration it takes to buy a home by 30 days under fresh plans designed to reform the property purchasing system.
Moving Financial Burdens from Buyers to Sellers
The British authorities will also consult on plans to transfer expenses from acquirers to property owners, including mandating property owners and real estate professionals to deliver to acquirers with crucial details – such as the building's status and the magnitude of rental charges – in advance.
"Purchasing a property should be a aspiration, not a difficult experience. Our changes will repair the flawed process so hardworking people can focus on the next chapter of their lives."
Financial Benefits for Initial Property Acquirers
The property ministry said the plans were designed to help "eliminate unpleasant shocks which cause last-minute collapses", with estimates suggesting that first-time buyers will save "around seven hundred ten pounds" when acquiring a house.
Review Procedure Across the UK
The consultation process will encompass the entire of the UK – even though the system for acquiring a home differs significantly depending on which country the property is located in.
- Throughout England and Wales, there is no legal requirement to arrange an assessment of a home before you acquire it
- In Scotland, however, the seller must provide a "property document" before they can put their property on the market
Legally Enforceable Agreements
The review procedure will also review supplying an choice for purchasers and vendors to execute legally enforceable agreements "to stop people abandoning deals after buyers painstakingly spend extended periods in discussions".
The government said this will help cut the quantity of failed transactions, so "valuable periods and resources aren't lost, as well as prevent disappointment and anxiety for committed workers seeking the ideal property".
Location-Specific Variations
Again, however, the processes change across the UK. A building transaction is legally enforceable in England specifically once agreements are transferred, which can take more than one and a half months. In Scotland specifically, this procedure generally operates much more quickly.
The project started when the department was being run by past leaders who pledged to streamline the housebuying process earlier this year.
