UK Ministers Seek to Streamline Homebuying by Four Weeks
Authorities are aiming to shorten the period it takes to purchase a property by one month under fresh plans targeting improvements in the home acquisition procedure.
Shifting Costs from Acquirers to Property Owners
The British authorities will also consult on plans to transfer expenses from acquirers to property owners, including requiring vendors and estate agents to provide buyers with crucial details – such as the property's state and the magnitude of rental charges – upfront.
"Purchasing a property should be a aspiration, not a nightmare. Our improvements will repair the flawed process so committed workers can direct attention toward the next chapter of their lives."
Monetary Gains for Initial Property Acquirers
The property ministry said the proposals were aimed to help "end nasty surprises which result in late-stage failures", with calculations showing that first-time buyers will save "approximately £710" when purchasing a property.
Examination System Across the UK
The examination system will cover the whole of the UK – even though the system for acquiring a home changes considerably depending on which country the property is located in.
- Across England and Wales, there is no legal requirement to arrange an assessment of a property before you buy it
- Across Scotland, however, the property owner has to deliver a "home report" before they can place their home on the market
Binding Contracts
The examination system will also consider offering an option for buyers and sellers to sign mandatory documents "to prevent individuals walking away from arrangements after purchasers carefully invest lengthy timeframes in talks".
The government said this will help reduce by half of unsuccessful deals, so "precious time and resources aren't lost, as well as avoid heartbreak and anxiety for committed workers seeking the ideal property".
Location-Specific Variations
Once more, though, the processes change across the UK. A home acquisition is legally mandatory in the English system once contracts are exchanged, which can require over one and a half months. In Scotland specifically, this procedure generally operates much more rapidly.
The initiative began when the ministry was managed by former officials who committed to simplify the property purchasing system earlier this year.
