British Government Officials Plan to Streamline Homebuying by One Month
Government officials are working to reduce the duration it takes to acquire a house by one month under fresh plans aimed at overhauling the housebuying process.
Moving Financial Burdens from Acquirers to Property Owners
The British authorities will also examine proposals to shift costs from buyers to sellers, including mandating property owners and estate agents to provide buyers with vital information – such as the building's status and the scale of any leasehold costs – upfront.
"Acquiring a house should be a dream, not a nightmare. Our reforms will repair the flawed process so committed workers can focus on the next chapter of their lives."
Financial Benefits for First-Time Buyers
The accommodation authority said the proposals were aimed to help "eliminate unpleasant shocks which result in final-hour breakdowns", with estimates suggesting that new purchasers will save "£710 on average" when buying a home.
Examination System Across the United Kingdom
The consultation process will cover the whole of the UK – even though the procedure for purchasing a home changes considerably depending on which nation the home is situated in.
- In England and Wales, there is no compulsory need to obtain a survey of a property before you acquire it
- In Scotland, however, the property owner has to deliver a "building assessment" before they can put their property on the market
Legally Enforceable Agreements
The examination system will also review supplying an alternative for acquirers and sellers to sign binding contracts "to stop people walking away from deals after buyers painstakingly spend lengthy timeframes in talks".
The authorities stated this will help cut the quantity of failed transactions, so "important duration and funds aren't squandered, as well as avoid heartbreak and stress for hard-working people looking for the perfect home".
Location-Specific Variations
Again, however, the processes change across the UK. A property purchase is legally enforceable in the English system once agreements are transferred, which can need beyond six weeks. In the Scottish system, this process typically works much more rapidly.
The initiative began when the department was being run by previous administrators who committed to simplify the home acquisition procedure earlier this year.
