British Government Officials Aim to Accelerate Homebuying by 30 Days
Government officials are working to shorten the period it takes to buy a home by one month under new proposals targeting improvements in the home acquisition procedure.
Shifting Costs from Buyers to Sellers
The national administration will also review strategies to move financial burdens from purchasers to vendors, including compelling sellers and property agents to provide buyers with essential data – such as the condition of the home and the magnitude of rental charges – in advance.
"Buying a home should be a dream, not a nightmare. Our improvements will correct the defective procedure so committed workers can concentrate on the next chapter of their lives."
Financial Benefits for New Purchasers
The housing department said the plans were designed to help "stop unexpected problems which cause last-minute collapses", with projections indicating that initial property acquirers will save "around seven hundred ten pounds" when buying a home.
Examination System Across the UK
The consultation process will cover the whole of the UK – even though the procedure for purchasing a home changes considerably depending on which country the home is situated in.
- In England and Wales, there is no mandatory obligation to arrange an assessment of a home before you buy it
- In Scotland, however, the vendor needs to supply a "home report" before they can position their building on the market
Binding Contracts
The review procedure will also review supplying an option for buyers and vendors to execute mandatory documents "to prevent individuals walking away from deals after purchasers carefully invest extended periods in discussions".
The administration indicated this will help reduce by half of unsuccessful deals, so "important duration and money don't go to waste, as well as prevent disappointment and stress for hard-working people searching for the perfect home".
Location-Specific Variations
Again, however, the systems vary across the UK. A building transaction is legally enforceable in the English system once contracts are exchanged, which can require over six weeks. In Scotland, this system usually functions much more rapidly.
The initiative began when the ministry was managed by former officials who vowed to expedite the property purchasing system earlier this year.
