British Government Officials Aim to Accelerate Property Purchasing by Four Weeks
Government officials are working to cut the time it takes to buy a home by one month under recent initiatives aimed at overhauling the home acquisition procedure.
Shifting Costs from Purchasers to Vendors
The national administration will also review strategies to shift costs from buyers to sellers, including mandating property owners and real estate professionals to supply purchasers with vital information – such as the condition of the home and the scale of any leasehold costs – in advance.
"Acquiring a house should be a goal, not a ordeal. Our changes will fix the broken system so hardworking people can concentrate on the following stage of their lives."
Monetary Gains for New Purchasers
The accommodation authority said the plans were designed to help "eliminate unpleasant shocks which cause late-stage failures", with projections indicating that first-time buyers will save "around seven hundred ten pounds" when acquiring a house.
Review Procedure Across the Britain
The review procedure will cover the whole of the UK – even though the process of buying a home varies substantially depending on which region the home is situated in.
- Across England and Wales, there is no legal requirement to obtain a survey of a property before you purchase it
- Throughout Scotland, however, the vendor needs to supply a "home report" before they can put their property on the market
Legally Enforceable Agreements
The consultation process will also consider offering an option for buyers and sellers to sign binding contracts "to stop people abandoning arrangements after buyers painstakingly spend lengthy timeframes in talks".
The government said this will help halve the number of collapsed agreements, so "precious time and resources aren't lost, as well as avoid heartbreak and pressure for diligent individuals seeking the dream house".
Regional Variations
Once more, though, the procedures differ across the UK. A home acquisition is legally binding in the English system once contracts are exchanged, which can take more than one and a half months. In Scotland, this system usually functions much more quickly.
The program commenced when the authority was operated by former officials who committed to simplify the housebuying process earlier this year.
