British Ministers Seek to Speed Up Property Purchasing by One Month
Ministers are attempting to shorten the period it takes to purchase a property by four weeks under new proposals designed to reform the home acquisition procedure.
Moving Financial Burdens from Acquirers to Property Owners
The British authorities will also examine proposals to transfer expenses from purchasers to vendors, including compelling sellers and estate agents to provide buyers with vital information – such as the building's status and the scale of any leasehold costs – in advance.
"Buying a home should be a aspiration, not a difficult experience. Our improvements will correct the defective procedure so diligent individuals can direct attention toward the subsequent phase of their lives."
Monetary Gains for Initial Property Acquirers
The property ministry said the plans were designed to help "eliminate unpleasant shocks which cause late-stage failures", with projections indicating that initial property acquirers will save "approximately £710" when acquiring a house.
Consultation Process Across the United Kingdom
The consultation process will encompass the entire of the UK – even though the system for acquiring a home differs significantly depending on which region the home is situated in.
- Throughout England and Wales, there is no compulsory need to commission an inspection of a building before you acquire it
- Across Scotland, however, the vendor needs to supply a "property document" before they can position their building on the market
Mandatory Documents
The consultation process will also examine providing an alternative for acquirers and sellers to sign binding contracts "to stop people withdrawing from arrangements after buyers painstakingly spend lengthy timeframes in talks".
The administration indicated this will help reduce by half of unsuccessful deals, 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 systems vary across the UK. A building transaction is legally binding in the English system once documents are swapped, which can require over 42 days. In the Scottish system, this process typically works much more rapidly.
The initiative began when the authority was operated by former officials who committed to simplify the home acquisition procedure earlier this year.
