British Government Officials Seek to Speed Up Homebuying by One Month
Government officials are working to reduce the duration it takes to purchase a property by four weeks under recent initiatives targeting improvements in the property purchasing system.
Shifting Costs from Buyers to Sellers
The UK government will also review strategies to transfer expenses from purchasers to vendors, including mandating property owners and estate agents to provide buyers with vital information – such as the condition of the home and the extent of lease expenses – in advance.
"Purchasing a property should be a aspiration, not a difficult experience. Our changes will repair the flawed process so diligent individuals can direct attention toward the following stage of their lives."
Monetary Gains for Initial Property Acquirers
The housing department said the proposals were aimed to help "end nasty surprises which lead to final-hour breakdowns", with estimates suggesting that initial property acquirers will save "approximately £710" when purchasing a property.
Examination System Across the United Kingdom
The review procedure will encompass the entire of the UK – even though the system for acquiring a home varies substantially depending on which region the property is located in.
- Throughout England and Wales, there is no mandatory obligation to arrange an assessment of a property before you purchase it
- Across Scotland, however, the property owner has to deliver a "building assessment" before they can position their building on the market
Legally Enforceable Agreements
The review procedure will also consider offering an alternative for acquirers and property owners to complete mandatory documents "to halt parties walking away from arrangements after acquirers diligently use extended periods in discussions".
The government said this will help cut the quantity 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".
Regional Variations
Once more, though, the processes change across the UK. A building transaction is legally mandatory in England once agreements are transferred, which can take more than six weeks. In Scotland specifically, this system usually functions much more speedily.
The project started when the ministry was managed by former officials who committed to simplify the property purchasing system earlier this year.
