UK Government Officials Plan to Accelerate Homebuying by Four Weeks
Authorities are aiming to shorten the period it takes to buy a home by four weeks under new proposals designed to reform the property purchasing system.
Moving Financial Burdens from Acquirers to Property Owners
The UK government will also review strategies to transfer expenses from buyers to sellers, including compelling sellers and property agents to supply purchasers with essential data – such as the building's status and the extent of lease expenses – upfront.
"Purchasing a property should be a aspiration, not a difficult experience. Our changes will fix the broken system so committed workers can direct attention toward the following stage of their lives."
Financial Benefits for First-Time Buyers
The property ministry said the initiatives were intended to help "eliminate unpleasant shocks which lead to final-hour breakdowns", with estimates suggesting that first-time buyers will save "around seven hundred ten pounds" when buying a home.
Review Procedure Across the United Kingdom
The review procedure will cover the whole of the UK – even though the process of buying a home differs significantly depending on which country the home is situated in.
- In England and Wales, there is no compulsory need to arrange an assessment of a home before you purchase it
- In Scotland, however, the seller must provide a "home report" before they can position their building on the market
Legally Enforceable Agreements
The review procedure will also examine providing an choice for purchasers and property owners to complete legally enforceable agreements "to stop people walking away from arrangements after purchasers carefully invest lengthy timeframes in talks".
The government said this will help halve the number of collapsed agreements, so "valuable periods and money don't go to waste, as well as avoid heartbreak and anxiety for committed workers searching for the dream house".
Geographical Differences
Again, however, the procedures differ across the UK. A property purchase is legally mandatory in England once contracts are exchanged, which can require over one and a half months. In Scotland, this procedure generally operates much more speedily.
The program commenced when the ministry was managed by former officials who vowed to expedite the property purchasing system earlier this year.