UK Government Officials Plan to Streamline Homebuying by One Month

Government officials are working to shorten the period it takes to purchase a property by 30 days under fresh plans designed to reform the housebuying process.

Shifting Costs from Purchasers to Vendors

The UK government will also consult on plans to shift costs from buyers to sellers, including mandating property owners and real estate professionals to provide buyers with crucial details – such as the condition of the home and the magnitude of rental charges – in advance.

"Purchasing a property should be a dream, not a nightmare. Our reforms will repair the flawed process so committed workers can focus on the subsequent phase of their lives."

Monetary Gains for New Purchasers

The housing department said the initiatives were intended to help "eliminate unpleasant shocks which cause last-minute collapses", with projections indicating that initial property acquirers will save "around seven hundred ten pounds" when acquiring a house.

Consultation Process Across the UK

The consultation process will cover the whole of the UK – even though the procedure for purchasing a home varies substantially depending on which country the property is located in.

• Across England and Wales, there is no legal requirement to commission an inspection of a property before you buy it
• Across Scotland, however, the property owner has to deliver a "home report" before they can position their building on the market

Binding Contracts

The consultation process will also review supplying an choice for purchasers and vendors to execute binding contracts "to halt parties walking away from agreements after purchasers carefully invest months in negotiations".

The administration indicated this will help reduce by half of collapsed agreements, so "important duration and resources aren't lost, as well as avoid heartbreak and anxiety for committed workers searching for the ideal property".

Geographical Differences

Once more, though, the procedures differ across the UK. A building transaction is legally mandatory in England once contracts are exchanged, which can require over one and a half months. In the Scottish system, this process typically works much more speedily.

The program commenced when the department was being run by past leaders who pledged to streamline the home acquisition procedure earlier this year.