UK Government Officials Plan to Speed Up Homebuying by One Month
Government officials are working to shorten the period it takes to buy a home by 30 days under recent initiatives aimed at overhauling the home acquisition procedure.
Moving Financial Burdens from Purchasers to Vendors
The British authorities will also review strategies to shift costs from purchasers to vendors, including requiring vendors and real estate professionals to deliver to acquirers with vital information – such as the property's state and the magnitude of rental charges – in advance.
"Purchasing a property should be a goal, not a difficult experience. Our changes will fix the broken system so hardworking people can focus on the next chapter of their lives."
Economic Advantages for Initial Property Acquirers
The housing department said the proposals were aimed to help "eliminate unpleasant shocks which result in last-minute collapses", with estimates suggesting that new purchasers will save "approximately £710" when buying a home.
Examination System Across the UK
The consultation process will include all of the UK – even though the system for acquiring a home varies substantially depending on which nation the property is located in.
- Across England and Wales, there is no legal requirement to arrange an assessment of a home before you acquire 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 consultation process will also examine providing an choice for purchasers and property owners to complete mandatory documents "to stop people abandoning deals after buyers painstakingly spend extended periods in discussions".
The authorities stated this will help halve the number of unsuccessful deals, so "valuable periods and resources aren't lost, as well as prevent disappointment and stress for hard-working people looking for the dream house".
Geographical Differences
Once more, though, the processes change across the UK. A property purchase is legally enforceable in the English system once agreements are transferred, which can need beyond 42 days. In Scotland, this procedure generally operates much more quickly.
The project started when the authority was operated by former officials who vowed to expedite the property purchasing system earlier this year.
