British Ministers Plan to Accelerate Homebuying by 30 Days

Government officials are working to reduce the duration it takes to purchase a property by one month under new proposals targeting improvements in the home acquisition procedure.

Transferring Expenses from Acquirers to Property Owners

The UK government will also consult on plans to shift costs from buyers to sellers, including compelling sellers and property agents to supply purchasers with essential data – such as the property's state and the magnitude of rental charges – upfront.

"Purchasing a property should be a goal, not a nightmare. Our changes will correct the defective procedure so diligent individuals can direct attention toward the following stage of their lives."

Monetary Gains for Initial Property Acquirers

The property ministry said the initiatives were intended to help "eliminate unpleasant shocks which lead to late-stage failures", with estimates suggesting that first-time buyers will save "approximately £710" when buying a home.

Examination System Across the UK

The examination system will include all of the UK – even though the procedure for purchasing a home differs significantly depending on which country the home is situated in.

• In England and Wales, there is no mandatory obligation to obtain a survey of a property before you acquire it
• In Scotland, however, the property owner has to deliver a "home report" before they can position their building on the market

Legally Enforceable Agreements

The examination system will also review supplying an choice for purchasers and vendors to execute legally enforceable agreements "to halt parties withdrawing from deals after acquirers diligently use lengthy timeframes in talks".

The authorities stated this will help reduce by half of collapsed agreements, so "important duration and money don't go to waste, as well as eliminate distress and pressure for diligent individuals looking for the ideal property".

Geographical Differences

Again, however, the processes change across the UK. A building transaction is legally binding in England specifically once documents are swapped, which can need beyond six weeks. In Scotland, this process typically works much more speedily.

The program commenced when the authority was operated by past leaders who vowed to expedite the home acquisition procedure earlier this year.