British Government Officials Seek to Streamline Homebuying by 30 Days

Authorities are aiming to shorten the period it takes to purchase a property by four weeks under recent initiatives designed to reform the housebuying process.

Transferring Expenses from Acquirers to Property Owners

The national administration will also examine proposals to transfer expenses from acquirers to property owners, including mandating property owners and real estate professionals to provide buyers with essential data – such as the building's status and the extent of lease expenses – upfront.

"Buying a home should be a dream, not a nightmare. Our improvements will fix the broken system so hardworking people can concentrate on the following stage of their lives."

Economic Advantages for Initial Property Acquirers

The housing department said the plans were designed to help "stop unexpected problems which cause last-minute collapses", with projections indicating that initial property acquirers will save "approximately £710" when acquiring a house.

Review Procedure Across the United Kingdom

The review procedure will encompass the entire of the UK – even though the system for acquiring a home changes considerably depending on which nation the property is located in.

• Across England and Wales, there is no compulsory need to commission an inspection of a property before you purchase it
• Across Scotland, however, the vendor needs to supply a "building assessment" before they can place their home on the market

Mandatory Documents

The review procedure will also consider offering an choice for purchasers and vendors to execute legally enforceable agreements "to halt parties withdrawing from agreements after purchasers carefully invest months in negotiations".

The administration indicated this will help halve the number of collapsed agreements, so "precious time and funds aren't squandered, as well as avoid heartbreak and stress for hard-working people seeking the perfect home".

Regional Variations

Again, however, the processes change across the UK. A building transaction is legally enforceable in the English system once documents are swapped, which can take more than 42 days. In the Scottish system, this process typically works much more speedily.

The initiative began when the department was being run by previous administrators who vowed to expedite the home acquisition procedure earlier this year.