🔗 Share this article UK Government Officials Plan to Streamline Homebuying by Four Weeks Government officials are working to reduce the duration it takes to acquire a house by one month under recent initiatives aimed at overhauling the housebuying process. Shifting Costs from Acquirers to Property Owners The national administration will also consult on plans to shift costs from acquirers to property owners, including compelling sellers and estate agents to provide buyers with essential data – such as the property's state and the scale of any leasehold costs – upfront. "Acquiring a house should be a goal, not a difficult experience. Our changes will fix the broken system so committed workers can concentrate on the following stage of their lives." Monetary Gains for Initial Property Acquirers The housing department said the initiatives were intended to help "eliminate unpleasant shocks which cause late-stage failures", with projections indicating that new purchasers will save "£710 on average" when purchasing a property. Review Procedure Across the United Kingdom The consultation process will cover the whole of the UK – even though the process of buying a home varies substantially depending on which region the building is positioned in. Throughout England and Wales, there is no compulsory need to arrange an assessment of a property before you acquire it Across Scotland, however, the property owner has to deliver a "property document" before they can position their building on the market Binding Contracts The examination system will also examine providing an choice for purchasers and vendors to execute mandatory documents "to halt parties walking away from arrangements after purchasers carefully invest months in negotiations". The authorities stated this will help reduce by half of failed transactions, so "valuable periods and money don't go to waste, as well as avoid heartbreak and stress for hard-working people looking for the ideal property". Geographical Differences Again, however, the processes change across the UK. A building transaction is legally mandatory in England specifically once agreements are transferred, which can take more than six weeks. In Scotland specifically, this procedure generally operates much more quickly. The initiative began when the authority was operated by former officials who vowed to expedite the property purchasing system earlier this year.