A number of changes to the system for buying and selling homes have been announced by the government.
The aim of these changes is to cut the amount of time it takes to complete purchases and to reduce the number of failed transactions. The cost associated with both of those issues is damaging to the UK economy, and industry professionals have been calling for system reform. Most of those within the sector are likely to be pleased with what the government plans to introduce.
By far the most eye-catching of the reforms is a new onus on estate agents and those selling their homes to make crucial information available up front. They will be expected to supply ‘sales packs’ detailing matters such as leasehold costs and the condition of the home.
On top of this, sellers and buyers will have to sign legally binding agreements at an earlier stage in the process. This is intended to make calling off a deal harder, so that failed transaction numbers can be reduced.
Other planned changes include greater digitisation. Sales packs and logbooks will be online, for secure real-time sharing. Meanwhile, AI will be used to support conveyancing.
According to Mortgage Introducer, Steve Reed, the housing secretary, said:
“These changes will make the system faster, fairer, and more secure – giving families and first-time buyers the certainty they need all while saving them time and money.”
If you need help with conveyancing in North Wales, call Bennett Smith Solicitors for a service that is tailored to the needs of each individual client.
