🔗 Share this article British Ministers Seek to Streamline Property Purchasing by Four Weeks Government officials are working to reduce the duration it takes to purchase a property by four weeks under fresh plans targeting improvements in the housebuying process. Shifting Costs from Buyers to Sellers The British authorities will also consult on plans to transfer expenses from buyers to sellers, including mandating property owners and real estate professionals to supply purchasers with crucial details – such as the property's state and the scale of any leasehold costs – in advance. "Buying a home should be a dream, not a ordeal. Our changes will correct the defective procedure so diligent individuals can direct attention toward the subsequent phase of their lives." Financial Benefits for Initial Property Acquirers The property ministry said the initiatives were intended to help "stop unexpected problems which cause last-minute collapses", with calculations showing that new purchasers will save "around seven hundred ten pounds" when acquiring a house. Consultation Process Across the Britain The review procedure will include all of the UK – even though the procedure for purchasing a home differs significantly depending on which region the property is located in. Throughout England and Wales, there is no compulsory need to obtain a survey of a building before you acquire it Throughout Scotland, however, the seller must provide a "property document" before they can position their building on the market Mandatory Documents The consultation process will also examine providing an alternative for acquirers and vendors to execute binding contracts "to stop people abandoning agreements after buyers painstakingly spend extended periods in discussions". The government said this will help halve the number of failed transactions, so "valuable periods and funds aren't squandered, as well as prevent disappointment and stress for hard-working people searching for the dream house". Geographical Differences Once more, though, the processes change across the UK. A home acquisition is legally binding in England specifically once documents are swapped, which can take more than six weeks. In Scotland, this system usually functions much more quickly. The project started when the authority was operated by past leaders who pledged to streamline the housebuying process earlier this year.