Plans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government. Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and binding contracts introduced to stop either party walking away late in the deal.The government estimates the overhaul could save first-time buyers an average of £710 and cut up to four weeks off the time it takes to complete a typical property deal.”Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system,” said Housing Secretary Steve Reed.It is estimated that hundreds of thousands of families and first-time buyers could benefit from the reforms.Those in the middle of a chain could also potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses.The consultation draws on other jurisdictions, including the Scottish system where there is more upfront information and earlier binding contracts.This will include being up front about the condition of the home, any leasehold costs, and details of property chains. The government says this transparency will reduce the risk of deals collapsing late in the process and improve confidence among buyers, particularly those purchasing a home for the first time.The planned introduction of binding contracts is intended to halve the number of failed transactions, which currently cost the UK economy an estimated £1.5bn a year.The U …
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[mwai_chat context=”Let’s have a discussion about this article:nnPlans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government. Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and binding contracts introduced to stop either party walking away late in the deal.The government estimates the overhaul could save first-time buyers an average of £710 and cut up to four weeks off the time it takes to complete a typical property deal.”Buying a home should be a dream, not a nightmare. Our reforms will fix the broken system,” said Housing Secretary Steve Reed.It is estimated that hundreds of thousands of families and first-time buyers could benefit from the reforms.Those in the middle of a chain could also potentially gain a net saving of £400 as a result of the increased costs from selling being outweighed by lower buying expenses.The consultation draws on other jurisdictions, including the Scottish system where there is more upfront information and earlier binding contracts.This will include being up front about the condition of the home, any leasehold costs, and details of property chains. The government says this transparency will reduce the risk of deals collapsing late in the process and improve confidence among buyers, particularly those purchasing a home for the first time.The planned introduction of binding contracts is intended to halve the number of failed transactions, which currently cost the UK economy an estimated £1.5bn a year.The U …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
