After making an offer, 65% of buyers and sellers continue to worry that they won’t make it to completion, according to research from the Department for Business, Energy & Industrial Strategy (BEIS). This indicates the depth of stress and confusion that surrounds home sales.To get more house buying news, you can visit shine news official website.
Earlier this week, the Ministry of Housing, Communities and Local Government (MHCLG) revealed its plans to improve the home buying and selling system following a consultation on the topic. Here, we take a look at the key proposals that have been put forward.While most local authorities are quick to respond to search requests, the government found some were holding up the process and causing delays. Local authorities will now be expected to respond to all search requests within 10 working days, with the government warning it would take ‘appropriate action’ for those that fail to meet this timeframe. Reservation agreements combat ‘gazumping’ (where a seller accepts an offer, then sells to a different buyer instead). Once a buyer and seller sign a reservation agreement, the buyer has the right to buy the property within a set time frame and the owner cannot sell to anyone else. To reduce the number of failed transactions, the government hopes to develop a shorter, standardised reservation agreement that can be used for any transaction. It will launch a pilot of these agreements with a view to making them a standard part of home selling in future.A ‘decision in principle’ is a letter from a mortgage lender confirming how much they are likely to lend to a buyer. You can find out more in our guide to applying for a mortgage. The government plans to encourage the use of decisions in principle for all non-cash buyers, and will make this a recommended step within its home-buying guides.Delays in conveyancing can hold up the entire property chain, so the government plans to work with industry to develop transparent data and standard metrics for rating conveyancers’ performance. Currently, you don’t need any specific training to become an estate agent, despite their involvement in high-value transactions. The prospect of a mandatory professional qualification for estate agents is currently being consulted on, and the government has indicated that legislation is likely to follow.
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June 2018
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