"Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front. The overhaul could save first-time buyers an average of 710 and cut up to four weeks off the typical property transaction timeline, according to the government. It is estimated that hundreds of thousands of families and first-time buyers could benefit from the reforms."
"Binding contracts may also be introduced to prevent parties from walking away late in the deal, a move intended to halve the number of failed transactions, which currently cost the UK economy an estimated 1.5bn a year. "Buying a home should be a dream, not a nightmare," said Reed. "Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives.""
Major reforms require sellers and estate agents to provide key property information up front, including condition, leasehold costs, and chain details. The changes aim to save first-time buyers an average of 710 and shorten transactions by up to four weeks. Binding contracts may be introduced to reduce parties walking away late in the process and to halve failed sales, which currently cost the UK economy about 1.5bn a year. The proposals draw on other jurisdictions, including Scotland, where earlier binding contracts and more upfront information are used. A mandatory Code of Practice for estate agents and conveyancers is proposed to raise professional standards.
Read at www.bbc.com
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