The government has announced that it is consulting on new proposals to transform the homebuying and selling process in England and Wales.
As part of the proposed reforms, estate agents and sellers must publish information from searches and surveys before a property listing is published.
The idea is to allow buyers to see the physical condition, characteristics, and flood risk of the property online. The government hopes it will enable buyers to make informed decisions sooner and sellers will benefit from faster transactions, designed to result in fewer costly fall-throughs.
The full list of proposed mandatory upfront information includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans.
Buyers and sellers will have the option to sign binding contracts that would end the practice of parties pulling out of agreements months into the process.
The transaction process will also see the deployment of digital tools – including digital property logbooks, digital ID verification, and standardised data sharing – enhancing transparency and security for buyers and sellers.
The government will also introduce mandatory qualifications and ‘Code of Practice’ for estate, letting and managing agents, driving high standards in the sector and increase trust in the industry.
The government will publish information on the services of estate agents and property lawyers, so consumers are well informed on how and where to get help.
The average time from instruction to completion is currently over five months, and the government estimates these reforms could speed up transactions by around four weeks.
There are sure to be plenty of questions and we will take a close look at these over the coming weeks and months so make sure give our page a like and follow to ensure you don’t miss out.
You can have your say on the ‘home buying and selling reform’ and ‘material information’ by visiting the government links below.
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