Sellers' Bundles and Faster Contracts to Boost Home Sales
Housebuying could become a more efficient, cost-effective, and less stressful process under new plans set to be announced by government ministers today. However, those looking to sell their homes may face additional expenses. The government aims to reduce the number of failed property transactions by half, prevent last-minute deal collapses, and improve the standards of estate agents and conveyancers. As part of these reforms, sellers and estate agents will be required to provide buyers with essential information about a property upfront, such as leasehold costs and survey details. This will allow buyers to access detailed information about a property’s physical condition, characteristics, and flood risk online. Binding contracts may also be introduced earlier in the process, reducing the likelihood of chain failures. Estate agents and conveyancers could be subject to mandatory qualifications and a new code of practice, ensuring that buyers have access to more information about their...