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Government officials are working to cut the time it takes to acquire a house by one month under recent initiatives aimed at overhauling the property purchasing system.

Transferring Expenses from Acquirers to Property Owners

The British authorities will also consult on plans to transfer expenses from buyers to sellers, including compelling sellers and real estate professionals to supply purchasers with essential data – such as the property's state and the scale of any leasehold costs – beforehand.

"Purchasing a property should be a dream, not a difficult experience. Our changes will fix the broken system so committed workers can focus on the next chapter of their lives."

Monetary Gains for New Purchasers

The accommodation authority said the proposals were aimed to help "end nasty surprises which lead to last-minute collapses", with estimates suggesting that initial property acquirers will save "around seven hundred ten pounds" when buying a home.

Review Procedure Across the UK

The consultation process will cover the whole of the UK – even though the system for acquiring a home changes considerably depending on which country the building is positioned in.

• Throughout England and Wales, there is no legal requirement to commission an inspection of a building before you buy it
• Throughout Scotland, however, the property owner has to deliver a "property document" before they can put their property on the market

Binding Contracts

The consultation process will also examine providing an choice for purchasers and property owners to complete legally enforceable agreements "to stop people withdrawing from arrangements after buyers painstakingly spend months in negotiations".

The administration indicated this will help halve the number of failed transactions, so "precious time and resources aren't lost, as well as prevent disappointment and stress for hard-working people looking for the ideal property".

Regional Variations

Similarly, nevertheless, the processes change across the UK. A home acquisition is legally binding in the English system once documents are swapped, which can require over six weeks. In the Scottish system, this procedure generally operates much more speedily.

The initiative began when the department was being run by former officials who committed to simplify the property purchasing system earlier this year.