UK home buyers for more information on real estate for sale

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House buyers will have a transparency provided on real estate problems in the market and the option of binding contracts, as part of government reforms to accelerate sales and failed transactions.

The planned repair of the retail real estate market will increase the burden on the sellers, and aims to “end the bad surprises” that collapse sales at the last minute and reduce the time it takes to buy a house.

“It should be a dream of a dream, not a nightmare,” said Housing Minister Steve Reed.

In 2007, the former Labor Party government enriched similar reforms by introducing domestic information packages, and also with the aim of accelerating housing sales.

but The policy was reversed in 2010 Through the coalition government led by the conservatives after complaints from the industry, it is that the sellers are thwarted from putting their home on the market.

“This risk re -invented the failed home information packages of the work government, which reduced the number of homes offered for sale and repeated costs through buyers and sellers,” said Paul Holmes, Minister of Housing at Tory Shadow.

Under the advice plans, sellers and real estate agents will have to detect data from searches and surveys when a house for sale is inserted until buyers were aware of potential planning problems or problems with the property such as wet.

They will also provide information about property chains to help buyers understand the risk of collapse due to other related transactions.

The government also suggests mandatory qualifications for real estate agents, publishing information about agents’ records and transferring lawyers, such as “speed and quality of service”.

The Ministry of Housing, Communities and the local government added that the largest transparency would allow the use of binding contracts, which would decrease the number of failed deals, the Ministry of Housing, Communities and the local government.

Buyers and sellers are not currently required to follow a deal even after submitting and accepting an offer. The deal is usually binding only at a late stage, when exchanging final contracts.

A long time ago, real estate agents and similar houses complained that transactions could collapse in a short notice after the withdrawal of the buyer or the seller despite months of negotiations between two parties.

Nile Hudson, a housing analyst, said that the proposals “must be useful and remove some challenges and uncertainty in the market.”

But they “do not fix the basic issues of high prices and unbelievable houses that constitute a traction in the market – especially in London and South England.”

The proposed repairs are similar to the practice in the Scottish market, where the deals are binding at an early stage of the process and where the sellers are required to reveal more information in advance.

The government said it had not yet decided whether its reforms would be applied only in England or throughout the United Kingdom.

Housing is the main axis of the government of the Labor Party, which is trying to achieve the goal of building 1.5 million houses in its electoral statement.

But the pace BuildingIn particular in London, it was slow, which prompted the government to try different ways to start the slow system.

Martin Samworth, head of the Royal Corporation, welcomed the industry body, for proposals, especially the digital aspects of the home building process.

He said: “The acceleration of the process, while ensuring the proper protection of the borrower can only help in the speed that these transactions pass.”

But he warned that the availability of mortgage, and the stamp fees and interest rates were also issues for home buyers.