Government Acts to Improve Home Buying Process
The government has launched a consultation into making the home buying process cheaper, faster and less stressful for those involved.
During the consultation process, the government wants to hear from all those with an interest in home buying. This includes estate agents, solicitors and mortgage lenders. Issues on which views will be considered include:
- Gazumping (read more here);
- Building trust and confidence between the parties to ensure that fewer sales fall through. (It is estimated that a quarter of sales fall through every year);
- Giving more guidance to buyers and sellers so that information is gathered early and homes are “sale ready”;
- Looking at digital solutions to make the house purchasing process swifter and more cost efficient.
The consultation closes on 17 December 2017.
Conveyancers acting for both buyer and seller
One of the issues raised in the government consultation is whether there might be advantages in buyers and sellers using the same professional for their conveyancing work.
When you buy a house, the normal scenario is that you as the buyer and the seller, instruct different solicitors. There are good reasons for this. In particular, solicitors are bound by regulations, which provide they cannot act where there would be a conflict or a significant conflict of interest if they were to act for both buyer and seller.
The consultation will look into how conveyancers could act for both parties to make the process more efficient - without conflicts of interest arising.
Results of research: consumer experience study
The government’s consultation follows the publication of research into buying and selling homes. The report considers findings in relation to the use of estate agents, marketing properties, the process from offer to completion, consumer satisfaction with the home buying and selling process and why transactions fail.
As summarised in the government’s announcement of the consultation: “of those that experienced delays, 69% of sellers and 62% of buyers reported stress and worry as a result of the delay. Also, 46% of sellers had concerns about a buyer changing their mind after making an offer.
There’s no doubt that buying or selling your home can be a stressful experience. It’s also true that we’re all human and people do occasionally change their mind during the process. However – don’t let that put you off.
A new home is an exciting prospect. Our own team of conveyancers strive to ensure you fully understand the process and are ready to exchange and complete in as short a time as possible.
You can find out more about the conveyancing process and our services by reading our FAQS.
To obtain a quote or discuss your house purchase or sale, contact Victoria Marshall on 0161 785 3500 or make an enquiry.
- Government announcement
- Government Consultation
- Research paper BIS/283 into buying and selling homes
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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.