The Government is planning on making buying and selling homes an easier process and part of the changes they are considering implementing may include a fine which can be levied against the buyer or the seller if either party withdraws from an agreed sale/purchase. Effectively, once a sale is agreed, both parties would be locked in legally.
The Government review is also looking into making new digital solutions making more data available online to shorten the time it takes to complete a purchase currently. Sajid Javid, Communities Secretary has requested evidence from estate agents, solicitors and mortgage lenders to collate their ideas for streamlining the process. Mr Javid said “We want to help everyone have a good quality home they can afford and improving the process of buying and selling is part of delivering that. Buying a home is one of life’s largest investments so if it goes wrong, it can be costly. That’s why we’re determined to make the process cheaper, faster and less stressful.”
Jon Howland comments “We will welcome any improvement to the buying and selling process which avoids the failure of a sales. Nationally, on average one in four sales do not reach completion, meaning both buyers and sellers lose out financially and emotionally. Ease of access to relevant data will enable further criteria to be considered before making or accepting a sale price, which will enable both parties to move forward with more confidence.”