Reforming the Home Buying and Selling Process – Binding conditional contracts, Home Information Packs Mark II, digitisation and mandatory qualifications and code of conduct for Estate agents By Mark Vinall
The Ministry of Housing, Communities and Local Government (MHCLG) has recently published a roadmap setting out its proposals for reforming the residential home buying and selling process in England and Wales.
The stated aim is a familiar one: property transactions are often slow, expensive and uncertain. Buyers and sellers can spend considerable sums on surveys, legal fees and mortgage arrangements, only for a transaction to collapse shortly before exchange of contracts. The Government estimates that hundreds of thousands of transactions fall through each year, resulting in significant wasted costs and frustration.