How buying a home could get easier in 2019
Buying a home, whilst an exciting time, can also be one full of stress and dread, no matter if your dream home is waiting at the other side. But, announcements this weekend could make the process of buying a house far less stressful. Morris Armitage are here to tell you the top 5 reasons why!
Did you know that 65% of buyers and sellers continue to worry they won’t make it to completion? This astounding fact comes out of the research completed by the Department of Business, Energy & Industrial Strategy (BEIS). The full report looks at the true depth of the stress and confusion that surrounds home sales.
Earlier this week, the Ministry of Housing, Communities and Local Government (MHCLG) revealed its plans to improve the home buying and selling procedure. We’ve run through them and these are what we believe are the ones you need to know about first:
1. 10-day timelines for local authority searches
It was found that some local authorities were holding up the process of search requests and causing huge delays. Now, all local authorities must respond to all search requests within 10 working days. Failure to do so would result in ‘appropriate action’.
2. A decision in principle
This is a letter from a mortgage lender confirming how much they are likely to lend a buyer. The government are encouraging the use of decision in principle letters for all non-cash buyers. This will soon be a recommended step within all home-buying guides.
3. Kickbacks for referrals
The National Trading Standards Estate Agency Team (NTSEAT) are planning to monitor whether agents are disclosing their referral fees of mortgage brokers, conveyancers or surveyors to buyers, whilst the government works on developing a standardised report to state all referral fees.
In turn, the government are also considering whether to ban referral fees altogether which could be incredibly helpful for all buyers and sellers.
4. Turning Digital
New technology is infiltrating so many areas of our life in the hope to make things easier for us, and buying a home is no exception. The government has made plans to develop a range of technology which will prioritise digital signatures, ID verification and e-conveyancing, in the hope that technology will speed up the process for everyone.
5. New tools to rate conveyancers
Conveyancing can be one of the biggest delays in the property chain. The government is planning to work with industry professionals to develop clear and transparent data and standard metrics for rating a conveyancers’ performance.
The long term goal will be to have this information clearly visible on public conveyancers’ websites.
With these and many more plans in place, we’ll have to wait and see to find out what areas will make the biggest impact in the chain.
If you would like some more advice on buying, selling or investing in a property in East Anglia, then speak to one of our expert consultants today on 01638 560 221 or click here.