10 Oct

New legislation to speed up home sales process

New legislation to speed up home sales process

A new a new property sales system that will speed up the process by ten days has been welcomed by the British Property Federation (BPF).

As a result of the new legislation, UK buyers could save up to a million days a year.

This new system is based on a questionnaire for the industry that was create by the BPF. The questionnaire was given out to all the major trade bodies concerned with the property sales process.

The new legislation will look to remove complications that buyers and sellers have faced in the past. Previously problems have occurred when different information requirements have occurred between buyers and sellers conveyancers. 

Ian Fletcher, director of policy at the BPF, said of the new measures: “The commercial leasehold sector has had standard enquiries for 10 years and seen the advantages flowing from a more efficient conveyancing process. The same will be true of these residential enquiries and we will be promoting them among our membership as the standard for the sector.” 

Both landlords and managing agents can now use a the standardised process to ensure that conveyancers from both buyers and sellers will agree on an approved set of enquiries before hand.

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