Government proposes requirement on sellers and estate agents to provide buyers with “vital information” about property upfront

The Ministry of Housing, Communities and Local Government said the plans aim to speed up the “long-drawn out” and costly process of buying a home by four weeks.

Under the proposals, binding contracts could be introduced to stop people walking away from agreements after buyers spend months in negotiations.

The Government said: “This will help halve the number of failed transactions, so precious time and money don’t go to waste, as well as avoid heartbreak and stress for hard-working people looking for the perfect home.”

Further, families could see clear, side-by-side information on estate agents and conveyancers – including their track record and expertise, alongside new mandatory qualifications and Code of Practice to “drive up standards and rebuild trust in the industry”. 

The full list of proposed mandatory upfront information includes: tenure, council tax band, EPC rating, property type, legal and transactional information such as title information and seller ID verification, leasehold terms, building safety data, standard searches, property condition assessments tailored to property age and type, service charges, planning consents, flood risk data, chain status, and clear floor plans.  

Housing Secretary Steve Reed said: “Buying a home should be a dream, not a nightmare. 

“Our reforms will fix the broken system so hardworking people can focus on the next chapter of their lives. 

“Through our Plan for Change we are putting more money back into working people’s pockets and making a simple dream a simple reality.”

Mark Evans, Law Society of England and Wales Vice-President, said: “We welcome and share the government’s commitment to improve the home buying and selling experience. We know that many feel that the conveyancing process is slow and complicated. It can also be confusing as to who should be doing what, and there is the risk of duplication of effort. Information is often not available as quickly or as easily as it should be. Making the right reforms would help address all of these issues. 

“Improving the conveyancing process for buyers and sellers and making it fit for the 21st century involves making the appropriate changes to the whole system, not just one aspect of it. We are keen to work with our members, government and all those involved in the conveyancing market to make sure the right reforms are enacted.” 

The Department said a “full roadmap” to fix the broken system will be set out in the new year. 

Lottie Winson