The BBC tell us that Plans for a major reform of the house-buying system, which aim to cut costs, reduce delays and halve failed sales, have been unveiled by the government.
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| Buying a house is all about the money |
AI generated image
Under the new proposals, sellers and estate agents will be legally required to provide key information about a property up front, and the option of binding contracts could stop either party walking away late in the process.
BBC article
In my opinion this is not providing anything new; we are already required to provide "key information about a property up front", a good estate agent will advise you as a seller to carry out searches on behalf of potential purchasers and the idea of "exchanging" contracts is to dissuade either party from walking away late in the process.
The main problem is that conveyancing solicitors in general are not suitably qualified and experienced and society as a whole is severely risk averse. This has ultimately led to an over reliance on indemnity insurance.
Land Registry is also not fit for purpose.
Many surveys are basically generated by AI, and while they look pretty and acceptable to the naïve, are simply not worth the paper they’re printed on. People will always rely on their own survey rather than rely on something from the seller.
Rather than perpetuate this system, perhaps we’d be better off scraping it and just advising buyers to take out a massive indemnity policy against all eventualities.
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