Is the whole property buying process too complicated?

ccfc1972

I've often thought that whole process of buying and selling houses is a ridiculously lengthy process. I realise there is a lot of legal stuff to do and they have to make sure that everybody is protected etc, but could the process be shortened? It would be a lot less stressful if we could just all get it done in a month or so 😊

AdrianC

How would you like to shorten it?
What would you choose to omit?

Yes, you could transfer some of it to the vendor... that's been tried before, with HIPs. They didn't work.

ccfc1972

I'd like to buy a house like I buy a car. See one I like, have a look round, then pay for it and jump in!
I realise it's never going to be straightforward, I was just wondering if it was possible to make the process quicker at all...i'd like to think there must be.

Ramouth

I’m with the OP on this one.  

I would change it so that the seller gets a survey and the searches done before going onto the market and the information is available to potential buyers.  The buyer can then be fully aware of what they are offering on and therefore offers can be made legally binding (a more substantial mortgage offer would need to be available than the current AIP for this to work).  

Accepting an offer could also be binding.  

There would be no more guzumping or gazundering (no idea how how spell those sorry).  Much less risk of chain collapse if all that’s left to sort out is dates.  

Does the Scottish system work a bit like this?

UnderOffer

I’m happy to wait for the weeks/months involved in purchasing so that relevant information can be provided on the property, what I’m less happy about is the lack of commitment by a buyer who can just walk away even when it is not the property or legalities at fault but just because they’ve seen something better or changed their mind. 

I don’t think there is an answer though to speed up the process or commit a buyer. 

somerlouise

It is much less complicated in other countries. For example my brother lives in Canada. He applied for a mortgage before he even started looking- and was approved to a certain maximum amount. So when he found a place he made an offer and already had the mortgage sorted- just had the valuation which was actually done the next day. 

Also, his offer was a binding contract so he couldn’t back out once it was made without financial penalties. Therefore he thought long and hard before making the offer. 

He moved in 1 month after his offer. 

bravotango

As a former FTB who bought their house this year, I have to admit that the whole process is quite convoluted.

AdrianC

Ramouth said:
I would change it so that the seller gets a survey and the searches done before going onto the market and the information is available to potential buyers.

That's basically the late-and-unlamented HIP.

princeofpounds

This was pretty much the idea of HIPs. Unfortunately, the government implemented them badly and chickened out, getting rid of all the useful stuff (survey, searches) , and keeping only the most useless (EPCs). Labour, Conservatives and the EU all had their part in creating the whole expensive failure. There were also powerful lobby groups at work (RICS is just across parliament square...), and an unfortunate accident of timing (the 08/09 crash).

A potted history here - https://en.wikipedia.org/wiki/Home_Information_Pack

The Scottish system isn't as wonderful or as different as people think, especially when compared to when the English system had HIPs. People always claim they want the Scottish system, and then when one of the key elements was put into place the complaints were so loud the whole thing was reversed.

Almost all the slowness in the English system comes from:
a) The fact that most due diligence processes happen after the marketing and offer.
b) Slow conveyancing solicitors using antiquated workflow practices to comply with industry conventions and standards.

ccfc1972

Ah well there you go, I was actually blissfully unaware of the whole HIP saga!

RelievedSheff

ccfc1972 said:

I'd like to buy a house like I buy a car. See one I like, have a look round, then pay for it and jump in!
I realise it's never going to be straightforward, I was just wondering if it was possible to make the process quicker at all...i'd like to think there must be.

How quick would you like it to be?

Our last purchase was 3.5 weeks from placing the offer to moving in.