The government has announced what it claims is the biggest shake-up of the homebuying system in decades. If the proposals are implemented, they could save families money, reduce transaction times, and significantly ease the stress and uncertainty that many buyers and sellers currently face.
As a conveyancing solicitor, I’ve seen firsthand how fragmented and frustrating the current system can be. Therefore, this consultation, if managed appropriately, is welcome news.
Here’s what’s being proposed, what it could mean for you, and why it matters.
More Upfront Information for Buyers
Under the proposed reforms, sellers and estate agents would be required to make key information available before listing a property. This includes:
- Property condition reports tailored to age/type
- Leasehold details (ground rent, service charges, years remaining)
- EPC rating, council tax band
- Title information and legal ownership
- Building safety and flood risk data
- Planning history and consents
- Chain status and floor plans
- Seller ID verification
Currently, buyers often make offers without this information and only find out about critical issues weeks later. This causes delays, price renegotiations, and fall-throughs. Providing this information upfront will support better-informed decisions, reduce surprises, and speed up progress.
It aligns with what good agents and lawyers have wanted for years, which is less backtracking and more clarity.
Optional Binding Contracts
One of the most intriguing proposals is to enable buyers and sellers to enter into binding agreements earlier in the process. Currently, deals can fall through weeks or months later with no legal consequence until exchange.
This matters because, according to the government, nearly one in three property transactions in the UK currently fail before exchange. That’s a waste of time and money, not to mention the emotional strain toll.
Binding contracts could bring:
- Greater certainty for buyers and sellers
- Less risk of sudden withdrawals
- Shorter transaction timelines
This needs to be implemented carefully. Binding contracts aren’t suitable for every situation, and protections will still be necessary for genuine reasons to withdraw. But it’s a step towards a fairer process.
Digital Tools & Standardised Data
The government is also pushing for better use of technology across the sector:
- Digital ID checks for all parties
- Property logbooks to store standard information
- Standardised forms and data-sharing protocols between solicitors, agents and lenders
Much of the frustration when buying or selling a home stems from duplication of effort and the absence of integrated systems. If everyone involved can access the same key documents from the outset, transactions can proceed more smoothly and with fewer delays or misunderstandings.
We welcome any action that minimises duplication and enhances efficiency. Technology should assist, not replace, good service.
Raising Standards for Agents and Professionals
Another key aspect of the plan is to introduce mandatory qualifications and a Code of Practice for estate agents, letting agents, and managing agents. There’s also a discussion of clearer performance data being published for solicitors and agents so that consumers can make better-informed decisions.
Buying or selling a home is among the largest financial decisions people make. Yet, until now, there has been little consistency in the quality of advice and service.
Most of the agents we work with are excellent. However, mandatory training and clear expectations will help improve standards and recognise those already performing well.
What Could This Save You?
The government estimates the reforms could:
- Save buyers and sellers over £700 on average
- Reduce failed sales by 50%, potentially saving the economy over £1.5 billion a year
- Speed up completions by four weeks
For anyone who has recently bought or sold a home, these figures will feel very real. Delays and fall-throughs are often accepted as part of the process, but they shouldn’t be.
So What Happens Next?
This is a consultation, not law yet. The government is gathering input from industry professionals and the public before publishing a complete roadmap.
If implemented effectively, it could signify a real step forward. But as with all major reforms, the implementation will be everything.
At Rachel Watts Solicitors, we will closely monitor the consultation, respond to it, and stay ahead of the implications for our clients.
What You Can Expect From Us
We already work in the spirit of these reforms. That means:
- Clear, early communication
- Realistic timelines
- No jargon, no fluff
- Legal work that’s done properly
You don’t need to wait for the government to fix the system. A good solicitor already makes a huge difference.
If you’re thinking about buying or selling a property and want to feel like someone is actually in your corner, we’re ready when you are.
So if you need help right now, reach out for a no-pressure chat and advice you can trust.