Buying or selling a home is one of the biggest financial decisions most people will make. However, the current property transaction process is often criticised for being slow, unpredictable and costly, with too many transactions falling through late in the process.
Unlike some other countries, property transactions in England and Wales are not legally binding until contracts are exchanged. This means:
- A buyer can spend money on surveys and legal work, but the seller can still accept another offer at the last minute.
- A seller can begin packing and planning their move, but the buyer can still pull out late due to delays or unexpected issues.
A new consultation by the UK government on home buying and selling reform is designed to address some of the deemed inefficiencies in the current system and to address the number of transactions which collapse near the end of the process.
Why does the current system feel “broken”?
At present, the home buying and selling process often involves a number of common pain points, including:
- Long transaction times, caused by delays in searches, management packs and mortgage processing.
- Uncertainty, especially in chain transactions where progress depends on multiple parties.
- Late surprises, such as ground rent concerns, unexpected service charge costs, major building safety works, and missing planning or building regulation documents.
- Gazumping and gazundering, where either side attempts to renegotiate late in the process
One of the most frustrating aspects is that much of the key information is only discovered after an offer is accepted – by which point the buyer may already have spent money and emotionally committed to the purchase.
At the same time, sellers can become just as frustrated when buyers are delayed by paperwork or decide to withdraw late in the process.
A recent consultation by the UK Government recognises these issues and is exploring how to make the home buying and selling system more efficient, reduce uncertainty, and make the process more transparent. The Law Society has also published commentary on potential reforms and stressed the importance of ensuring any changes are workable in practice.
What changes are being proposed?
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Upfront property information – before a property is marketed
One of the Government’s biggest proposals is requiring sellers to provide upfront property information at the start of the process, rather than waiting until a buyer has made an offer and solicitors are instructed.
Compared with freehold transactions, leasehold transactions are often where the most serious delays occur. Providing upfront information may reduce uncertainty and help buyers make informed decisions earlier. For sellers, it could also lead to smoother transactions, as contract papers may be issued sooner and progress transactions with fewer interruptions.
Potential downside: increased upfront work
This reform may shift cost and preparation to an earlier stage, meaning sellers could be required to spend money and time preparing documentation before a sale is secured.
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Greater use of digital technology and data-sharing
The Government is also focusing on digital improvements, including better use of property data and digital systems to support a faster-moving process.
The proposed direction suggests improvements such as:
- greater use of digital identity checks and electronic signatures
- the introduction of digital property logbooks to store property information in one secure place and allow data-sharing
If systems are modernised so that information can be securely shared and verified, transactions could become more efficient and more predictable.
Potential downside: data security
A truly digital system would need strong safeguards to ensure accuracy, security and the protection of sensitive personal data.
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Commitment to reduce fall-throughs
Another key objective is to reduce failed transactions by encouraging earlier commitment between the parties. This may involve mechanisms such as reservation agreements or other forms of earlier binding arrangements.
Earlier commitment could reduce the risk of withdrawal and give both parties more confidence once an offer is agreed.
Potential downside: legal protection
From a legal protection perspective, it is essential that buyers still have sufficient time to:
- completed searches
- obtained a satisfactory survey
- allow their solicitor to fully investigate the title and lease terms
Otherwise, there is a risk that buyers may feel pressured to commit before fully understanding what they are purchasing. It can also be difficult for a layperson to assess legal documents without a solicitor’s support.
In practice, earlier commitment may work best where:
- the transaction is chain-free
- straightforward freehold houses with minimal title issues
- The property is a new-build or auction property, where the documentation is usually prepared in advance.
What does this mean for Buyers and Sellers?
For sellers
If sellers can provide the correct information earlier, this may lead to:
- fewer delayed enquiries after an offer is accepted
- fewer deals collapsing due to late discoveries
- smoother transactions and fewer “last minute” issues
However, reforms may also mean:
- sellers may need to spend money upfront to prepare documentation
- Leasehold sellers may still face delays waiting for management packs
- More preparation will be needed before listing
Some sellers may also worry about being asked to provide information they do not have, or information that is difficult to verify without professional help. That is why the quality and accuracy of upfront information will be essential.
For buyers
There are potential benefits for buyers, such as:
- Better transparency at an earlier stage
- Faster progress where documents are ready upfront
- Reduced risk of spending money only to discover issues later
Even with reform, buyers should understand that:
- some issues only become clear once the buyer’s solicitor investigates the title and raises enquiries
- lenders will still require specific legal checks and documentation
- transactions can still collapse for personal reasons (job changes, funding delays, family reasons, etc.)
- earlier commitment mechanisms may feel pressurised if not properly safeguarded
Conclusion: a step in the right direction – if implemented carefully
The Government’s reform proposals, focusing on upfront information, digital improvements and reducing fall-throughs, have real potential to create faster and more transparent transactions.
In principle, providing more information earlier and improving digital processes could benefit both buyers and sellers – particularly where this reduces fall-throughs and last-minute surprises.
However, successful reform will depend on practical implementation. A faster process must still remain a safe one, allowing proper legal due diligence and protecting buyers from committing too early without understanding the risks.
If you are considering buying or selling and would like early guidance on preparing for the transaction, our conveyancing team would be happy to assist.
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