Buying & Selling reforms: What they mean for West Sussex movers

Are you ready for a brand new way to move home? We hope so as the Government has set out its roadmap for sweeping reforms of the buying and selling process.

As estate agents working in Chichester, Bognor Regis, and across West Sussex’s towns and villages, it’s our job to understand what’s proposed and communicate that to you in plain English.

White & Brook has studied the details and outlines the proposed changes below.

Sales packs

A new sales pack will be needed before a property can be listed for sale. The onus and cost to create this will be on the seller, who will work with their solicitor and sales agent to gather the information.

Early indications show a sales pack will probably comprise deed documents, verified seller ID, general property information, building safety information and standard search results. It may also include a digital property logbook that contains guarantees, warrantees, planning permissions, servicing records and operational manuals.

This type of information is currently paid for by purchasers and often comes too late in the buying process, providing unexpected shocks after an offer has been accepted.

Condition reports

A sales pack will also need a condition report. This too will be the responsibility of the seller and they will pay for this upfront. A condition report will not be as detailed as a full structural survey but it will contain the opinion of a qualified and regulated surveyor.

A condition report will give buyers a ‘visual baseline’ to help them make a decision about whether to proceed. A simple traffic light system will draw attention to serious risks, defects that need urgent attention and visible hazards - basically anything that may prevent a buyer from securing a mortgage or cost a significant amount of money to put right.

If the condition report raises concerns, buyers would still be free to commission a more in-depth survey, at their own cost.

Binding agreements

The Government recognises there is nothing stopping buyers walking away from purchases right up until exchange. This results in sellers losing money and too many chains collapsing. To combat this, binding agreements will be introduced early in the sales process.

Once the agreement is signed, buyers will need a legitimate reason to withdraw from the purchase. If their reason isn’t valid, they will pay a financial penalty. It is hoped binding agreements will deter time wasters, prevent buyers from withdrawing and make chains more secure.

Increased digitalisation

Reforms will force those involved in the transaction to move away from slow processes and hard copy paperwork to a more digital way of working. There will be a shift towards digital ID verification, e-signatures and AI conveyancing. Additionally, everyone involved in transactions will work towards holding and sharing all the required information digitally for new speed efficiencies.

Improved standards among estate agents

Reforms will include a new Code of Practice for agents and guidance on improving the quality of property listings. There will also be a consultation on making agents hold a compulsory qualification.

How much time and money will West Sussex movers save?

The reforms aim to slash around four weeks off the current buying timeline. A buyer also stands to save about £650, thanks to the seller paying for the sales pack and condition report. Those buying and selling in tandem will need to factor in the new responsibilities of a seller.

Timeline: when to expect change

The Government hopes all buying and selling reforms will be given Royal Assent by the end of July 2029. From now until then we can expect consultations, debates and white papers. Eventually there will be a Bill that need to pass through the Parliament before it becomes Act and pass into law.

What might happen under an Andy Burnham leadership?

Andy Burnham has previously declared he’s a fan of scrapping stamp duty and council tax and replacing both with one, annual land value tax. This would involve all properties being revalued and new bands being issued. It’s been suggested owner-occupiers would pay tax equivalent to 0.48% of their home’s value every year. Landlords, holiday let and second home owners would pay a higher 0.96% annual tax.

Our estate agents in Chichester and Bognor Regis are ready to assist West Sussex sellers as we transition towards more responsibility being passed to vendors. We’ll be keeping track of the Government’s progress and will report back with updates.

If you’d like to sell ahead of incoming reforms, book a valuation with White & Brooks today.