Taylor Scott International News
Some 62% of British people find the UK property buying process confusing and 37% think it is unfair, according to new research. The main reason buyers think it is confusing is the number of expensive and complicated processes they have to go through to buy a new home, the survey from estate agent Tepilo shows. Almost a third, 27%, said the buying process is far too complicated and expensive, 21% think transactions take too long and 14% worry about the risk of a sale falling through prior to exchange when they've already forked out money on legal and survey fees. Out of the 37% who found the buying process unfair 40% said that it could be fairer if once a sale has been agreed it could be made legally binding so no one could pull out, which would help to reduce the worry of losing money spent on legal and survey fees if a sale falls through. A further 35% think bidding above an already accepted offer shouldn't be allowed and almost 31% think that sellers should be responsible for paying for the survey on the house they are selling. When buyers were asked whether they knew the meaning of key house buying terms, the results were surprising, with many not knowing what phrases like conveyancing, EPC and land registry fees mean. Just 41% know what a mortgage in principle is, only 45% know what a homebuyers report is and 48% know what conveyancing means. The survey found that 60% know what the terms exchange of contracts and stamp duty mean, 53% understanding what the land registry fee is and 50% knowing what an EPC is. Some 5% did not know any of these terms. A staggering five per cent of buyers admitted to not knowing what any of the terms meant! Actually moving was stressful for 42%, while 31% said it was deciding how much to offer on a property. Getting a mortgage agreed in principle was stressful for 28% and deciding which solicitor to use by 27%. ‘It's staggering to see just how many people think that buying a house in the UK is complicated and unfair. It shouldn't be this way, as the actual process of buying and selling houses is fairly straight forward if you understand it,’ said Sarah Beeny, owner of Tepilo. ‘However, many estate agents and solicitors benefit from people thinking the process is complicated, as it allows them to charge astronomical fees to look after key elements of transactions on behalf of buyers and sellers,’ she pointed out. ‘To feel more comfortable when buying and selling, I'd advise people to really research the process thoroughly before purchasing a new home or selling an existing one. Gen up on all the steps involved, the average costs for each and all the terms associated with property transactions. That way, you'll feel much more empowered and in control of the process, which will help… Taylor Scott International
Taylor Scott International, Taylor Scott
