Buying a home in England could soon change significantly under Government plans to overhaul the home-buying process.
The reforms aim to reduce the number of property sales that fall through by expanding the use of reservation agreements and requiring key information to be provided upfront before a sale progresses.
While ministers say the changes should save buyers and sellers time and money, experts warn they could also mean homebuyers have to pay more upfront and take on greater financial risk if a purchase collapses.
Last month, the Government announced proposals aimed at modernising the home-buying process in England and Wales after years of criticism over delays, gazumping and transactions falling through.
Around one in three agreed sales fail to complete before exchange, official figures show, often leaving buyers and sellers out of pocket after paying for surveys, legal work and mortgage costs.
