NATIONAL TRADING STANDARDS ESTATE AND LETTING AGENCY TEAM has published it’s full guidance for ‘Material Information’ that agents need to include when selling properties. This is designed to help agents comply with Consumer Protection Regulations when marketing properties.
Information is considered ‘material’ if it will impact a consumers decision. Part A had been released already with Parts B and C now added. Much of this information may also help surveyors with desktop research and understanding aspects of the property before undertaking inspections.
Part A:
- Council tax or domestic rates
- Asking price
- Tenure
- Additional information about Tenure
Part B:
- Physical characteristics of the property
- Number and type(s) of room(s)
- Utilities
- Parking
Part C:
- Building Safety
- Restrictions and rights
- Flood/erosion risk
- Planning permission or proposal for development
- Property accessibility/adaptability
- Coalfield or mining area
These new updates should help estate agents to provide more accurate information upfront, helping to reduce transaction times and fall-throughs.
What does this mean for surveyors?
There are two potential benefits for surveyors. On a more simple level, this may help provide useful information before going to inspect a property or when providing initial advice on a call about the level of service required and more.
However, it offers a potential opportunity to reshape relationships with agents. Agents can, of course, find this information themselves or liaise with conveyancers who may be involved earlier in the process. But it may also offer an opportunity for surveyors to help provide material information for properties and support a more collaborative partnership.
Surveyors could work with agents and home sellers to provide up front reports that help agents and sellers comply with Parts B and C of the new guidance. This offers an opportunity to conduct more surveys that just through buyers alone who may forgo a survey if they don’t understand the benefits.
Click on the button below to view the full guidance notes from the National Trading Standards.