At the end of 2023, The National Trading Standards Estate and Letting Agency Team (NTSELAT) published a full material guide to help agents to meet their existing legal requirements under the CPRs. The guidance has been developed in response to agents’ calls for clarity on what constitutes material information. The material information guides also available to support landlords, tenants, buyers and sellers.
Under the Consumer Protection Regulations (CPRs), agents are required to disclose all material information on property listings. However, until now there hasn’t been a specific list outlining what constitutes “basic information.” A survey of agents in 2021 finding that 91% agreed that a defined list of basic material information would help improve clarity for the industry. To mitigate risk and ensure compliance, estate agents are advised to engage conveyancers at the start of the sales or letting process.
By doing so, agents can benefit from reduced transaction times and fewer setbacks resulting from the discovery of important information. For sellers, having a conveyancer on board at an early stage helps to ensure that validated information is available for marketing purposes and that issues like restrictive covenants are addressed in advance.
For buyers and renters, new data fields will appear on portals, flagging any missing information with an explanation of what’s lacking. This will enable consumers to make informed decisions before embarking on the process of moving home.
To prevent possible setbacks, Trading Standards is giving estate agents time to adjust to the new rules before they are legally binding. They want potential buyers to have access to information that could discourage them from traveling a long distance to see a property that may have some problems. As a result, it is essential that buyers have access to this information before scheduling a viewing.
NTSELAT will be monitoring take up on the portals over the next 12 months.
At Jacobs Steel, we understand the importance of providing transparent and comprehensive information to our clients and are thrilled to see this new publication that aims to prevent potential buyers from encountering unexpected issues that could deter their interest. This will be achieved by providing buyers with access to crucial property details before scheduling a viewing.
Jacobs Steel is committed to operating within the strict codes of conduct issued by the National Association of Estate Agents and the Property Ombudsman.
Read The National Trading Standards Estate and Letting Agency Team (NTSELAT) publication in further detail.