The final two phases of the Material Information Changes have now been released by National Trading Standards Estate and Letting Agency Team. With the new guidance, conveyancers will be needed to work with estate agents to ensure that the correct information is collated before marking a property as for sale.
John E. Jones, Director and Head of Residential Property at Jackson Lees, said:
“I am really pleased at the publication of the much anticipated final guidance from Trading Standards (NTSELAT) on what is considered 'Material Information' under the Consumer Protection from Unfair Trading Regulations 2008. Estate agents now hold lists under Part B and Part C of the guidance detailing what information that must be made freely available to potential buyers. We greatly welcome the new guidance, which means that agents must now disclose more property specific information during the marketing of a property to allow potential buyers to be better informed before making an offer.
“The guidance reminds me of the 'fence or ambulance' poem in that it is a better to erect a fence at the top of the cliff and prevent someone falling off it than have an ambulance waiting at the bottom of the cliff for when you have fallen! The material information will be that 'fence' allowing buyers to mitigate the risks and implications of buying their 'dream home' before they decide to make an offer. Material information is clearly of real benefit to potential buyers.
“Key to providing that benefit is ensuring that the material information is current and accurate. NTSELAT suggest that agents engage the services of a conveyancer in gathering the information. Again, I support that suggestion wholeheartedly.
“Here, at Jackson Lees, we look forward to working alongside estate agents, for each other’s benefit and the benefit of those buying or selling property, to collate and verify the necessary management information required to follow the guidance correctly. To achieve this, we encourage our agent colleagues and sellers to instruct us before the property is marketed for sale. Engaging us at that stage will also reduce transaction times once an offer has been made. "
To contact John and his team, please email enquiry@jacksonlees.co.uk or call us on 0151 282 1700.