In late 2023 some changes/guidance for our industry occurred and I thought some of this may be of interest to our readers. You will be made aware of the changes when you choose Tempertons to act for you in the sale and marketing of your property this year.
The National Trading Standards Estate and Letting Agency Team (NTSELAT) announced its latest guidance on improving the disclosure of upfront information in property listings. The aim is to assist buyers, agents and ultimately conveyancers in making informed decisions on property purchase by way of greater transparency and to make clear what ‘material information’ means in the context of the Consumer Protection Regulations and what must not be omitted.
These items must be disclosed on marketing material for all listed properties in order for the prospective buyer to have all information in order to make a transactional decision. Any information provided about a property must be accurate, truthful, not hidden and not misleading.
Our role is to proactively request material information from the seller so we can create property particulars and to verify information to take all reasonable steps to ensure accuracy.
Part A, as it’s termed, was laid out in February 2022 and included disclosure of tenure (leasehold/freehold), lease length and service charges, council tax banding and asking price (no more POA).
Part B and C were set out on 30th November and include for Part B, property type, property construction (brick, tile etc), rooms and measurements, utilities (including broadband speed and mobile phone signal strength) and parking.
In Part C, any flood risk, cladding issues, planning consents, accessibility adaptations, covenants and restrictions (TPOs, listed status and so on), broadband speed and mobile signal strength.
Property buying is falling in line with just about every other major asset purchase process. After all, would you buy a business without looking at the books first, or an investment product without reading the small print before committing?
The more information that is gathered at the beginning of a transaction i.e at the listing, the quicker the sale will complete. Since the pandemic this period has now risen to 115 days on average. It has been demonstrated over a 12-month period by some conveyancers piloting upfront information that the time between SSTC and exchange reduced by as much as 53 days, resulting in fall-through rates reducing by as much as 60%.
These are the fundamentals of an improved buying and selling process via the provision of better upfront information not to mention sellers and clients that end up feeling less stressed, happier and more appreciative of their agent!
Hopefully our clients will see and appreciate the results of these changes soon.
If you are thinking of selling in 2024, come and see us or give us a call or email us.
Nick J Hughes MRICS
Partner Tempertons
