More detailed information to be required for all properties for sale or to let
The National Trading Standards Estate and Letting Agency Team (NTSELAT) has published the long-awaited Parts B and C of Material Information rules that will require more details to be provided on all properties offered for sale or to let.
The new rules are coming into force immediately, and preparation for the changes required is already underway.
“Material Information part A has been in force for a while now and most purchasers have become used to seeing the Council Tax Banding in the property description, for example, and tenants already see clearly what the rent is going to be and how much the holding and then the full deposit are going to be.
“The latest set of guidance now goes further and provides potential buyers or tenants with more in-depth information about a property before they even leave the comfort of their home. It is hoped that this will give people more confidence and knowledge about the property before booking a viewing.
“The newly released Part B rules cover the physical characteristics of the property, the number and type of rooms, utilities and parking. Part B will also require detailed information on the type of heating, whether the property has mains sewage, public or privately owned, or a septic tank, and broadband speeds and mobile coverage critical to the growing numbers of people working from home.
“Part C is a little more specialised and covers information you would usually rely on your solicitor or surveyor to discover for you, especially if buying out of the area. This includes all aspects of building safety, from unsafe cladding to wooden decking and emergency lighting. It also includes restrictions, whether that is lease, covenants, or listed building status, an easement or even a right of way. Flood and erosion risk must be disclosed including risk of coastal erosion. Planning and proposed development also fall into Part C, as does coalfield and mining area information. Finally, details of property accessibility and adaptations which will help people with mobility needs determine whether a property is going to be suitable for them.
“The list isn’t exhaustive, and whilst property owners will undoubtedly find themselves spending longer talking to their agents about the property they wish to sell or let, and probably paying for some pre-sale information similar to HIPS, it will hopefully reduce the risk of a potential buyer withdrawing from a transaction late in the sale process, or a tenant moving out of a rented property prematurely.
“Now these Material Information rules have been announced, here at H&H Land & Estates we will be introducing new working practices from this point forward, to make sure that all our sales and residential lettings clients are accommodating the new regulations.”
With a highly specialised understanding of the property sector across the North of England and the Scottish Borders, H&H Land & Estates have a well-regarded reputation for selling and letting all types of property across the region.
