The National Trading Standards Estate and Letting Agency Team (NTSELAT) are implementing new requirements for material information to be included in property listings. Part A came into place in 2022 and requires information that, regardless of outcome, is always considered material for all properties. Such as council tax banding, tenure, and price/ monthly rent.
Parts B and C have been published today. Parts B and C require additional information to be published with a listing which are property specific.
Part B will be required for all properties and includes information about utilities and non-standard information which may affect a purchaser's decision such broadband coverage, parking restrictions and mobile telephone coverage.
Part C requires information established on a property-by-property basis such as flood risk, covenants on the title, easements, or Build Safety Act issues. Obtaining the information for this part is likely to be more difficult to establish from the seller themselves unless they have kept all the information from when they purchased. It is therefore essential to advise Sellers to instruct their Conveyancer prior or simultaneously to marketing the property to assist with obtaining all such information that would be needed for marketing the property to ensure that issues such a restrictive covenants or boundaries are addressed as early in the transaction as possible.
Ellisons would be able to provide a summary of the information from the legal title and highlight any relevant information provided by the instructing Seller, which would prove useful to include within the marketing information with the intention to shorten transaction times and limit withdrawal of offers as a result of important information coming to light later in the transaction.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
