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NTSELAT have published their guidance on the base level of Material Information required when a property is advertised.
The guidance summary states the required information will include:-
Relevant to all property:-
- Purchase Price
- Floor plan (or room measurements)
- EPC Rating
- Council Tax
- Additional financial charges (e.g. ground rent, service charge, estate rent charge)
- Utilities connected
- Mobile phone coverage
- Parking arrangements
May or may not be relevant:-
- Restrictions on use and alteration
- Rights of way
- Coastal erosion
The guidance does not expect estate agents to be able to translate technical searches and title documents, instead recommending the engagement of a conveyancer.
“Parts B and C material information may require, where applicable, the engagement of a conveyancer or surveyor, which can either be via the client themselves, or via any additional services offered by the property agent. If such a service is provided, any charges should be outlined and explained to the client up front and displayed clearly on any advertising medium. “
Beth Rudolf, Director of Delivery at the Conveyancing Association:
“Providing a defined list will make it much easier for estate agents to know what has to be provided. Overall though this will benefit consumers and stakeholders where the information will be gathered at the point of listing to identify the Material Information relevant to that property. Of course where this has been gathered and reviewed by the seller’s conveyancer that will only reduce transaction times, as it will all be available to buyers and their conveyancers on sale agreed, avoiding the post code lottery of delays for searches in some areas. Plus, with 90% of transactions going through while the search is up-to-date the buyer will be able to rely on the searches obtained to check for Material Information thus reducing fall throughs and transaction delays.”
The CA Digital Conveyancing Protocol provides guidance to the conveyancer on how to review and provide summaries to estate agents on Material Information.