Trading Standards has defended the introduction of ‘material information’ requirements on details of properties for sale, after a conveyancer warned landlords that the new measure may add to costs when selling up.
On Friday we covered the comments of Simon Nosworthy, head of residential conveyancing at Osbornes Law. He warned that the new requirement for additional details on property descriptions – online and in print – would require earlier engagement between sellers and conveyancing solicitors, and could add hundreds of pounds to the sales cost.
Nosworthy said: “Effectively sellers will have to engage with a conveyancing solicitor before they list their property and not when they have received an offer. This means that if a homeowner lists their property and fails to sell it, they will have already spent a decent amount of money on fees and searches. Overall this could mean homeowners spending hundreds of pounds more.”
However, the National Trading Standards Estate and Letting Agents Team has defended the new requirements.
James Munro, Senior Manager of the NTSELAT, has told Landlord Today: “Of all the decisions we take in our lives, deciding where we live is undeniably one of the most important. It can have a profound impact on our health, happiness and wellbeing – and buying or renting a home is one of the biggest purchasing decisions we will ever make.
“That’s why it’s important to work towards a future where more material information about a property is available earlier in the buying, selling and renting process.
“The recent guidance will prompt all players in the property market to do things a bit differently, and sellers may find that bringing conveyancers on board at the outset helps ensure all information is available for marketing, and issues with things like restrictive covenants or boundaries can be addressed earlier. For buyers, a better understanding of why certain information such as a property’s tenure is important will enable them to make informed decisions when they embark on a property search.
“Efforts to improve the provision of material information have been worked on for some time and change has been long overdue. The progress that’s been made in recent months has been widely welcomed and I’ve been encouraged by the overwhelming positive response the new guidance has received.”
The release of the new guidance on material information has come in two phases.
Around 18 months ago the first part (part A) required property listings to include price, council tax band and whether the property is freehold or leasehold. Most estate agents already included this information.
In November last year two further sections (parts B and C) were announced. Part B relates to information such as details of utility supplies, heating and parking. Part C, which includes material information mentioned above, represents the most drastic change and will mean sellers need to employ a solicitor before they list their property.
