Under Consumer Protection from Unfair Trading Regulations 2008, estate agents have a legal obligation not to omit material information from property listings.
What you need to know
- Property agents must ensure they proactively request material information to create the property particulars.
- Verification checks should also be carried out on the information that is provided to ensure that it is accurate (e.g., obtaining title information to confirm ownership, or verifying with local knowledge).
- Property information questionnaires (PIQs) (e.g., the Law Society’s TA6 form, the Home Buying and Selling Group BASPI, or the Propertymark PIQ) can be used to request the details needed to list the property.
Do you have your own questionnaires? Make sure you review them to ensure that material information is being obtained prior to the property being listed.
We can help
We recommend that you take steps to ensure your clients are identified as the person or people with the right(s) to sell the property.
This might be achieved by checking clients’ identification against the property title or deeds, or by checking relevant lease agreements or contracts.
Material Information Part A
Part A information is information that, regardless of outcome, is material information in all circumstances such as Council Tax Bands, Asking price, Tenure (Freehold/Leasehold/Commonhold)
You should check that the boundary of the property on the title plan is representative of the land and property being sold. If there are any discrepancies between the title plan and the area of land/property being sold, the seller should speak to a conveyancer and/or the relevant land registering organisation.
Material Information Part B
Part B information should be established for all properties and is considered material information generally where the information may involve some cost of maintenance or repair, affect mortgage availability, or affect the availability of relevant insurance products, or affect the use or enjoyment of the property.
Physical characteristics of the property, Property Type, Material type / materials used in construction,
Number and type(s) of room(s), Utilities, Electricity Supply, Water supply, Sewerage, Heating, Broadband, Mobile Signal/Coverage and Parking.
Material Information Part C
Part C information may or may not need to be established depending on whether the property is affected or impacted by the issue in question. Building safety (flats), Restrictions, Rights and Easements, Flood risk, costal erosion risk, Planning Permission ot proposal for development, Property Accessability/Adaptations, Coalfield or Mining Area.
Trading Standards Comment:
“We acknowledge that property agents are not experts in the fields below and are generally not qualified to interpret title deeds and associated contracts, or to make judgements on building safety. Where a matter in this section is identified and further information is required, we recommend that property owners/sellers and agents seek the services of qualified professionals (including, where relevant, a surveyor or conveyancer) to assist with the interpretation of the matter Identified”.
3 good reasons why you should speak to Roythornes before you list the property
- We can help you identify material information and guide you in the best way to source any missing information. Not all conveyancing firms will be able to do this.
- Starting early means you and your clients get a head start on gathering the all-important information.
- Add to this one of the best and most recommended conveyancing services in the region, from a leading firm of property law experts and you and your clients will be in safe hands.
Get the Roythornes team on board early and we can help.