Many who have sold a property over the years have instructed a Solicitor once a sale has been agreed between themselves and the buyer. However, it is now being advised by the National Trading Standards for Estate and Lettings Agents (NTS) that it may be best to instruct a solicitor from the beginning of the selling process, to ensure that all of the correct ‘material information’ is present to better enable a buyer to make a more informed decision.
Estate Agents have for some time had to disclose ‘material information’, as set out under the Consumer Protection Regulations. This can be seen within their property adverts to best inform buyers of relevant information, not limited to; type of property, building materials, number of rooms etc. However, the NTS has now further clarified additional information will be needed and what exactly constitutes as ‘material information’, further stating that certain information may only need to be established if the property is affected by a certain issue, such as a flood risk or restrictive covenant.
The introduction of bringing a solicitor on early in the process will help ensure that the Agents have the correct and relevant information early on. In addition, certain issues, such as boundaries, Land Registry issues and restrictive covenants are dealt with in the early stages, which can save a lot of time during the process.
In addition, the understanding of this is to ensure that the buyer is fully informed in whatever property they decide to go for, thereby reducing the number of sale fall-throughs – seen across the market – which can only be a win for both seller and agent in the long term.
As Surveyors, we speak to a lot of Estate Agents across North Wales, Cheshire and Shropshire and understand that this confirmed guidance will be of a great help to them.
Further information can be found here at the National Trading Standards for Estate and Letting Agents – https://www.nationaltradingstandards.uk/news/full-material-information-guidance-published/