Why use the PIQ?
It is vital that vendors assemble relevant information, and while this can lead to greater depth in discussions with clients at the start of the process, ensuring that a property is sale-ready, in addition to being marketing-ready, yields benefits. Propertymark members have reported that the PIQ:
- helps property agents to reduce the number of enquiries raised during the conveyancing process,
- avoids some transactions failing due to unexpected developments; and
- can shorten the time from offer to completion.
The PIQ is a vital tool in ensuring you meet your legal obligations under the Consumer Protection from Unfair Trading Regulations and build consumer confidence in the buying and selling process.
Full Material Information guidance published
The National Trading Standards Estate and Letting Agency Team (NTSELAT) has released comprehensive new guidelines covering all three phases of the programme, which aims to improve and standardise disclosures in property listings, helping agents to meet their legal obligations.
Our team encourages the use of questionnaires to help increase information in property listings and to support businesses with their compliance with consumer protection regulations and Material Information.
It’s great that Propertymark has updated its PIQs to reflect the collaborative work of NTS and industry stakeholders to better improve the provision of material information. Propertymark worked closely with us on this and continues to be a much-valued steering group member, reflecting the valued opinions of its members.
Consumer Protection from Unfair Trading Regulations 2008
We strongly encourage our members to use the PIQ and work with vendors as omissions and inaccuracies often lead to delays in transactions. It will help you to disclose any issues that would affect the transactional decision of the average consumer.
The form also reveals issues such as missing certification which can delay a sale later in the process. When issues are raised as soon as an agent is instructed, and prior to marketing, it allows time for remedial action to get the property sale ready. As a result, conveyancers will raise fewer enquiries and transactions proceed quickly and smoothly.
Editing the PIQ
We recommend editing the forms digitally using Adobe Reader or Adobe Acrobat. See our guide for more information.
