Agents need land revenue services to be accessible and affordable
HM Land Revenue (HMLR) provides vital information for agents listing properties to let and sell and completing the sales process. Quick, cost-effective access to these services is more important than ever as the industry adjusts to the latest material information guidance.
Clear land ownership details to reduce economic crime
The UK Government wants to improve the transparency of land ownership involving trusts, which will prevent unnecessary barriers to the sales process. Propertymark generally supports these efforts that will ensure agents can effectively help money laundering and economic crime in the UK property market. Agents, however, must be included in the list of professionals who can access the enhanced ownership details.
Communicating correctly about leasehold properties
If the Leasehold and Freehold Reform Bill becomes law, it’s expected that the sales market for leasehold properties will be reinvigorated. Leasehold is a complex area and can be intimidating for agents and consumers, so what are the fundamentals of the current situation, and how will this change if the Bill is introduced?
Full NTSELAT Material Information guidance
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.
Clarity provided on property advertising terms
The terminology surrounding the renting and sale of properties can be confusing for some consumers and new guidance from the National Trading Standards Estate and Letting Agency Team (NTSELAT) provides definitions of commonly used terms to improve consistency and understanding for everyone involved.
Upfront information requirements bolstered by UK Finance update
An amendment to the Mortgage Lenders’ Handbook for Conveyancers now states that details of remediation work under the Building Safety Act 2022 must be requested for transactions involving leasehold flats in England. Estate agents dealing with this type of property where remediation work is current or planned or has previously taken place must ensure the particulars are recorded and shared with stakeholders.
NTSELAT flesh out expectations on Material Information Part A
NTSELAT has released 19 pages of guidance around Part A of Material Information required for residential property, sales and lettings listings. With the scale of investment involved in property transactions and the unique nature of each property let or sold, NTSELAT’s work around Material Information aims to combat agents who try to manipulate buyer activity.
Have your say in the future of material information
The National Trading Standards Estate and Letting Agency Team (NTSELAT) is working with industry stakeholders to design standards on the key information that must be included in all property listings.
Material information for property listings rules updated
Under newly announced rules by the National Trading Standards Estate and Letting Agency Team (NTSELAT), a property's council tax band or rate, price and tenure (for sales) must now be included on all property listings by the end of May 2022.
Assured Advice 38: Pollution and flood risk
Would it be a misleading omission to fail to give information about pollution levels or flood risks for a residential property for sale or let?
Property Information Questionnaire (PIQ) for sales
Having contributed members views to the NTSELAT working group developing guidance on Material Information, Propertymark’s Property Information Questionnaire (PIQ) is a credible structure to underpin the work property agents do with their clients to gather information.
Assured Advice 37: Violent deaths and paedophiles
We have advice from Warwickshire County Council Trading Standards around whether agents need to disclose whether the previous occupant was murdered, committed suicide or a paedophile.
Dispute on material information accuracy leads to court case
Agents must be aware of the need to conduct due diligence checks on material information, as vendors from Oxfordshire are being sued for damages after claims they failed to disclose accurate information to their buyers. The buyers withdrew from the sale after the exchange of contracts when information of a planned nearby hotel development came to light.
Assured Advice 17: Displaying letting fees
Is it misleading for a letting agent not to display tenant and landlord fees in their offices?
Assured Advice 34: Property Information Questionnaire
Does the Propertymark Property Information Questionnaire, if properly completed, ensure compliance with the Consumer Protection from Unfair Trading Regulations 2008?
Assured Advice 7: Consumer Protection Regulations and certain situations
In this issue, Warwick Trading Standards Service answer questions on restrictive covenants, planning applications, Japanese Knotweed, parking at flats and a question whether you should disclosure that previous tenant was electrocuted and died.