AVRillo

Agents and Material Information Disclosure | NTSELAT Guidance

Table of Contents

Save thousands with our 95% success rate
compared to a 39.8%* failure rate nationally.

* according to OnTheMarket data (OTM is one of the top 3 UK property portals alongside Rightmove and Zoopla)

Estate agents are legally obligated to find, consider, interpret and publish, not to omit, not to hide or publish late, all Material information, under the consumer protection unfair trading regulations regulations 2008, as interpreted by by the new guidelines published on 30 November 2023 by the National Trading Standards Estate Agency and Lettings Agency Team, NTSELAT.

National Trading Standards’ Estate and Lettings Agency Team (NTSELAT) has published guidance about the minimum level material information that estate agents have to provide, publish, not to omit, hide when listing a property for sale or to let, otherwise known as advertising, marketing.

What is ‘material information’?

According to the NTSELAT guidance, the ‘material information’ required when a property is advertised must include the following categories:

Part A – Fundamental Information

  • Council Tax Band/Rates
  • Asking Price
  • Tenure

Part B – Property Details

  • Type and Materials of the Property
  • Room Specifications
  • Utilities and Parking Facilities

Part C – Supplementary Information

  •  Building Safety Features
  • Legal Restrictions/Rights
  • Environmental Risks
  • Development Prospects
  • Accessibility Features

Material Information Pack – Click to Order

National Trading Standards advises the estate agent to encourage the seller to instruct a solicitor or conveyancer at an early stage to assist with this. The aim is to ensure that the buyer is much better informed at the start of the process which The disclosure of material information is a cornerstone of reducing fall throughs of the 400,000 transactions a year to just 55,000. By using upfront materials information in the 103 days, the property is marketed before conveyancers and conveyancing solicitors are normally instructed only after an offer is accepted, which then takes a further five months. Instead competing in just 40 days. That increases the success rate of buying and selling to 95% to compare that to 39.8% fall rate in the UK. Saving billions pounds to the UK economy, add ensuring more tax on property and money to the treasury, employing more in the construction industry, and more houses built and saving sellers and buyers hundreds of millions pounds lost when transaction is collapses.

It save the emotional term a recent survey has found out to 83% of sellers and buyers suffer from an anxiety related issue that they go to GP for because of the delay and stress without upfront material information.

What Material Information must be Disclosure in residential property Transactions?

Illustrious material information pack Note. Data is for illustration only.

Part A Material Information Council Tax Band C Council Tax Rate TBC Asking Price £ Tenure Leasehold Lease Start Date Lease End Date Lease Term Lease Years Remaining Service Charge £ Ground Rent £1

Part B Material Information Property and Material materials of construction: brick/block/stone Bedrooms numbers Bathrooms numbers Parking Electricity Supply Water Supply Sewerage Heating Broadband See section below Mobile Signal Coverage Broadband Speed Broadband type Download Upload Superfast 80 Mbps Mobile Coverage Indoor Outdoor EPC Enclosed.

Part C – Summary of Material Information Building Safety: Conservation Area Flood Risk Coalfield or Mining Area Coastal Erosion Risk Report on Title Complexity Score: 50 out of 100. Planning Permission: Building Regs. Schools and transport info: Property Accessibility / Adaptations

Material Information Pack – Click to Order

Penalties omitting to publish, hide or provide material information

Non-disclosure of essential material information can lead to severe consequences for estate agents, including imprisonment, unlimited fines, and the possibility of being barred from trading. This strict regulatory environment underscores the importance of comprehensive and accurate property listings.

Navigating Material Information Requirements

Part A – Fundamental Information

  • Council Tax Band/Rates
  • Asking Price
  • Tenure

Part B – Property Details

  • Type and Materials of the Property
  • Room Specifications
  • Utilities and Parking Facilities

Part C – Supplementary Information

  • Building Safety Features
  • Legal Restrictions/Rights
  • Environmental Risks
  • Development Prospects
  • Accessibility Features

The Role of Preliminary Packs in Compliance

AVRillo introduces a pioneering preliminary pack that aids in the meticulous management and disclosure of material information. This pack not only facilitates the initial disclosure process but also underlines the ongoing responsibility of all stakeholders to keep the information up-to-date.

Protocol Forms for Every Need

For estate agents, the pivotal forms are either the BASBI or the Law Society’s TA6 and TA7, mandatory since June 2014. AVRillo has further refined their protocol forms to accommodate any requirement—be it Law Society TA6 and TA7, BASBI from the Home Buyers and Sellers Group (HBSG), or the material information guidelines outlined in Parts A, B, and C under the Consumer Protection from Unfair Trading Regulations 2008. These forms are instrumental in ensuring compliance across various scenarios, adapting to the needs of agents, sellers, or buyers.

Material Information Pack – Click to Order

Illustrative Data and Disclaimer

The detailed examples provided within this guide are for illustrative purposes only, highlighting the type of material information that should be disclosed. It is crucial for estate agents to consult the actual forms—BASBI, Law Society TA6 and TA7, or AVRillo’s protocol forms—to ensure accuracy and compliance. Both National Trading Standards and AVRillo disclaim liability, emphasizing that their guidance and packs are not substitutes for legal advice. The onus is on professionals to verify the accuracy of information, especially when it is sourced from third parties.

Comprehensive Analysis of Material Information Categories

  • Council Tax Band/Rates: Impacts long-term affordability and suitability for a potential buyer’s budget.
  • Asking Price: Sets expectations and influences the negotiation process.
  • Tenure Details: Affects future rights, responsibilities, and costs associated with property ownership.

Building a Culture of Transparency

Educational initiatives, technology integration, and client engagement are fundamental for building a culture of transparency within the property market. Regular training sessions, software solutions for information management, and educating sellers and buyers on the importance of material information disclosure are key actions to implement.

Conclusion: Towards a More Transparent Property Market

The disclosure of material information is foundational to the integrity of the property market. By adhering to regulations and employing comprehensive disclosure strategies, estate agents, sellers, and buyers contribute to a culture of transparency and trust. This not only facilitates smoother transactions but also strengthens the market’s reputation, encouraging more informed and confident participation.

Material Information Pack – Click to Order

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