The National Trading Standards Estate and Letting Agents (NTSELAT) have released guidance as to the minimum material information which should be provided in a property listing whether for sale or for let. This does not mean though that any other material information that may affect the consumer’s decision to proceed should not be given. There will be three phases Phase A information will be mandatory for all properties being advertised from the end of May 2022.
There is no indication of when we can expect further guidance on Phase B or C; when it would become mandatory or how the information is to be given to consumers e.g. is it through links to relevant documents rather than listing the information which runs the risks of errors being made. NTSELAT has given an indication as to what information will be mandatory.
Phase A
Tenure – This only applies when selling a property. Information would state whether the property is freehold, share of freehold or leasehold. For Leasehold properties you should also include the ground rent, service charges, length of lease or if it is shared ownership
Council Tax – This can be either the band or the rate. As some local authorities offer a payment schedule over ten or twelve months, it may be simpler to put the band rating, as the value could vary.
Property price or rent – The project summary suggests this must be the monthly rent. Whilst it occurs infrequently in rental advertising we will have to await guidance on how to present weekly rents or terminology such as ‘Offers in excess of’ if they are even permitted. ‘Price on Application’ is already deemed to be in breach of the CPRs, presumably an omission of material information, so is highly unlikely to be a field option.
Phase B
Utilities – Energy and broadband are two of many that would be required to be disclosed on an advert. Also the speed of the broadband or for sales potentially the fabric of the building which would include any cladding
Phase C
Additional material information – This will include anything that could affect someone whilst in the property. This could be the potential risks of floods, if there are any current planning applications that are being processed or restrictions that prevent commercial vans or caravans from being on the property.
Here is the link to the NTSELAT material information https://www.nationaltradingstandards.uk/uploads/Material%20information%20-%20Part%20A%20-%20Feb%202022.pdf
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