Selling a Property? - Check your Sale Particulars, are they Compliant?

As a homebuyer, you'll be glad to know that the National Trading Standards Estate and Letting Agency Team (NTSELAT) has recently published new guidelines aimed at making property advertisements more transparent and informative. The goal is to ensure you have all the vital information about a property at your fingertips before you make a decision. In this post, we will break down the key points in the guidelines and discuss how they benefit you as a potential buyer.

What Information Should Be Included? The guidelines lay out an extensive list of essential details that should be included in every property ad:

1. Asking Price: What's the listed price of the property?
2. Property Layout: A floor plan or room measurements to give you a sense of space and layout.
3. Energy Efficiency: The property's Energy Performance Certificate (EPC) rating.
4. Council Tax: Details about council tax band and associated costs.
5. Ownership Status: Is the property leasehold or freehold?
6. Extra Charges: Any additional charges such as ground rent, service charges, or estate rent charges.
7. Utilities: Confirmation of utilities like water, gas, and electricity.
8. Broadband: Information on broadband availability and quality in the area.
9. Mobile Coverage: Data on mobile network strength and coverage.
10. Parking: Information about parking facilities, restrictions, or permits.

Depending on the property, certain additional details may also be relevant:

1. Usage Restrictions: Any limitations on how the property can be used or modified.
2. Rights of Way: Information about rights of way or access points affecting the property.
3. Limitations: Any restrictive covenants or reservations that apply.
4. Accessibility: Details about accessibility features for individuals with disabilities.
5. Mining: Information on mining activities in the surrounding area.
6. Flood Risk: The property's susceptibility to flooding and any historical flood incidents.
7. Coastal Erosion: For properties in coastal regions, information about erosion risks.

For Technical Matters: 

The guidelines suggest that you should engage conveyancers for interpreting technical search results and title documents. You can either hire your own conveyancer or use the services offered by the estate agent. If the agent offers such services, they must clearly explain any associated costs to you.

How Does This Benefit You? 

By setting out a clear list of material information requirements, these guidelines ensure you get all the crucial details about a property upfront. This not only saves you time but also reduces the chances of transaction delays due to differing search requirements in different areas. With all this information readily available, you and your conveyancer can make a more informed decision, thereby reducing the likelihood of transaction fall-throughs and making the property market more efficient. 

Contact us if you require any further information : davidp@mjpconveyeyancing.com