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Updated Rules Regarding Listings on Property Portals1 Apr 2022

When advertising property for sale or rent the rules have now changed on what information you need to provide for potential buyers. The information estate agents are now required to disclose is more ‘material information’ regarding any sales or lettings that are being offered.

So what exactly are the changes?

To support the efforts to provide all information considered ‘material’, the National Trading Standards Estate and Lettings Agency Team (NTSELAT) has revealed the changes will take place over 3 stages (A,B and C). Further measures may be announced to support the new rules as stated in the Levelling Up speech given by Michael Gove.

Stage A, currently in the pipeline, means any information considered ‘material’ will need to be disclosed on property advertising by May 2022. Information such as any costs that will be incurred by the resident regardless of the use of the property needs to be made apparent to the buyer before the purchase is complete.

Stage B includes providing any additional material information that may affect a potential buyer’s decision to proceed with the sale upfront. This mostly applies to utilities where there are non-standard features.

Stage C states that any additional information that will effect the building itself, may or may not need to be established. This will for instance be location.

What needs to be provided when listing a property?

To break it down, here’s what needs to be provided by all agents on their website and property portal listings.

  • Council Tax band and the current rates payable
  • Tenure (the conditions for which a property is held)
    – If it is freehold
    – If it is leasehold and if so:
    – Current ground rent and the review period
    – Service charge information and the review period
    – Length of the lease
    – If it is shared ownership
    – Any details of the shares being sold
    – Commonhold
  • Price or Rent
    – For lettings, this includes the monthly rental amount plus any deposit required to secure tenancy.
    – For sales, this is the price as a single amount.

If you’d like to learn how to write a great description for property portals, read our post ‘How to Write Kickass Descriptions for Rightmove

 

Katie is a Freelance Copywriter living in rural Dorset with her daft old Labrador. She first started writing content for the property industry back in 2015, and loves nothing more than bringing brand voices to life!

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