There is an opportunity for a change in the way conveyancers offer their services as a result of the introduction of the Material Information Guidance, suggests Head of the National Trading Standards Estate and Lettings Agents Team (NTSELAT), James Munro.
Speaking to podcast host David Opie, Munro says there is a "great opportunity for the conveyancing profession to get involved in a transaction at an earlier stage" and collaborate with estate agents to collaborate to create a "limited service" for home movers and estate agents to help them comply with the detail of the new guidance.
The Material Information Guidance has now been released in full by (NTSELAT) in conjunction with a steering group to provide clearer guidance on compliance with the Consumer Protection from Unfair Trading Regulations 2008 (CPRs). In the podcast Munro explains the origins of the guidance lies in the challenge presented by the overarching CPRs which superseded the Trade Descriptions Act 1968 and, most importantly for the property industry, the Property Misdescriptions Act 1991 (PMA’s). Critically, reminds Munro, the regulations apply both at the outset, during and at completion of the sale.
The discussion explores the detail and requirements outlined in Part A, B & C and the implications for home movers, estate agents and conveyancers; and suggests that a "limited service" might help interpret any issues with the property that arise, and disclose that information in such a way that estate agents can provide clearer details on property listings, and home movers are better informed of potential pitfalls earlier in their decision making process.
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