Considering selling your home? Some more regulations to think about...
In November 2023, National Trading Standards introduced new guidance in respect of the process required by Estate Agents preparing residential property for market. These changes to regulations may impact what a selling agent requires from you.
It is crucial to ensure the recent changes do not take you by surprise.
The new guidance outlines a framework for Estate Agents to provide information in three parts, including gathering necessary information about the property before advertising it for sale. Your estate agent will handle the requirements set out in the first two parts (A and B). However, we recommend that you consult with lawyers in respect of the information required in part C before going to market.
What information do I need to provide?
Firstly, you will need to confirm whether your property is freehold or leasehold. You will also need to provide a copy of the title deeds, including registered title documents such as the lease, conveyance or any deed registered against the property. If your property is unregistered, our team will be able to review the title deeds to ensure all the relevant information is available.
You will also need to provide further information on a host of things, where relevant. This includes building safety, flood risk, coastal erosion, planning permission and restrictions on permitted development, whether the property falls within a mining or conservation area, and whether it holds a listed status. We can assist you gather this information by checking with the relevant authorities.
Why the change?
The intention of the new regulations is to help avoid any delays, or even a collapse, in the sale. We often find, for example, that a forgotten deed of easement giving a neighbour a right of way over your property, or an unexpected historic rent charge can really delay the sale process or lead to a price re-negotiation.
By requiring sellers to provide key information at the start of a transaction, rather than mid-way through, potential buyers will have more comprehensive information about the property before making their offer. The regulations are a softer version of the Home Information Packs, which you may remember was introduced then scrapped many years ago, aimed at speeding up the conveyancing process and offering more transparency to potential buyers.