When you’re selling your property, material information is one of the many things you need to know about. Here’s an explanation of what material information is and how important new rules will affect you.
What is material information in a property sale?
Material information is basic information about a house or flat that prospective buyers need to know.
Material information includes, among other things: the price, number and type of rooms, utility information, Council Tax band, any flood risks, details of parking and any rights or restrictions that the property has.
If your property is leasehold, then material information includes things like the length of the lease, ground rent and any service charges payable.
Why is material information important?
Material information gives prospective buyers the facts they need to make a sound decision on whether to buy or not.
Having all the material information available when your home goes on the market can help attract the right buyer and assist the sale to go through more smoothly.
If the material information is incomplete or inaccurate, it could cause problems at the conveyancing stage, or possibly cause the sale to fall through.
The new material information rules
For several years now, National Trading Standards has provided useful guidance on what material information should be provided when selling property.
But just recently, this guidance has been withdrawn.
This is because a new law has just come into force – The Digital Markets, Competition and Consumers Act 2024.
This new law does not specify what material information must be provided to buyers. However, it prohibits unfair trading, including omitting relevant material information.
What sellers need to do
A big advantage of using an estate agent who’s up to speed with the rules is that you don’t need to worry about what’s involved.
Your estate agent will collect the necessary information and make it available to prospective buyers when they need it.
All you need to do is be ready to answer any questions your agent has to help them do this. (Always be open and honest with your responses. Making misleading material information claims can have serious legal consequences.)
We hope you’ve found this explainer on material information helpful. If you’d like advice from us about selling your home, as well as a valuation, please call or message us today.
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