In a significant shift for the UK property market, landlords considering selling their properties may face increased expenses due to new Trading Standards guidance. This assertion comes from a leading conveyancing solicitor, shedding light on the potential impact of the recent directives.
The National Trading Standards Estate and Letting Agency Team (NTSELAT) has introduced guidelines mandating sellers to disclose a broader spectrum of information deemed as ‘material’ in property particulars. This includes details such as restrictive covenants, property listing status, tree preservation orders, and rights of way. Moreover, sellers might need to conduct additional environmental and local land charges searches, covering aspects like flood risk, coastal erosion, mining activities, and relevant planning permissions.
While this development might seem daunting for sellers, it marks a significant improvement for buyers. With access to comprehensive information upfront, prospective buyers can make informed decisions before committing to a purchase.
Simon Nosworthy, head of residential conveyancing at Osbornes Law, views this guidance as a transformative step in the home-selling process. “Previously, buyers bore the responsibility of conducting environmental and local authority searches. Now, this burden shifts to the seller,” he explains. “This necessitates engaging with a conveyancing solicitor before listing the property, potentially resulting in upfront expenses. Overall, this could translate to homeowners spending hundreds of pounds more.”
The rollout of this guidance has occurred in two phases. Initially, around 18 months ago, the first part (part A) mandated the inclusion of basic information such as price, council tax band, and property tenure in listings. Most estate agents were already compliant with these requirements. Subsequently, in November of the previous year, two additional sections (parts B and C) were announced. Part B encompasses details like utility supplies, heating arrangements, and parking facilities. However, it’s Part C that signifies the most significant change, compelling sellers to enlist a solicitor before listing their property.
Nosworthy further explains, “While the guidance was announced in November, NTSELAT appears to be allowing time for estate agents to undergo training before enforcement. Yet, consumer awareness remains limited. Nonetheless, homeowners may soon find themselves tasked with gathering this information.”
Amidst these changes, questions linger regarding the response of housing platforms like Rightmove and their stance on implementing the new guidelines. “While it may pose challenges for sellers, it’s a positive development for buyers, ensuring a smoother process and preventing surprises post-purchase,” Nosworthy concludes.
As the real estate landscape evolves with regulatory adjustments, both sellers and buyers navigate new terrain, shaping the future of property transactions in the UK.