27 October 2023 by Sian Farrell

Let’s get ready!

We have recently spoken about being ‘exchange ready’ to speed up a property transaction and the recent implementation of Part A of Material Information Disclosure has encouraged that. The implementation of Parts B & C will happen soon and we need to consider how this will change a property transaction.

What is Material Information Disclosure?

Estate agents have an obligation to ensure material information is included in all property listings to allow buyers to make more informed decisions sooner rather than later.  Finding out material information about a property after engaging in a property transaction can affect buyers both emotionally and financially.  There are 3 stages to Material Information Disclosure:-

Part A:
The information supplied here refers to tenure, council tax and price

Part B:
The information supplied here relates to utilities such as (but not limited to) broadband, phone signal coverage and parking facilities

Part C:
The information supplied here relates to factors that may or may not need to be established depending on whether they affect the property and are likely to include information regarding covenants, easements and restrictions

With Part A already in force, it is expected that Parts B and C will be introduced in the next few weeks.  This will no doubt change how we buy and sell residential property.   The way estate agents interact with buyers going forward will also be influenced by the introduction of Parts B and C and there is also an opportunity for a solicitor to get involved in property transactions earlier in the process.

How will the implementation of Parts B and C affect me?

It may be that the early disclosure of the certain information may deter some buyers at an early stage. However, it will also mean that a buyer is more likely to accept ‘an issue’ if it is disclosed up front, as opposed to at the last minute, which will avoid wasted time and costs for all parties. It is also expected that this will result in fewer enquiries resulting in faster and smoother transactions.

Let’s get ready to work towards faster, smoother stress-free transactions!

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