The long-anticipated Parts B and C of The National Trading Standards Estate and Letting Agency Team (NTSELAT) material information rules were released last week. The latest Material Information update follows the release of Part A in 2022, which covered requirements on council tax bands and rates, property price or rent, and tenure information, key financial information that must form part of the listing.
Parts B & C are a more in-depth examination of the property itself, such as building materials, utilities information, and parking, as well as any restrictive covenants or known risks. Estate and Letting Agents will be expected to gather information from vendors and verify it using authoritative sources where applicable. Over the next 12 months, the NTSELAT will be monitoring portals and agent’s websites to ensure they comply with the new regulations.
While the news has been met with positivity and seen as a much-needed step to speed up property transactions, there has also been some hesitation due to the extra workload it places on agents.
In anticipation of this latest evolutionary step within the home selling process, we’ve been hard at work developing our newest product offering. Our material information function is the latest addition to our industry-leading AML offering and is designed to be a low-cost solution that takes the burden of material information off both sellers and estate agents alike
Our new intelligent Material Information forms empower vendors to effortlessly submit property details. Utilising the latest design techniques, we’ve crafted a streamlined experience, that will allow you to list properties without delay. What’s more, sellers will also be able to provide this information at the same time as completing their ID verification.
That means in just a few clicks, you’ll have everything you need to list a property including full title register/plans, verified ID, AML searches, and material information or in other words a Credas Complete Vendor Compliance Pack.
Our new vendor compliance packs have been designed so can then be shared with potential buyers, providing a wealth of information to help them make a more informed decision when it comes to purchasing a specific property. The packs are fully configurable, allowing you to choose what data you want included should you want different reports for buyers and sellers.
Full details of our new service will be released soon but for a sneak peek contact us today.
2024 Compliance Webinar
Want to stay ahead of the game when it comes to compliance? Credas Technologies will be hosting a webinar on 20th December focussing on the latest compliance requirements for 2024. Click here to register.