If you have had a tenant pull out of a tenancy at the last moment, or you’ve had to abandon a purchase of a new property as you expand your rental property portfolio, it could have been because of information you hadn’t known earlier in the process coming to light.
Changes to material information aim to solve this problem by providing all the information that a buyer or tenant needs at the very start of the buying or renting process – the idea being that with all the relevant information it’s easier to make quick decisions than having to rethink further down the line.
Why Change Is Required
It’s already an obligation for agents not to omit material information on property listings as part of the Consumer Protection Regulations (CPRs). However, what constitutes material information hasn’t previously been comprehensively defined, which can mean the relevant information needed to make decisions isn’t available and only becomes apparent later in the process. This can lead to deals falling through.
The Initial Changes
The defining of what constitutes material information is part of a project spearheaded by the National Trading Standards Estate and Letting Agency Team (NTSELAT) which is working with industry leaders as well as property portals such as Rightmove, Zoopla, OnTheMarket and Property Pal.
The first part of this process saw the announcement of Part A in 2022 which was the most basic information needed for a property. This includes the council tax band or rate, the property price or rent and tenure information (for sales).
The Latest Changes
The latest changes see the defining of parts B and C of material information. It defines Part B as information which should be provided for all properties, and which explains more about the property and its features. This includes the type of property, the building materials used, the number of rooms it features and information about utilities – including broadband accessibility and speeds – as well as parking availability.
Part C, meanwhile, covers information that needs to be disclosed if that property is affected by that issue, such as flood risk or restrictive covenants.
How It Impacts You As A Landlord
Being sure that you can provide information such as this, whether directly to the agent or prospective tenants, will be an important part of your responsibilities as a landlord when marketing a property for rent. Your prospective tenants will see the new data fields being shown on the property portals on which they are looking and will begin to expect the information to be there to help them make their decision on the property they choose to rent.
As well as publishing the new guidance NTSELAT has also published short guides for those affected, including landlords, to explain more.
We Can Help
At Progressive Lets we are experts in the rental market in the Peterborough area and help landlords find and manage properties within a 50-mile radius. We work with landlords of all sizes. Get in touch to find out more.
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Wayne Beecham
Wayne is East Midland’s answer to property management. His hard work and high standards of service have gained him a fierce reputation within the regional lettings market. He knows what it takes to own and manage a profitable portfolio himself, because he is not only a successful investor and landlord, but co-founder and “hands on” managing director of Progressive Lets.
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