The National Trading Standards Estate and Letting Agency Team (NTSELAT) published Parts B and C of Material Information rules in November 2023. Part B is information that should be covered for all properties – such as the type of property, the building materials used, the number of rooms and information about utilities and parking. Part C is information that only needs to be established if the property is affected by the issue – such as flood risk or restrictive covenants. Part A was announced in 2022 and includes council tax band or rate, property price or rent and tenure information for sales.
This guidance reflects an intent on the part of NTSELAT that potential purchasers of residential property should have transparency on key information relating to the property at an early stage.
In Scotland, we are fortunate that the well-established Home Report process, mandated in law by the Scottish Government to be made available close to the point of listing, already contains a Sellers’ Questionnaire, Energy Performance Certificate and Valuation Survey (conducted by an RICS-qualified Surveyor). As such this already satisfies many of the up-front information requirements required under the NTSELAT Material Information rules.
Supplementary Report
The new Supplementary Report from Landmark Scotland aims to close the gap in satisfying the Material Information requirements, providing the additional, property specific, information needed to comply with parts B & C of the rules. Key points to note:
The report is warranted and covered by Professional Indemnity Insurance to the value of £10 Million
Data is drawn from various sources under negotiated and licensed (where applicable) agreements with the data owner
Legal title conditions for the property are prepared by professional legal searchers, Millar & Bryce, part of Landmark Information Group
The Report is not intended to replace the professional advice given by a conveyancing Solicitor during the transaction process – it complements the current Home Report review that will be undertaken by the prospective buyer in conjunction with their Solicitor in order to make an informed bid on the property
For further information on the Material Information – Supplement to Home Report please contact eas@landmark.co.uk
