Property listing rules: Lawyer involvement encouraged
There has been new legislations enforced on the information that should be included in property listings, this would promote sellers to request lawyer aid earlier in the process. All properties listed, from the end of May, in the first of a 3 stage process will have to include the property’s council tax band, council tax rate, the property price and tenure information. In the next two stages the sellers will have to declare restrictive covenants, flood risk and other specific factors which could impact the property due to it’s environment. These new data fields will start to appear on portals over the coming weeks. If they are left empty by an agent, this will be flagged on the listing so consumers can see what information is missing. This will link to advice on why that information is important and how it may be obtained.
Do you believe this is important for the property buying market?