A recent case reviewed by The Property Ombudsman (TPO) resulted in an award of £1000 to a would-be purchaser after the failure of the selling agent to provide the buyer with information relating to a loft conversion. In this case the buyer had been quite specific about their interest in a 3 bed property. We have seen a number of TPO decisions cite the need to comply with the Consumer Protection from Unfair Trading Regulations (CPRs), introduced in 2013 in place of the Properties Misdecriptions Act, particularly when clients have been explicit about their requirements.
CPRs require estate and lettings agents to establish material information, that is to say information which would influence any decision to put an offer in and buy a property, or let a property, up front. Thanks to ETSOS for the original article.
Make sure your agent is asking you questions about any works, extensions, planning permissions or alterations you have made and point out any to your agent if they miss something. You should also look at using a lawyer or conveyancer who will package your property details up ready for sale BEFORE you go onto the market. This will save on average two weeks and allow you to relax once you have sold your house and found your next move.
In England the average time from sale to exchange is 14-16 weeks! Less than 5% of sellers are aware of this, most thinking it is much quicker.
For more information about forward thinking agents, or conveyancers, contact me. We’re here to help!