Propertymark is reaching out to all stakeholders across the entire industry to better understand the implementation of Material Information so far, and identify areas of potential evolution.
Material Information sits under the umbrella of Consumer Protection from Unfair Trading Regulations 2008 and aims to include key information which is material to the decision-making process of the average consumer.
Initial Material Information guidance was introduced back in May 2022 with Part A, which was subsequently followed with Part B and C in November 2023,
Propertymark, together with TDS, The Guild of Property Professionals, Property Redress Scheme, The Property Institute and Kerfuffle, are keen to understand how the new guidance has been fulfilled so far.
To enable this, two industry-wide surveys have been created: one for sales agents and another for letting agents to gather insight and feedback – with the two surveys open to Propertymark members and non-members alike.
The aim is to encourage wide-ranging reaction from those who work within the sector regarding current take up, operational impact and any overall bearing the new rules have created.
Propertymark said findings will help spearhead powerful data-driven engagement on the subject and enable compelling representation to government and other stakeholders to help ensure long-term progression.
Nathan Emerson, CEO of Propertymark, commented: “The overall research aims to create a springboard for reflection regarding how aspects are working at agency level, and it also aims to generate ideas to drive evolution and ultimately help craft a system that keeps pace and can deliver maximum benefit to all users.
“It is vital to gather insight and understanding from the very forefront of the industry to help steer future development and implementation.
“Propertymark is keen to gather real world thoughts from people who work across the sector and collect an open and honest account of positives, and any potential areas for improvement.”
What, no liaising with solicitors/conveyancers who firstly, may be able to assist with the completion of some of the MI questions and secondly, will ultimately have to decide whether or not they are able to accept a completed version of the new TA6?
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Agents and sellers want to get moving on launching to market. For us, most local solicitors are so slow, asking them to help with MI will delay things by many weeks. The public are also reluctant to push their conveyancer no matter how much education we give. If we all had Rob’s team it would be ok but in the real world we still deal with conveyancers who believe a fax is hi-tec. Many conveyancers are scared to increase fees to allow them to offer a proactive efficient service.
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There is some truth to what you say, Shaun. There are a lot of good conveyancers out there, but they are not cheap. And for that reason, as well as referral fees, most agents will not recommend them.
Technology makes very little difference in most cases.
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Vendors need to instruct solicitors for this to happen and they don’t want to at the start of the process. It is basic human nature not to incur costs until you have to. As agents we can advise vendors to instruct a solicitor but we order them to.
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The home buying and selling process is broken.
To open a file a conveyancer has top undertake money laundering duties. Inevitably the client may already have undertaken this twice already with the agent and a broker.
Once they have cleared this hurdle and paid money on account of searches they then have a number of forms to complete of which the TA6/TA7 will be one.
What is called for is a joined up approach between agents and conveyancers (are we moving to a time when they should be as one – I am a director of both types of practices and also involved in PIP to deliver a pack at the outset).
Why don’t we transfer houses like cars – have one party acting for both sides (like the continent) with an insurance policy to cover any claims (which both parties pay into).
There is no doubt that conveyancers fees are too low (having just paid £54,000 to an estate agent for his fees on a sale) there is a general resentment between conveyancers and estate agents despite the fact that many estate agents are just making ends meet on what they receive.
The obligations of solicitors and estate agents don’t often match. The solicitor is programmed to try and find out what is wrong with a property (if they don’t they end up having to claim on their PI insurance) the estate agent (and clients) just want the matter to go through quickly (until something goes wrong afterwards and the client then just wants to sue the conveyancer)
Estate agents often promote conveyancers who provide a referral fee and it is often the case that some providers (not all) are the cause of delays.
There are too few conveyancers now (most practices are like GP services trying to deliver too many cases with insufficient fees) – and in consequence the system fails.
Until both parties recognise the worth of the other, abolish referral fees and increase the fees of conveyancers and help each other to have clients complete material information before the process starts the system wont improve.
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The process is not really broken. The process is largely mismanaged and mishandled. By working with the right people you will will have a far better journey. The scariest results, usually come from the people who threatenn to do it cheapest. So avoid that route for starters.
Propertymark are not Conveyancers, they do not carry out the legal side of buying houses. Oh they list houses all right so you might find a house you like by looking at their list, although that is as far as it goes.
Your best way forward, avoid the gobble-de-gook and just find someone who you like and feel you can trust. Maybe find a couple so you can compare. Like and trust is important. not blinding you with science or complications, it is neither of those.
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So you feel making an offer on a property you don’t know much about, then after paying people for five months and someone pulling out a day before exchange is ‘mismanaged and mishandled’? Countries like Australia get exchange done in a couple of weeks, we need to move this way.
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