The introduction of the Material Information guidance in 2022 marked a significant turning point in the landscape of property transactions. This game-changer is spearheaded by National Trading Standards (NTS), the government body dedicated to upholding fair trading practices in the UK. Prior to the Material Information guidance, estate agents operated under a less stringent framework, with varying interpretations of what constituted “material information” sometimes leading to misunderstandings and potential misrepresentation. The NTS, recognizing the need for greater clarity and consumer protection, stepped in to establish a standardized set of guidelines, ensuring potential buyers and renters receive accurate and comprehensive information about the properties they’re considering.
Since the final part of this guidance was issued at the end of November 2023, we have visited many estate agents and solicitors to discuss these changes and discovered significant uncertainty and varying interpretations of what is required. As a result we have organised a seminar with John Tutchier from Cornwall Trading Standards to discuss this guidance and the practical implications of implementation. This is due to take place from 0930-1230 at the Alverton Hotel in Truro on 24th January 2024. The preliminary agenda is as follows:
· 0930-1000 – Arrival, registration and networking
· 1000-1030 – Material Information vs Upfront Property Information, Simon Gill, PSG Cornwall/ YourHomeReport
· 1030-1200 – Presentation on Material Information Guidance and Discussion, John Tutchier, Cornwall Trading Standards
We will be making this seminar available live online for those who are unable to make the event in person. If you wish to attend, please email info@yourhomereport.co.uk specifying if you wish to join virtually or physically by Friday 19th January. John is also keen to hear your views in advance of the seminar. Please submit any questions before the end of this week to ensure he can address these during the session.