One in five of sellers unaware theyre delaying own transaction: Moverly Mortgage Strategy

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One in five of home sellers are unaware that they may be causing delays to their own sale, a Moverly survey shows.

The survey found that these sellers are unaware of what material information is and the details that are required to be provided on their property listing.

When asked if they had provided their agent with all of the required details to satisfy Material Information Part A, 23% said they are either unsure, have provided none of it, or have only provided some of it.

Part A refers to details that are considered essential for all properties, such as council tax band, asking price, and tenure information.

For Part B, which refers to information that must be established for all properties, such as physical characteristics, the number of rooms, and how utilities are provided, 20% are either unsure, have provided none of it, or have only provided some of it.

Meanwhile, for Part C 37% of sellers are unsure, have provided none of it, or have only provided some of it.

Part C refers to information that may or may not need to be established, such as listed building status, unsafe cladding issues, and planning permissions.

When asked if their estate agent has advised or guided them on the Material Information required within their property listing, 37% responded in the negative.

Moverly’s data found that many properties are still going on the market without the legally required Material Information.

In addition to delays, agents face serious fines for not providing the required information in property listings.

From April, the Competition and Markets Authority will become the main overseer for Material Information compliance with new powers to fine agents as much as 10% of global turnover for non-compliance.

Moverly chief executive Gemma Young says: “While Material Information requirements are becoming increasingly important for property listings, there’s still a clear knowledge gap in the market, particularly with consumers who haven’t heard or don’t understand the purpose of it.”


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