Proptech reveals solution to new ‘material information’ burden

Credas Technologies has launched a material information function to help estate agents comply with the National Trading Standards Estate and Letting Agency Team (NTSELAT) rule changes announced last week.

The latest NTSELAT rules followed the release of Part A which told agents to show council tax bands and rates, property price or rent and tenure information for sales.

ALL HOMES

Part B focuses on information that should be covered for all homes, such as building materials, utilities information and parking. Part C is only required for homes with restrictive covenants.

But while the NTSELAT says it will be monitoring take up on the portals over the next 12 months Credas Technologies has launched an MI function that can be accessed by a seller via its mobile app or browser that allows them to utilise smart data completion with standardised options based on best practice, providing them with upfront information. Sellers will also be able to provide this information at the same time as completing their ID verification.

Estate agents using the platform will also be able to get a copy of property title deeds as well as accessing a complete seller compliance pack with information including MI, IDV, AML and Land Registry which can then be shared with potential buyers.

APPREHENSION

Tim Barnett, Credas Technologies Chief Executive, says: “The industry has met the latest announcement on material information with a mixture of excitement and apprehension.

“Estate agents are already stretched thin when it comes to the sheer volume of paperwork they are required to complete and many will view these latest requirements as yet more red tape to negotiate.

“Of course, the flipside is that the better provision of material information is beneficial for all involved and so regardless of how long-winded the latest regulatory advice may seem, it’s better to address the issue sooner rather than later.”