Implementing Upfront Information (UFI) has been increasingly encouraged in the conveyancing industry throughout recent years.
It’s been revealed by The Conveyancing Association that 98% of consumers would like more information provided pre-instruction. It seems we still have a way to go in using UFI as less than only 20% of conveyancing firms are using it, according to the ‘Back to the Future’ report by the tmgroup.
Last year we saw the first phase of a three-part process to provide material information upfront. Part A rules mean all property listings must include:
- Property/rental price
- Council tax band
- Tenure information.
Parts B and C are due to be released imminently by the National Trading Standards Estate & Letting Agency Team. In a recent podcast hosted by Bold Legal Group’s Rob Hailstone, James Munro from the NTSELAT announced although it was initially anticipated in early Autumn, the rules are likely to be released in October. With this deadline delayed further, Estate Agent Today confirmed with a Trading Standards spokesperson that Parts B and C are still set to be launched in Autumn.
As there’s more legal information in Parts B and C, there’s more reason for conveyancers to get involved early on, Rob noted. Emma Cooke from NTSELAT explained, “…we need to change the mindset of people who are looking to buy or rent so they start getting that information in place to help them sell their property much quicker, and the agent has a lot more clarity and validity, it’s validating of data which is what the agent is looking for, and conveyancing can help with that.”
The new rules are going to cover issues that may stop a buyer viewing the property such as the availability of utilities. It’ll also look at whether the property is directly affected by things like flood risk, building safety and restrictive covenants.
Once all three phases are complete, the aim is that it will be mandatory to present this information when marketing a property. If the consumer has all the information upfront, it not only helps speed up the conveyancing process but also reduces the risk of sales falling through.
Compare My Move implement upfront information wherever possible. Our high-quality conveyancing leads include all the information needed to provide a quote right away. To learn more about growing your business with lead generation get in touch below:
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This article was submitted to be published by Compare My Move as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
