Later this year we are expecting announcements from National Trading Standards regarding Material Information Parts B and C. Although change can be daunting, we see this as a huge opportunity for agents if collectively we get this right, as more information upfront has the power to increase pipeline turn, reduce time spent on sales progression, reduce fall through and make clients ‘more sticky’ to reduce vendor dis instruction rates.
iamproperty movebutler, our end-to-end onboarding solution, is already supporting our Partner Agents with Part A of upfront Material Information requirements, acting like an additional member of the team. When the requirements of Parts B and C are confirmed, we’ll be launching an enhanced update to movebutler’s Material Information module that takes care of the changes for you.
One of movebutler’s existing Material Information features is Title Registers and Title Insight Reports, which already include key information required for Part A. Title Registers can easily be downloaded from movebutler at the point of onboarding your vendor, so you or your client don’t have to do any additional admin to get access to this information instantly.
We’ve made it even easier to find the information you need with the Title Insight Report, which is a PDF summarising data extracted directly from the Title Register. The Title Insight Report saves you time in reviewing and understanding what these various entries could mean for the marketing of the property, and help you to narrow down who could be a suitable buyer.
The Title will flag Material Information such as tenure, if the property is freehold or leasehold, the length of lease remaining, and flag if rent charges or covenants apply. These details help you quickly identify the information that you have to provide to potential buyers upfront or if the Title needs to be reviewed with the vendor’s conveyancer.
For each of these entries, the Title Insight Report provides guidance and advice on how you can approach this with your vendor as early as possible. So, by getting this Material Information upfront, you can address this earlier helping you to avoid delays in the transaction, or even a potential fall through.
Rather than Material Information requirements being an additional admin burden, it can create opportunities for you, and provide a better service for your client.
– Tania Bonesi
Rather than Material Information being an additional admin burden, it can create opportunities for you and your business. Having more information upfront can help you to provide a smoother, faster service to your clients, by ensuring full transparency on property listings and creating a more efficient process.
You’ll also have the opportunity to encourage upsell of conveyancing, as movebutler has a solicitor panel, which allows your vendors to appoint their conveyancing team quickly and earning you a referral fee. They also have the option to choose their own solicitor.
With Material Information stated clearly on the Title Register and the Title Insight Report, these can be reviewed as early as possible by a solicitor. Ultimately, Material Information provides your vendors with a better service, more transparency and more information to allow buyers to make an informed decision and make sure you have a proceedable buyer, helping to avoid any unexpected surprises later on in the process.
movebutler combines AML Compliance, Legal Preparation and Surveys with Material Information to get Estate Agents, buyers and sellers moving faster. By reducing your time spent on Material Information admin, alongside other parts of the Conveyancing process, movebutler acts like an additional member of your team to help you build revenue and get paid quicker.
With Parts B & C on the horizon, our Material Information hub is here to help agents prepare, share expert insight and discuss the opportunity that up front Material Information brings.
Material Information hubSave more time by digitising your PIQ process and keep up to date with the latest Material Information requirements
Our Co-Founder Jamie Cooke explains how auction has already demonstrated the success that can come from providing more information upfront.
Now is a good time to check whether your agency is compliant with Material Information Part A before Parts B & C come into effect later this year.
Ahead of the release of new guidance for Material Information Parts B & C later this year, we conducted a survey to gauge the sentiment amongst UK Estate Agents regarding the upcoming changes.
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