When it comes to property transactions, the importance of consumer protection regulations cannot be overstated. These regulations, often referred to as CPRs, essentially mandate that a seller must disclose any pertinent information they have about the property which might influence the prospective buyer’s decision.
David Pett, a solicitor with leading conveyancing specialists MJP Conveyancing, emphasises this point: “It is important to not only be accurate with the information you provide, but also provide all the information that is relevant without omission. Providing misleading information, or failing to offer any relevant information, can have serious ramifications for both agent and seller’.
So, what type of information requires disclosure? Here are some examples:
- Reasons why previous sales have fallen through
- Problems highlighted in previous surveys, such as subsidence
- Pending, approved, or declined applications for planning permission
- Proposals for nearby development and construction
- Whether the property lies beneath a flightpath or is within sight of a motorway
- Presence of a power plant or substation nearby
- Known structural issues with the property
- Public right of ways passing through the grounds
- Ongoing problems with neighbours, including boundary disputes
- Any known burglaries in the neighbourhood recently
- Any murders or suicides that have occurred in the property recently
- Outstanding debts associated with the property, such as Green Deal loans
- Known pests in the property, or bats nesting in the eaves
- Issues with problem weeds, such as Japanese Knotweed
Moreover, all promotional materials, including floorplans and photos, must accurately represent the property. Misleading marketing materials can lead to legal repercussions.
Consumer protection regulations play a vital role in ensuring transparency and fairness in property transactions. By adhering to these regulations, sellers and agents can foster a more trustworthy and healthier market.
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