Letting agents and landlords must now provide much more information 'upfront' before a property can be advertised 'to rent' on portals, new National Trading Standards stipulate - but what does that mean in practice for the UK's 2.4 million landlords?

What is material information and why as a landlord should I care?

You've probably heard about the new Material Information (MI) requirements. National Trading Standards confirmed these late last year and letting agents and landlords are in the process of adapting to the requirements for more detailed information before a property is marketed.

What is material information, and why does it matter?

Material Information refers to essential details about a property that must be disclosed to potential tenants before a property is listed.

This includes information about the property's condition, safety features, and any potential issues. The goal is to create transparency in the rental market and help tenants make informed decisions.

Letting agents shouldn’t be listing properties without this information, so make sure you’re ready to provide it to avoid any delays in the process.

What specific MI are landlords required to provide?

Landlords must now work with their letting agents to provide information such as:

- Council tax bands
- Property's energy performance rating
- Flood risk status
- Presence of hazards like asbestos or Japanese knotweed
- Details of any major works or planned renovations

How does this affect the process of listing a rental property?

The introduction of MI means that landlords need to be more proactive in gathering and sharing information about their properties.

While this might initially seem like an additional step, it can potentially lead to smoother transactions and fewer disputes down the line.

Are there additional costs involved?

There may be some upfront costs associated with gathering MI, such as updated property assessments. However, these investments could potentially pay off by attracting responsible tenants and reducing the likelihood of future conflicts.

How can landlords ensure compliance?

Work closely with your letting agent to understand the MI requirements. They should be able to guide you through the process and help you gather the necessary information. Many agents are implementing new processes or technologies when you list a property, so you might expect a more detailed set of questions during the listing process.

What are the consequences of non-compliance?

Failing to provide accurate MI could result in fines and potentially make it more difficult to evict problematic tenants in the future. It's important to take the requirements seriously to protect your interests.

Can providing comprehensive MI help landlords attract better tenants or achieve higher rental yields?

While there are no guarantees, providing detailed and transparent information about your property may set you apart in a competitive market.

Well-informed tenants might appreciate the value of a well-maintained property, potentially leading to longer tenancies and justifying competitive rents.

The other point here is avoiding down-time in your listings. Not having the information available could delay a property being marketed so, make sure it’s provided to protect you from unnecessary days or weeks with an empty property.

Are there any best practices for landlords to streamline the process of providing MI?

1. Keep detailed records of all property maintenance, improvements, and safety checks.
2. Keep your property's documentation, including energy performance certificates and safety assessments up to date to avoid delays in listing.
3. Consider using digital tools or platforms to store and easily share this information with your letting agent.
4. Address any issues identified during the MI gathering process promptly.

How does MI fit into the broader context of landlords' legal obligations?

Material Information is part of a wider trend towards increased transparency and tenant protection in the rental market. It aligns with other obligations such as ensuring properties meet safety standards, protecting deposits, and providing a fit and proper living environment.

What resources are available to help landlords navigate the new MI requirements?

1. Your letting agent should be your first point of contact for guidance.
2. Professional landlord associations often provide up-to-date information and support.
3. Government websites offer official guidance on landlord responsibilities.

While Material Information requirements add another layer of responsibility for landlords, the questions can be answered fairly quickly and many agents are already working with MI solutions which can aggregate and pre-populate questions for landlords.

The aim is to create a more transparent rental market. By providing clear, comprehensive information about your properties, you may be able to attract more suitable tenants and potentially reduce disputes.

Gemma Young is CEO of Moverly.com‍