Sprift reveals solution to Material Information headache for agents
Following the long-anticipated release of the specification for Material Information parts B and C at the end of November by the National Trading Standards Estate and Letting Agency Team (NTSELAT), we’re delighted to unveil our solution to the challenge agents are now facing around quickly and efficiently collating the property-specific details required prior to marketing a property.
The Sprift platform provides nearly 300 data points for 29.7million residential properties in the UK and can generate a unique dashboard and report for every property to provide agents with 62% of the data required to answer all 59 points of parts A, B and C of Material Information requirements fully, and 87% of the required information fully or partially. Our Development team worked throughout 2023 to ensure accuracy and that latest data sets, e.g. instruction type, flood and erosion risk from surface water and coastal erosion, had been included in anticipation of the release last November of the updated Material Information legislation.
With these datasets now fully integrated, tested and live in our platform, all agents need to do in order to fully comply with parts A, B and C of the Material Information legislation is run a Sprift dashboard or report for the property ready to take to a valuation appointment, then check with the vendor that these points are correct and ask the vendor the following questions to confirm the specific points around their property:
- What utilities are available at the property and how are they supplied
- Details of any parking spaces demised to the property and if there is any charge for parking, e.g. permit required
- Are there any building safety issues and if so, confirm details
- If any rights and easements exist and if so, confirm the details
- If any accessibility/adaptions have been made to the property, either internally or externally
- If the Sprift platform has flagged that the property has a restrictive covenant, the agent will need to download a copy of the HMLR Title Register in order to confirm with the vendor the exact terms of the restriction
All of the information required by agents to assist with Material Information Parts A, B and C is included within the standard Sprift subscription fee at no additional cost.
Our Founder and CEO Matt Gilpin comments, “We’ve been preparing for the rollout of parts B and C of Material Information for over a year, so that we had a solution ready and waiting for agents as soon as the requirements were confirmed by NTSELAT. All the hard work by our Data Science team has now paid off, as we are able to ‘hit the ground running’ with the vast majority of information that agents will require in order to stay compliant available within seconds via the Sprift platform.”
Matt continues, “Agents using the Sprift platform will now be able to generate and check the information required to comply with parts A, B and C of Material Information in minutes. The data the Sprift platform provides means that only minimal additional questions need to be asked of the Vendor to confirm all the information required in order to prepare the particulars and start marketing the property. Any concerns agents held previously around Material Information being compared to HIPS in terms of being a blocker to getting a property listed can be reassured that this new legislation, with the correct approach, isn’t going to create any further delays in launching stock to market. We can empower the agent to ensure that they are compliant with the regulations within minutes, not days or weeks.”
Matt concludes, “Sprift was founded on the principle that providing comprehensive information upfront in a transaction provides multiple benefits, for example reduced transaction timescales, a reduction in fall through rates – which has now been proven to be the case – and better time efficiencies in branch when staff handle enquiries. As the best-in-class residential property data platform in the UK we’re delighted to have the solution to agents’ headaches around Material Information as part of the suite of wider solutions we offer to the agency sector, ready in order to power our clients’ businesses and get them set up for success as we start 2024.”
