Home Money Real estate agents exclude lease details and other vital information from online property listings

Real estate agents exclude lease details and other vital information from online property listings

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Missing: Only 62% of listings mention service charges and less than half include ground rent.
  • Real estate portals and real estate agents do not point out decisive factors to buyers in advance

Real estate agents continue to exclude critical property information from their online property listings, even though they are legally required to do so.

According to research by the HomeOwners Alliance, many property adverts do not comply with current legislation, meaning people are left without crucial information in the early stages of buying a home.

HomeOwners Alliance’s investigation reviewed adverts for Rightmove, Zoopla and OntheMarket in London and Manchester and found many agents are flouting the rules.

Nearly a quarter of leased property listings did not include the number of years remaining on the lease.

Almost two in five listings did not disclose the costs of service charges and around half excluded details of ground rent. Less than one in 10 included the date of the next ground rent review.

Missing: Only 62% of listings mention service charges and less than half include ground rent.

Homeowners Alliance found that 6 per cent of listings do not even disclose whether a property is freehold or leasehold.

Agents must provide this and other “important information” under the Consumer Protection from Unfair Trading Regulations, and were reminded of this by Trading Standards, which published guidance on the issue in November 2023.

Aside from shortcomings in rental property listings, there was also a lack of information on energy and council tax.

A quarter of advertisements did not include an Energy Performance Certificate rating, despite it being a legal requirement since 2013.

Only two-thirds of listings included the council tax bracket, despite this being mandatory for all listings. Contributions in London were less likely to include council tax (55 per cent) than in Manchester (77 per cent).

Many listings also appear to overlook Building Safety Act issues. Only nine of the 45 high-rise property advertisements referred to having the EWS1 certificate required by lenders due to the façade scandal.

Only 5 percent of listings include details about accessibility and property restrictions.

More than half of the listings did not reveal whether there was parking or not, while around a third did not share information about broadband speed or mobile signal coverage.

One in five did not share their heating source, for example whether the property has a gas boiler or is heated by another method such as oil or a heat pump.

A similar proportion of listings did not show the square footage of the home.

According to the research, when comparing the portals, listings on Zoopla and OnTheMarket tended to be more complete than those on Rightmove.

For example, 86 per cent of Zoopla listings and 78 per cent of OnTheMarket listings included the number of years remaining on the lease, compared to 70 per cent on Rightmove.

Paula Higgins, chief executive of the HomeOwners Alliance, said: “We know that location, price and parking are the top things people look for when buying a home.

“But very soon we want to know if there are any potential deal-breakers: is it a flat with only a few years left on its lease or sky-high service costs?

‘Are there any overlays that mean we will struggle to get a mortgage and could face unfair costs? Is there a bad energy rating that makes the house cost twice as much as it should run?

‘The industry’s decision to do more to provide information that may materially affect our decision to buy a home is therefore very welcome.

‘But a year on, the picture remains patchy and simply not good enough. Homeowners should not have to wait until three months have passed, having spent hundreds in legal fees and studies, to discover that the rent for the land must double, that the house will cost more to heat than their current house, and They can’t get a mortgage for the siding.

How to find a new mortgage

Borrowers who need a mortgage because their current fixed-rate agreement is ending or because they are buying a home should explore their options as soon as possible.

Quick mortgage search links with This is Money partner L&C

> Mortgage rate calculator

> Find the right mortgage for you

What happens if I need to remortgage?

Borrowers should compare rates, talk to a mortgage broker and be prepared to take action.

Homeowners can close a new deal six to nine months in advance, often with no obligation to accept it.

Most mortgage agreements allow fees to be added to the loan and are only charged when requested. This means borrowers can get a rate without paying expensive processing fees.

Please note that by doing this and not paying off the fee upon completion, interest will be paid on the fee amount for the entire term of the loan, so this may not be the best option for everyone.

What happens if I am buying a house?

Those with agreed-upon home purchases should also try to lock in rates as early as possible, so they know exactly what their monthly payments will be.

Buyers should avoid overreaching and be aware that home prices may fall as higher mortgage rates limit people’s borrowing capacity and purchasing power.

How to compare mortgage costs

The best way to compare mortgage costs and find the right deal for you is to speak to a broker.

This is Money has a long-standing partnership with free broker L&C, to provide you with free, expert mortgage advice.

Interested in seeing today’s best mortgage rates? Wear This is the best mortgage rate calculator from Money and L&C to show offers that match your home value, mortgage size, term, and fixed rate needs.

If you’re ready to find your next mortgage, why not use L&C’s Online Mortgage Finder? It will search thousands of offers from over 90 different lenders to discover the best deal for you.

> Find your best mortgage deal with This is Money and L&C

However, please note that rates can change quickly, so if you need a mortgage or want to compare rates, speak to L&C as soon as possible so they can help you find the right mortgage for you.

Mortgage service provided by London & Country Mortgages (L&C), which is authorized and regulated by the Financial Conduct Authority (registration number: 143002). The FCA does not regulate most buy-to-let mortgages. Your home or property can be repossessed if you don’t keep up with your mortgage payments.

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