Breaking Property News – 22/01/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
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 NTSELAT, property data specialists Sprift have unveiled their 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 either fully or partially.
The Sprift 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 the Sprift 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:
1. What utilities are available at the property and how are they supplied.
2. Details of any parking spaces demised to the property & charges for parking.
3. Are there any building safety issues and if so, confirm details.
4. If any rights and easements exist and if so, confirm the details.
5. If any accessibility/adaptions have been made to the property.
6. If the Sprift platform flags 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 details of the situation.
Sprift 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.”
Blackfinch Property £5.3m Development Loan enables official opening of luxury Dartmoor Nursing Home
Dartmoor, January 2024 – Blackfinch Property, the Gloucester-based, rapidly growing agile lender to the UK property market, has announced the official completion and opening of Moorland Garden Nursing Home, formerly Moorland Garden Hotel, Devon, financed by a Blackfinch Property £5.3 million development loan.
The new Moorland Garden Nursing Home features 55 ensuite rooms, many with stunning views overlooking the Moor. The nursing home will significantly boost local healthcare provision for dementia and nursing care in the region while providing a broader social impact for Dartmoor with the creation of 60 jobs in the local area.
Blackfinch Property’s investment enabled the company to extend existing buildings, widen corridors and transform rooms and communal areas into high specification and tech-enabled care spaces for residents and staff. The loan-to-value (LTV) ratio for this investment was 69%, with an exit strategy that refinanced the completed and operational care home onto a long-term debt facility.
Commenting on the development, Ian Ford, Investment Manager at Blackfinch Property, said: “It was a pleasure to work with Moorland Garden Ltd on this development to provide much needed nursing home capacity in this stunning area. It’s a great example of the sustainable and community focus that drives our investments.”
He continued: “The situation in the care sector in the UK is very challenging, and the 2022 figures from CSI Market Intelligence reveal that 247 care homes closed during 2022 and only 123 new ones opened – leaving the sector with a net loss of 124 homes and 230 care beds. Every new care home that opens is significant and a welcome boost to the sector – and we are thrilled we can be part of opening a care home in such a remarkable area, helping boost local healthcare and create local jobs at the same time.”
Yogi Yogendran, Director of Moorland Garden Ltd, said: “We were really attracted to the property since the majority of the rooms have garden views and extended views out to the moor, which is the perfect care environment. We are delighted to complete and officially open, and look forward to welcoming our first residents into our home.”
He continued: “Creating a luxury care home on the site has involved making major internal changes to enable larger residential space, and we have also extended existing buildings. We are really pleased with the skills and commitment of local contractors and are looking forward to hiring a significant number of local professionals to provide care for our residents in a great environment.”
Walton Development & Construction has assumed the pivotal role of the principal contractors in this project. Moorland Garden Ltd has collaborated with various partners, including ADG (Darlington) for architectural services, Bell Cornwell Planning Consultants for Planning services, Inspired Energy for connectivity solutions, Agile Comms for telephone services, Cutec for IT infrastructure, and Fuel for brand development and website creation.
Blackfinch is a fully funded provider of innovative short-term bridging, commercial, buy-to-let and development financing solutions. As an independent company, it offers an efficient and flexible approach to lending, standing in contrast to the more rigid criteria restricting institutions.
Region and sector agnostic, the team takes a pragmatic approach to provide cash quickly and with more certainty. This enables borrowers to complete on transactions and developments with more ease, and keep the focus on their property. BlackfinchGroup.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
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