In March 2024, the Law Society published the TA6 (Fifth Edition) Property Information Form.
It is mandatory for all Conveyancing Quality Scheme (CQS) firms to use it from Tuesday, 25 June 2024.
The new TA6 was published alongside the updated TA6 Explanatory Notes for sellers and buyers and the TA7 Leasehold Information Form.
In this blog, our residential property team will focus their attention only on the updated TA6.
In short, TA6 has been updated to ask the seller to provide more detailed information about the property at the outset of the transaction.
In theory, the buyer can then obtain a comprehensive understanding of its condition and make an informed decision as to whether they wish to buy it.
By increasing transparency, there is hope that there will be fewer sales falling through at the eleventh hour!
In principle, the additional information will also assist estate agents when marketing the property.
The updated TA6 has been updated to include information recommended by the National Trading Standards Estate and Letting Agency Team (NTSELAT) in its Material Information in property listings.
By including ‘material information’ in their marketing brochures, they can paint a more realistic picture of the property for sale and, therefore, enable buyers to purchase with their eyes wide open.
The TA6 is still one single form. However, the structure has been altered to assist all parties.
It is split into two sections:
The new TA6 also includes questions about the type of leasehold property and ground rent.
Both points were previously covered in the TA7.
Our best advice?
Ensure that you have read the Explanatory Notes for Sellers and Buyers before completing the new TA6.
Once you have completed it, return it to your solicitor promptly to avoid any delays to the transaction.
In short, you could face costly consequences.
If you provide incorrect information or omit key details, your buyer could make a claim for misrepresentation against you or even refuse to complete the purchase!
Unfortunately, the new TA6 imposes a greater burden on the seller than before.
Whilst you are not expected to have legal or technical expertise, you must answer all of the questions to the best of your knowledge.
You are obliged to alter your replies if your circumstances change throughout the transaction, for example, if you become involved in a dispute with your neighbour!
We also encourage you to pass all accompanying paperwork, such as guarantees, certificates, or notices, to your solicitor in a timely manner.
They will then be passed onto your buyer on completion.
If you are aware of any missing documentation, you must endeavour to find a replacement at your own expense.
If in doubt, seek guidance from your solicitor as soon as possible.
It is hoped that the new TA6 will help facilitate the flow of information from marketing to completing on a property.
From the outset, buyers can anticipate any potential ‘obstacles’ and plan accordingly.
Ultimately, by increasing the transparency between the parties, the conveyancing process will be simplified.
At Myerson, we are excited by the publication of the new TA6 and look forward to assisting our current and future clients with its completion.
We encourage earlier contact with the seller so that they have an opportunity to address any potential issues, such as title defects, at the outset of the transaction.
We can then work together to frontload the process and avoid any foreseeable delays.
If you have any queries concerning the new TA6, please contact our residential property solicitors on:
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