Currently, when selling a residential property, a seller must complete a TA6 form (Property Information Form) which gives a complete overview of the property including details of the responsibility for each boundary, any works completed as well as details of the services connected to the property, to name a few.
The Law Society announced recently, that Material Information and the new 5th edition Property Information form (TA6) will remain and the TA6 4th edition may continue to be used until the 15th January 2025, extending the transition period between both forms. The Law Society have responded to significant feedback from its members, who have claimed to prefer a longer transition period than the three months initially planned which was due to end on the 25th June 2024. The extended period of time is said to allow firms to adjust to the updated forms and the Material Information requirements.
The questions is, with a change in government now in place, will this see an abolition of the idea or a change in the structure of the forms, given the feedback from members. Some in the industry state that the extension extends the time for conveyancers to ‘ignore change’ while others welcome the extension claiming the questions posed within the 5th Edition TA6 to be a heavy exposure to the selling party. With a vast amount of additional questions being included within the 5th Edition form, could this drive up the cost of conveyancing in general across the industry?
One thing is for sure, Priory Law will continue to monitor the situation closely. Expect an additional blog on the subject in the coming months as we approach the January transition date.