Following the government’s calls for an improvement to the homebuying experience, there have been several proposals and projects launched attempting to do so. The Law Society, working with the Home Buying and Selling Group is aiming to revolutionise the way property information is provided by using technology to modify data collection and use for property transactions.
The new TA6 Part 1 form
Currently, the property information is provided in the TA6 form which is typically collated post-offer and after a solicitor has been instructed in the sale. However, the Law Society has recognised that there is key information that can be provided upfront for homebuyers, making the process easier for all parties.
The new TA6 Part 1 form aims to:
- Help inform buyers decisions before making an offer
- Be used to pre-populate answers to the current TA6 form
- Support industry-wide efforts to begin collecting property information pre-marketing in order to streamline the conveyancing process and reduce the number of enquiries raised.
- Provide information to valuers before the valuation to reduce the number of post-valuation queries.
When is TA6 Part 1 being launched?
Once the TA6 Part 1 is soft-launched on 4th October 2021, the current TA6 form will be renamed to TA6 Part 2. The forms will be available through providers licenced by the Law Society, of which Druces is one.
What should Agents be aware of?
Once the TA6 Part 1 is rolled out, the completed form will become information that can be used for the marketing process. Sellers will need to be encouraged to complete the form early on and details made available for how the information can be accessed and provided to prospective buyers and their lenders.
In addition to completing the form, sellers should be encouraged to instruct solicitors to arrange for a full sales pack to be prepared and ready to send out as soon as an offer is accepted. Should there be any issues associated with the title or consents needed, the process of addressing them or finding solutions will have commenced at the point of marketing, rather than after offers have been accepted. This will enable the conveyancing process to be a step ahead and lead to more efficient sales and purchases.
Further information
For more information on how we can assist your clients and the new TA6 forms, please speak to:
- Suzanne Middleton Lindsley on +44 (0)20 7216 5555 or esml@druces.com
- Gemma Wright on +44 (0)20 3794 5970 or g.wright@druces.com
