As a vital resource for buyers and sellers, a property information form helps both parties progress with the sale of a residential or business property. There are a handful of important property information forms in use today, including BASPI and PIQ, which we covered on our previous blog.
In addition to those, the Law Society’s TA6 property information form is another widely used throughout the industry. Using property information forms is strongly recommended by conveyancers and other industry professionals as it helps to establish trust by providing important upfront information, which TA6 factors into its forms.
Surprisingly, many non-professionals are still uncertain of the role of property information forms, with some unclear as to the advantages of working with them. To that end, in this article, we’ll explore property information forms, looking at their contents, significance to the property sector, updates to the forms, and how they impact processes in the UK property industry.
First, let’s start with the TA6 Property Information Form.
TA6 Property Information Form explained
The TA6 form is one of a handful of crucial document for sellers and prospective buyers. A sign of the seller’s dependability, it signals that they’re serious about proceeding with the property transaction. For buyers interested in purchasing a home, a TA6 property information form plays a part in their decision making as it details key information about that property.
The seller is expected to fill in the TA6 form but can seek advice from conveyancers. This can be a lengthy process if a seller does not gather the relevant documentation beforehand. These documents include their title deeds, Energy Performance Certificate (EPC), proposals for development in the area, and some other recommended information, which we will shortly explore.
Once completed, the seller has an obligation to inform their solicitor as soon as possible should they become aware of information that would have caused them to write something different on their TA6 form. The seller must also supplement their completed property information form with certificates and documents wherever required.
The significance of the Property Information Form in property transactions
The TA6 form, as well as the other widely used property information forms, offers buyers convenience as key information about a property is gathered in one place, and therefore plays a crucial part within a modern property transaction.
Whilst a TA6 form for UK property transactions isn’t mandatory, and doesn’t need to be completed in full, most property solicitors or conveyancers will strongly recommend that a seller agrees to a Property Information Form of some kind, whether it’s BASPI, PIQ or the Law Society’s TA6.
Failure to provide this property information can act as a red flag to those searching for a property, residential or otherwise. This is because the buyer can face legal consequences if they’re seen to have knowingly included information that is misleading or incorrect.
Naturally, a buyer could view the omission of a property information form as an attempt to hide something, leading them to look elsewhere for a more transparent seller and dependable property. This isn’t always the case, of course.
However, without a form in place, the buyer can exit the sale or seek compensation should any errors or foggy details be found. This is where the advice of a conveyancer becomes worth its weight in gold. In the TA6 property information form specifically, there are 14 sections, and each must be completed with accuracy.
The power of upfront information
Part of the concept of providing upfront information before the property is listed for sale, property information forms can avoid disappointment for all involved. It provides key details before the buyer forms an emotional investment and ventures too far into the sale. It can also strengthen property purchasing chains and enable the seller to complete their new purchase without stressful interruptions or an unsuccessful sale.
For the TA6 form, the 14 sections describe the property’s boundaries, past and present complaints or disputes with neighbours, notices and proposals for upcoming developments, any alterations, planning and building control, guarantees and warranties as well as insurances and environmental matters.
Further details of these and additional sections can be found at TA6 form – The property information form explained.
Although it has remained unchanged for some time, new additions have been added to the TA6 property information form, which property professionals need to keep abreast of to fully support their clients. The updates are reacting to new regulatory changes where being transparent about septic tanks and Japanese knotweed, among other things, is now required. There is also a directive to include material information.
Here is a list of the latest updates, as reported by Today’s Conveyancer:
- Property details: including the Unique Property Reference Number (UPRN) and council tax band of the property.
- Tenure, ownership and charges: whether the property is freehold, leasehold, shared ownership, or commonhold; and details of the costs, such as ground rent and service charges.
- Parking: including the cost of parking permits and whether the property has electric vehicle (EV) charging.
- Building safety: providing details of any defects or hazards at the property and whether essential works have been recommended and carried out.
- Restrictive covenants that affect the use of the property.
- Flood risk and coastal erosion: to establish what the flood risk is for the area around the property, whether any defences have been installed, and if the property is near the coast, whether there is any known risk of coastal erosion.
- Accessibility: the adaptations or features that have been made to provide easier access to and within the property.
- Coalfield or mining area: identifying if the property is impacted by any past or present mining activity.
- Solar panels: providing details about the installation that a buyer/lender will need to know.
- Services connected: these now include air and ground heat pumps.
- Drainage and sewerage: additional questions about where the sewerage system discharges to and whether it has an infiltration system.
- Japanese knotweed: refinement of the question to incorporate the area adjacent to or abutting the property.
The TA6 form and its updates represent the property industry’s wider move towards having everything prepared and available to present to interested buyers by the time the home enters the listings phase. At its core it aims to decrease fall-through rates, decrease the time a residential transaction takes and improve confidence in the sector.
As an article by This is Money reveals, 34% of UK property transactions did not complete, with completion times rising 23% between 2019 and 2022. Upfront information in the shape of property information forms such as the TA6 form has the potential to improve the reputation of buying and selling in this country. It seeks a smoother route with fewer roadblocks so that buyers are not deterred from making a purchase.
With the TA6 form being just one of several property transaction forms available for buyers to consult when considering options for their new home, often with the assistance and advice of their property solicitor or conveyancer, the UK property industry is looking stronger. Such is the power of providing upfront information, brining clarity to an often lenghty and mystifying process.
Not only this, but it also works towards ensuring an improved buyer and seller experience, adding to the reputation for property professionals, which could attract new talent down the line, making upfront information a game-changer for the property industry.
What is in the BASPI property information form?
The Home Buying and Selling Group set out with a similar goal, to improve the quality and consistency of upfront information, using BASPI, otherwise known as Buyers and Sellers Property Information.
The HBSG built upon the success of BASPI, which we covered in a previous blog, releasing the first public version of its Property Data Trust Framework. This framework, which can be incorporated into a “property information form” sets out a clear, consistent and shareable single source of truth for property information.
The BASPI dataset is essentially a unified, comprehensive source for vital details about a property, ensuring transparency and efficiency in property transactions. Section A of BASPI addresses the Material Facts as mandated by the Consumer Protection from Unfair Trading Regulations, while Section B encompasses the extensive data necessary for Conveyancing Due Diligence.
When completed, BASPI gives a transparent view of material facts to prospective buyers before they make an offer, and is also instrumental for lenders, solicitors, and valuers, while also facilitating agents to disclose all material facts. The BASPI undergoes annual reviews to make sure it keeps pace with the industry.
The importance of Property Information Forms
Whatever shape they come in – BASPI, Propertymark’s PIQ or Law Society’s TA6 – property information forms are a vital part of the property transaction process.
It is therefore recommended that sufficient time is given to complete any property information form, given the importance of providing accurate information to sellers. The potential penalties for buyers concealing, omitting or providing inaccurate information, this can include compensation or disappointment should the buyer leave the process, are significant.
Property professionals have a role to play besides buyers, as their knowledge of this document can save complications further down the line, by advising homeowners looking to sell at the start of the process.
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