Will the Law Society's Form changes help fast track a sale?

The proposed changes to the Property Information Form (TA6) have been heralded by the Law Society as a win-win-win for buyers, sellers and Conveyancing Solicitors.

The Society said that the new forms will aid the smooth transition of property. However, as a tool for reducing the colossal post-offer fall through rate, the changes to the forms are like sweeping out the stables with a feather duster.

In a recent story on the Property Wire website, Johnathon Smithers, chair of the Law Society’s Conveyancing and Land Law Committee, said:

“Making enquiries about a property you want to buy is important and sometimes the only person who has the information you want is the seller. Often people selling a property are also people buying a property so having the most efficient and effective forms should help transactions run smoothly which is in everyone’s interests.  

The Law Society is aiming to strike a balance between the interests of buyers and sellers. The provision of information at an early stage can enable consumers to make better informed decisions. ”

Forms are an important and necessary part of the home buying process. As Fridaysmove has noted, the proposed changes to the TA6 (and its cousin the TA10 - Fixtures and Fittings Form) are, on the surface, laudable. Anything that facilitates the clear and early transfer of information between buyer and seller has the potential to make the post-offer/pre-exchange period more robust and save time on the conveyancing transaction to boot.  

31% of sales fall through after a buyer is found

Sales fall through because buyers:

  • Decide to buy another property.
  • Pull out due to their circumstances changing, e.g. loss of job.
  • Have their mortgage offer expire.
  • Get cold feet
  • Gazanging

The best way for sellers to reduce the risk of these occurrences, is to give them less time to occur. The best way to fast Conveyancing, is to engage a Solicitor before you find a buyer.

The Law Society’s might consider addressing the abort rate on home sales by encouraging Conveyancers to market the benefits of instructing a Solcitor to vendors in advance of accepting an offer.

As most Conveyancers offer a “No Sale, No Fee” clause, the question of "when to instruct a Conveyancing Solicitor" something of a no brainer for sellers.

There is little more upsetting to a seller than accepting an offer from a buyer, only for the deal to fall through after they have already started accumulating moving costs.

Instructing a Conveyancing Solicitor prior to accepting an offer means the following can be completed and ready once an offer is secured:

  • Sale Property Information Form
  • Property Information Form - TA6
  • Fixtures and Fittings Form - TA10
  • Leasehold Information Form (if required) - TA7
  • Evidence of ID
This could shave weeks of the time to complete the legal work reducing the chances of a fall through.

Furthermore, having this information ready can be a selling point for your home. Buyers often want to make a fast move. To this type of buyer, properties with all of their documents in order could be appealing.

All of this information must be provided regardless of when you engage your Solicitor. Therefore, the incremental cost of a more efficient sale is nothing.

This type of 'Blue Peter' Conveyancing is not only more appealing to prospective buyers; it will also ease the strain on one of the most stressful days of your life.  


by admin
Monday 14th of September 2015 09:34:29 PM