When selling your property there are several steps which need to take place and information that you, as a seller, need to provide to your buyer. Naturally, a seller will want to obtain the best possible process, but this does not then allow the seller to be evasive about information, or even to withhold certain aspects of information, until it is requested.
The process changed in 2009, which means that sellers now have a positive duty to complete the Property Information form (TA6) and all sellers need to take the time to understand what precisely this involves and what it can mean to the transaction, going forwards.
What is the Property Information Form?
In recent years, the Property Information form has been extended, so that the sellers are now in a position that they need to disclose a large amount of information about their property. This, to a large extent, reduces the concept of “buyer beware” and places a positive duty on the seller, something which cannot simply be ignored or skirted around.
Typical information that will be required as part of the Property Information form include any information relating to the boundaries of the premises, not only information that is on the title deeds, but any other information that may be relevant to the purchaser. For example, if there has been some sort of unspoken issue with the boundary between neighbours, then this must be declared as part of the Property Information form.
Similarly, any disputes in the locality will also need to be included as part of the Property Information form. Whist it has been common for sellers to have to declare actual arguments with their direct neighbours, these information packs now require sellers to declare all types of disputes which are present in the area that could potentially impact on the desirability with the property. This is an important extension to the needs of the Property Information form and sellers are now reminded that they cannot simply consider their direct neighbours when answering this question.
Future developments also need to be taken into account and notified to the possible purchaser. Therefore, where the seller has already received a notice of development within the area, this must be declared to the potential purchaser. Again, this is no longer restricted to developments in the immediate area, but also includes any developments that have been notified to the seller.
This new extended Property Information form requires a much greater level of depth for the seller to include and to take into account. Failure to do so could result in the seller being held liable for any losses suffered by the purchaser. Buyers are also likely to make additional enquiries, based on this information. It is equally important that these additional responses are completed fully, as they form part of the original Property Information form.
When it comes to property sales, it really is not simply a case of “buyer beware”!