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Chancellor Rishi Sunak has laid out how he expects to move businesses off the Coronavirus job Retention Scheme, meaning that some agencies must begin to start part-paying salaries for furloughed staff. Read More...

£1 billion building safety fund announced by the Government

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Money Laundering registration now open for letting agencies

26 May 2020

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Law Society Property Information updated in response to Knotweed review

Tuesday 11 February 2020

Propertymark is not the only organisation to have updated their documents on property information, as new guidance is issued by The Law Society.

The updated Property Information Form (TA6) and explanatory notes can be found on The Law Society website.

Four areas of property information have been updated.

The changes are in relation to:

  • Japanese knotweed
  • flood risk
  • radon
  • septic tanks

Similarly to Propertymark's recently revised Property Information Questionnaire (PIQ), the TA6 is used so that the seller can give important information about the property to the prospective buyer.

The update has been made in response to the House of Commons Select Committee on Japanese knotweed, which recommended that The Law Society review the wording. It will be reviewed again once DEFRA has completed its own research into the treatment of Japanese knotweed in the conveyancing process in other jurisdictions.

New TA6

Propertymark PIQ

Propertymark's own PIQ is a vital tool both in ensuring that estate agents meet their legal obligations under the Consumer Protection from Unfair Trading Regulations 2008 and in reducing fall throughs where buyers discover information which impacts their decision to purchase. Agents are strongly encouraged to use the new version of the PIQ as a sound basis to enable both the seller and the agent to ensure that they are disclosing any issues that would affect the transactional decision of the average consumer.

In addition to ensuring compliance and reducing fall-throughs, the form is a valuable tool in revealing issues such as missing certification which can delay a sale later in the process. When issues are raised as soon as an agent is instructed and prior to marketing, it allows time for certificates to be replaced, services carried out on boilers, checks made on building work, etc. This, in turn, means that conveyancers raise fewer enquiries and the transaction proceeds rapidly and smoothly. Agents should also be using the Propertymark Memorandum of Sale (MoS) Checklist to ensure that details of the vendor and sale are correct in advance of a conveyancer drafting a contract.