Selling a Property – The Leasehold Information Form
What is the Leasehold Information Form?
- The Leasehold Information Form (TA7) is one of the standard Law Society ‘protocol’ forms used in transactions where the property is leasehold. It is completed by the seller, in addition to the Property Information Form and Fixtures, Fittings and Contents Form, and asks questions that are specific to leasehold properties only.
- It is often that the seller may not have all the information referred to in the form and that the buyer’s solicitor will raise a set of enquiries directly with the landlord that will encompass many of the points covered by the form.
Why is it important?
- The Leasehold Information Form provides specific information about the Lease as this governs many aspects of the property’s use and how it is managed.
- Leases come in all different shapes and sizes – but all of them set out the contractual basis upon which the Leaseholder is entitled to enjoy their part of the property, in addition to the rights and obligations they have in respect of the parts they share with others. Complying with these provisions is critical.
- A managing agent’s leasehold information pack (‘Management Pack’) may also need be supplied by the seller’s solicitor to the buyer’s solicitor. This will include information about the landlord and service charges etc. Some of the information requested in the Leasehold Information Form is therefore duplicated in the leasehold information pack. However, all questions must still be answered.
If you would like Ringrose Law to act on your behalf for your conveyancing, please contact a member of the Property Team at Ringrose Law at one of our offices in Lincoln, Boston, Grantham, Sleaford, Spalding and Newark.