Firms adopting new TA forms ahead of Law Society deadline – find out more with InfoTrack
Around 30 law firms have chosen to adopt the controversial new TA Forms ahead of the Law Society’s 25th June deadline, using InfoTrack’s electronic Client Onboarding Solution (eCOS). They have been part of a small trial where firms used approximately 1,000 of the updated forms. The old forms are due to be phased out completely after the deadline although the Property Lawyers Action Group (PLAG) are leading an attempt to halt the process and, to this end, have forced a vote of no confidence in the Law Society leadership.
The changes to the TA6, TA7, and TA10 were announced earlier this year to support guidance from National Trading Standards on Material Information for property listings. The changes have sparked debate among some conveyancers and raised fears about exposing them to increased liabilities as well as some practical concerns about their use.
Rubina Ferreira, Consultant Residential Conveyancer believes changes to the TA6 form will cause a rise in enquiries and delay transactions.
“I believe the new TA6 form will add to transaction delays as there are now almost double the pages, and questions that aren’t relevant to a property transaction. Most firms are waiting until the 25th June 2024 before using the new forms. If a firm is CQS regulated, then they are required to use the new form, however CLC firms are not obliged to use them. If you have either regulated firm on the other side of a matter this will cause an imbalance and will likely increase enquiries.”
The Law Society has apologised for not consulting more widely but has insisted that the changes will go ahead. As such, several firms have chosen to bite the bullet and switch over early to ensure that their practices remain compliant.
Sam Jordan, COO at InfoTrack comments, “TA Forms have always been included in our onboarding solution free of charge and are widely used, previously any changes have been adopted quickly and quietly well ahead of any deadlines. This is the first time we’ve had firms ask us not to update the forms. So, we have an unusual situation where our clients are able to choose which version they want to send to their clients.
We use official Law Society forms throughout our conveyancing platform and are their largest digital licensee, as with all the forms we’ve worked hard to make them work in a digital format. While we completely understand the deep reservations of some conveyancers, compliance remains a foremost consideration so we will always support law firms in this space. We have also seen several of our clients exploring how these forms could change the way they work with referring agents. Assuming that there are no last minute changes the switch to the updated forms will happen on the deadline but we will continue to offer both versions for as long as we can.”
eCOS, InfoTrack’s electronic client onboarding solution, provides firms with a single secure portal to manage digital ID verification, AML checks, source of funds and wealth checks, client onboarding questionnaires, and property information forms in one place.
Find out more information about InfoTrack’s digital client onboarding solution, eCOS.
