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Conveyancing

Overseas companies – execution

PG78 has been amended to clarify the requirements for overseas companies executing deeds by the signatures of authorised persons.
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Land Registry – DS1 delays

The LR has introduced additional anti-fraud checks for DS1s sent via the post, or using the LR portal or Business Gateway. 
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Flying freehold – the basics


Flying freeholds often have an undeserved reputation for complexity. In particular, lenders can over-react. 
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‘Clearing bank’ – definition

In November 2017, the Bank of England took over direct delivery of CHAPS. Accordingly, it became necessary to change the definition of ‘clearing bank’ in the Standard Commercial Property Conditions and the Standard Conditions of Sale.

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Management companies – restrictions

Do management company restrictions achieve any real purpose?

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Electronic search fees – VAT

The Law Society wants to hear from conveyancers who have been contacted by HMRC about the recovery of VAT on electronic property searches.

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SDLT – 14 days

From 1 March 2018, SDLT returns will need to be filed – and any SDLT paid – within 14 days (not 30 days).

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SDLT – Wales

In his November 2017 Budget, the Chancellor abolished SDLT for first-time buyers on purchases up to £300,000 (and also introduced a tax saving of up to £5,000 for £300,000-£500,000 first-time buyers).

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Land Registry – prioritise applications

The LR has amended PG 19 to clarify the need to prioritise the order of applications when registering a restriction.

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