A new precedent Deed of Substituted Security has been added to the By Lawyers Mortgages Guide. This precedent can be adapted to suit most circumstances where a lender hasn’t supplied their own. This precedent can be found in folder G. If required - Discharge, assignment and variation.

In line with advice from the Conveyancing Association, By Lawyers have amended our precedent post-completion notices to include a section relating to Land Registry certificates. These edits will allow practitioners to obtain the necessary consents more efficiently and cost-effectively. The notices can be found in the Purchase of Land Guide. In order to access the latest version of these precedents, don’t forget to click or tap update and replace the existing precedent when the document is opened.

The Property information form TA6 has been updated. The changes are in relation to Japanese knotweed, flood risk, radon and septic tanks.

Relevant commentaries on Capital Gains Tax also include the upcoming changes to Private Residence Relief and Letting Relief. Also remember from April 2020 capital gains tax on the disposal of residential land is payable within 30 days of completion. Private residence relief is available for the years the home was owner occupied plus the last 18 months, even if not occupied by the owner. This 18 month period is reducing to 9 months from April 2020. Where part or all of the property has at some time in the period of ownership been let as residential accommodation letting relief is available. However from April 2020 letting relief will only be available where the owner is also living in the property.

In response to the criticism levelled at the profession for failing to adequately advise buyers of the distinction between freehold and leasehold titles to residential property, By Lawyers have produced a brief appreciation that can be sent to clients with their initial letter. You will find the precedent ‘Enclosure - A short explanation of the important distinction between freehold title and leasehold title’ on the purchase matter plan.

In order to further enhance communications between practitioners and their clients we have added to the initial letter an informative summary of the conveyancing process. This easy to follow chart is a step by step explanation of the process from the point of view of both the seller and the buyer. The matter plan provides letters for each step of the process, informing the client, the agent and other interested parties that the transaction has advanced to that stage.

In response to a subscriber request, By Lawyers have published a New Build Contract for Sale. We would welcome any feedback subscribers might have.

A precedent Reservation Agreement has been added to the sale and purchase of land guides. The agreement is designed to bind the parties to an agreed pre-exchange time frame in which the seller will not deal with third parties, and the buyer will either exchange the offered contract or withdraw on discovery of serious adverse affectations through the usual investigations, searches and enquiries. By this means the parties are able, immediately following agreement and issue of the contract, to be confident that the transaction will proceed in the absence of unforeseen and unexpected circumstances.

Additions to the Sale and Purchase of Land commentaries have analysed the law and practice in relation to boundaries to assist practitioners who are called upon to prepare boundary agreements or to seek the determination of a boundary. Read more...

The commentary on the completion of the declaration of trust panel in transfers has been expanded to assist practitioners to correctly complete the panel. Read more...

The commentary in the Mortgages guide now includes an analysis of the applicability of regulation of private lending under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 and the Consumer Credit Act 1974 and Financial Conduct Authority’s Consumer

The commentary has been amended to clarify the process of extension of leasehold estates under the Leasehold Reform, Housing and Urban Development Act 1993 and the consequential statutory reduction of rent to a peppercorn rental which is not open to the landlord to dispute.

Did you know that the LEAP completion statement can include leasehold apportionments? Read more...

As a result of user feedback, the sale and purchase commentaries now include an appreciation of adverse possession of registered land.

The Land Registry hopes to release its digital mortgage service in public beta this year. In a recent news update, the Registry’s digital services manager Eddie Davies said that ‘the department is continuing to work with Coventry and Enact on the next phases of the service as well as also working with lenders to get their mortgage deeds approved and templates created. So far, the Registry has approved several deeds from lenders in the remortgage market including Nationwide, HSBC, RBS, NatWest and Santander. ‘Since opening the service to more lenders and conveyancers we have seen an increase in the number of digital mortgages registered showing an appetite in the market to use new technology. Some lenders have started offering online mortgage applications and our service helps to bring the industry one step closer to an end-to-end digital process.’