Property PSL
Land Registry has announced on its website, under the item “Land Registry five year transformation programme” significant staffing cuts and re-organisation. Click on http://www.landregistry.gov.uk/ and read the top article (today) in the latest news section.
The Times, this morning, suggested that this is the first stage towards privatisation. See Land Registry to shed 1,500 jobs ahead of possible sale. Now, surely that would be a mistake…
Firms are beginning to report receiving telephone calls from the Land Registry who are seeking confirmation that the conveyancer who purportedly signed a Land Registry ID form in connection with a registration application did indeed sign the form. It seems that, following this initial ID check made by the Land Registry, it then serves notice on the unrepresented party itself to double-check that the transaction is authentic. In one case heard of recently, the ID form turned out to be a forgery. A buyer who acquires title on the basis of a forged disposition, and succeeds in obtaining registration, may […]
The Government has issued a press release giving details on how far it has moved, to date, in the process towards the implementation of the Carbon Reduction Commitment (now to be known as the CRC Energy Efficiency Scheme) in April 2010. Legislation to implement CRC is expected before the end of the year. The press release includes links to the Government’s response to the recent consultation on CRC and announces a number of changes that have emerged from the consultation process. No changes, however, are proposed to the basic liability structure of CRC which will affect those who contract for […]
A prudent buyer of registered land will usually conduct a company search. Although registrations at Companies House do not fix a buyer of registered land with notice of the matters recorded (e.g. liquidation, striking-off, fixed or floating charges), so that a buyer confronted with a clean set of official copies and a clear OS1 search will acquire a good title nonetheless, other aspects of the transaction, beyond pure legal title, may influence the buyer to search. A buyer would normally want to know if a liquidation was on the cards.
What if, having acted prudently, the search throws up a floating […]
October 1 is the final commencement date in relation to the remaining provisions of the Companies Act 2006 not yet in force. Time to dust down any property documents that you are keeping up-to-date and to make sure that any references to provisions of the 1985 Act are replaced by the equivalent provisions of the 2006 Act…. Property PSL documents have been updated. (Thankfully, section 42 LTA 1954 was chosen for use to deal with companies that are in the same group).
New to the website today is a licence to occupy premises. Drafting notes are included. Also added is a draft letter which is intended to provide a would-be tenant with access to a property pending settlement of the terms of a travelling draft lease (which is appended to the letter). Click on http://www.propertypsl.co.uk/node/388
An additional provision has been included, at part D, paragraph 8, in the Property PSL report on title to deal with the forthcoming Carbon Reduction Commitment. See v3 (Sept 09) of the report on title at http://www.propertypsl.co.uk/node/121
Next Friday (18 September) sees the end of the Law Society’s consultation on residential conveyancing. See Improving residential conveyancing: Law Society consultation.
The process of consultation is relevant to all conveyancers – residential or commercial. This is because the Law Society has given itself a remit to review a number of fundamental aspects of conveyancing, and these would have a knock-on effect on commercial or mixed use transactions. The review includes a proposed part-reversal of the caveat emptor principle through the introduction of property warranties, a review of the Law Society formulae for exchanging contracts (including the introduction of a […]
As mentioned in this month’s CPI Update (Issue 71) the Land Registration (Amendment) Rules 2009 (SI 2009/1996) amend the Land Registration Rules 2003 from October 1 to:
(a) make provision concerning the registration of charges by overseas companies. See new Rule 111A LRR 2003;
(b) change the references to “registered number in England and Wales” that appear in the Land Registry prescribed forms (and prescribed clauses in leases) to “registered number in the United Kingdom”; and
(c) provide an additional form of execution by limited liability partnerships, so that a single member of the LLP can execute on behalf of […]
The Working Group responsible for the Code for Leasing Business Premises in England and Wales has produced two documents relating to climate change:
1. Briefing Note – Environmental Good Practice – see http://www.leasingbusinesspremises.co.uk/downloads/RICS-Addendum_2.pdf
This briefing note includes, as an addendum to the Code for Leasing Business Premises in England and Wales 2007, a guide for landlords and tenants in drafting a “Memorandum of Understanding” to support environmental good practice. The briefing note says that it is in the public interest that landlords and tenants should each adopt environmental good practice policies so far as they can do so without adversely affecting the […]
A green lease memorandum of understanding has been added to the website. See Memorandum of Understanding. This documents appears in a guidance paper – “Green Lease Toolkit (Working together to improve sustainability)” – published by the Better Buildings Partnership (BBP).
Also new on the site is a lease of an industrial unit (part of an estate) – see Industrial Unit Lease.
An interesting suggestion appears in Property Week as to how VAT on rents can affect negotiations in relation to leases – see VAT provides weapon for landlord’s negotiations.
Landlords may be able to revoke an option to tax, so that rent is payable without VAT. This, of course, is only of interest to those tenants whose VAT-exempt status means that they are unable to recover VAT charged by their landlords. However, since 1st August 2009, very old options became capable of revocation. VAT on land and buildings was first introduced on August 1st 1989. Under paragraph 25, schedule 10, VATA 1994, […]
A recent new appearance on the Land Registry’s website is Practice Guide 68: Amending deeds that effect dispositions of registered land. The Practice Guide gives advice on how to deal with amendments required, whether by variation or rectification, to deeds that have been completed between the parties but not yet registered, or completed and lodged for registration, or completed and fully registered. This Practice Guide will be fully digested in the September issue of the CPI Update which is scheduled for publication at the end of this month.
The Land Registry’s Annual Report and Accounts 2008/2009 are published today on the Land Registry website. Click on Annual Report. It is interesting to note that payments out of the indemnity fund have not risen as dramatically as one might have expected: £4,257,074.48 being paid out to satisfy 62 claims – up from £3,429,131.38 (60 claims) in the previous year.
The DCLG has cleared its decks before going on holiday. Amongst other new items appearing on its website, there are four new consultation papers: (1) Detailed proposals and draft regulations for the introduction of the Community Infrastructure Levy; (2) Recast of the Energy Performance of Buildings Directive; (3) Streamlining information requirements for planning applications; (4) Publicity for planning applications. The consultation periods expire in October 2009. Proposals for change will be considered in detail in the CPI Update for September.
With exceptional timing, the High Court case of Clark v Lucas Solicitors LLP [2009] EWHC 1952 (Ch) is reported. Judgment is dated 31st July – the Friday before the start of the Land Registry’s new policy of early completion. The policy causes conveyancers to think twice before accepting seller’s solicitors’ undertakings to discharge mortgages. This case might cause conveyancers to think thrice.
The case relates to the summary enforcement of an undertaking to discharge a charge affecting a plot sale. It seems from reading the case that the mortgagee was under no obligation to release the charge in parts, that no […]
The Land Registry’s new policy of early completion commences today. For full details of the policy, read commentary included in the June 2009 CPI Update and further points included in the July/August 2009 CPI Update.
The Land Registry’s practice guide on Discharge of Charges has been updated. Click on LRPG 31.
Land Registry has announced a slight cost concession in relation to early completion. It says that, from today, when an application is completed under the early completion policy, and an old charge is left on the register, Land Registry will store the details of the conveyancer acting on the registration […]
The Land Registry’s new policy of early completion of applications which await an outstanding form of discharge from a mortgage lender (see Practice Bulletin 16) does not apply on first registration applications. Practice Bulletin 16 states that: “The policy will apply to all situations where an application for a discharge of whole has been made with another application but evidence of satisfaction of the charge has not been provided.” Reference here to “an application for a discharge of whole” means an application in Form DS1 (relating of course to an already registered title), and the Land Registry has confirmed this […]