The Land Registry has indicated a (very) slight softening of its application of the new early completion policy. It has announced (to the Association of Property Support Lawyers and the London Property Support Lawyers Group, and hopefully soon on its own website) as follows:
“The Land Registry has decided to modify the early completion policy to address concerns raised by some practitioners about the potential loss of priority if applications are cancelled. In deciding our policy we have made a distinction between situations where a restriction prevents registration and situations where there is no restriction but we still have to raise a requisition.
We have to date informed practitioners that requests for an extension would be considered on their merits but would not be routinely granted. Our policy now is that we will allow one extension of 20 business days where a restriction in favour of the existing charge prevents registration provided the practitioner:
– Specifically asks for this in writing;
– Shows that they are actively pursuing the matter; and
– Shows that the existing lender is causing the delay.
Further extensions after this additional period are unlikely to be given.
If we have to raise a requisition for another matter, i.e. there is no restriction in favour of an existing charge, requests for an extension will be considered on their merits but will not be routinely granted.
If no requisition points arise, the Land Registry will complete the registration of applications on the basis of early completion.
The Land Registry is reserving its position to review this policy and the use of restrictions in charges.”