New solicitors’ conveyancing protocol for property transactions
The 2019 edition of the Law Society Conveyancing Protocol is out, with details on best practice in residential conveyancing transactions of freehold and leasehold property.
Simon Davis, president of the Law Society of England and Wales, said:
“The protocol is a tool which helps conveyancing solicitors to achieve most effectively the transfer of residential property. It aims to provide consistency across transactions and improve efficiency.
“It has been adapted to ensure continued relevance for practitioners. This includes the new Law Society Code for Completion prepared following the Court of Appeal decision in Dreamvar.”
The new protocol aims to take account of the ever-increasing complexity of stamp duty land tax (SDLT) and the work of HM Land Registry to reduce requisition rates. It includes reminders to address issues early in the process which might otherwise create delays, such as restrictions in leases, and also contains new provisions in relation to lease terms.
Simon Davis added:
“The Law Society is committed to providing support, advice and guidance to solicitors in all areas of relevant practice, in the best interests of clients and the public.”
The 2019 edition of the Protocol will take effect from 19 August 2019.
Kindly shared by The Law Society