The By Lawyers Residential Lease commentary has been updated to reflect changes to capital gains tax payment deadlines. A short note regarding income tax has also been added.

The By Lawyers Purchase of Land Guide has been reviewed and updated to ensure that the commentaries and precedents are in line with current law and conveyancing practice. The extensive review was performed by our author Marcella King. As with all our authors, Marcella takes a practical approach, drawing on her considerable experience to cover all aspects of procedure, with a focus on practical tips that will help solicitors and conveyancers confidently run a purchase matter to completion. The commentary has been expanded: Undertakings are explained in more detail. The unregistered land section has been improved. Adverse possession claims and procedures are discussed in greater detail. A new section on finance and funding draws together all the financial aspects of the transaction, including mortgages, taxes and help to buy funding. Issues surrounding short term lets, for example Airbnb, are discussed. The section about pre-exchange searches has been expanded. The process by which contracts are exchanged has been amplified, including a worked example of using Formula C. Post-completion tasks are discussed in greater detail. The retainer instructions have been updated. The to do list has been updated. The summary of the conveyancing process has been updated. The matter plan now includes new precedents: New and amended possible enquiries, including a set specifically for new build properties. A letter sending the help to buy ISA declaration to clients, and a link to the declaration itself. An access undertaking for use when buyers would like access to the property between exchange and completion. We invite you to explore this updated publication and to consider the wealth of assistance the guide offers for solicitors and conveyancers acting in residential purchase matters.

The Law Society, Council of Licensed Conveyancers, Chartered Institute of Legal Executives, Bold Legal Group and the Conveyancing Association, with the support of Government departments and the Land Registry have jointly drafted a Variation Agreement, for use where an exchange of contracts has already taken place on a conveyancing transaction, and a practitioner considers that it is necessary to vary its terms due to the impact of the coronavirus. The Variation Agreement and guidance regarding its use are available in both the sale and purchase guides, in the sections relating to Deterioration, Disputes and Notices. Keep up-to-date with our latest COVID-19 News & Updates.

Temporary rent concessions for commercial leases – Side letter or deed of variation? A side letter which records the agreed temporary alteration to the existing lease, and which is not intended to have a lasting impact upon the lease terms. Read more...

This article details the major changes affecting major investors coming into force from April 2020. New EPC regulations Changes to the tax reliefs available for income tax and capital gains tax Tenants’ deposits Electrical safety standards A new surcharge on stamp duty land tax for foreign buyers of residential property Written by Louise Thomas, a London-based solicitor with over 25 years experience in all aspects of property conveyancing, this article will assist practitioners in advising landlord clients.

The By Lawyers Mortgages Guide has been reviewed and updated to ensure that the commentaries and precedents are in line with current law and conveyancing practice. Read more...

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.

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.

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.

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...