EFIS 113, November 2017 : Commercial Conditions - Law Society

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*INFORMATION ONLY - NO FORMS TO IMPORT OR DELETE*

On 13th November, the Bank of England took over the direct delivery of the Clearing House Automated Payment System (CHAPS) as part of an overhaul of the Real Time Gross Settlement (RTGS) platform.

On 15th November, the Law Society unexpectedly published a press release on their website concerning changes to the definition of a "clearing bank" which is contained within condition 1.1.1(b) of the Standard Conditions of Sale (SCS) and condition 1.1.1(c) of the Standard Commercial Property Conditions of Sale (SCPC).

Please follow the link below to the Law Society's website at:-

www.lawsociety.org.uk/news/stories/changes-to-standard-conditions-of-sale-and-standard-commercial-property-conditions/

At the end of the Law Society's press release, they state that:-

"Although an exact date cannot be provided as to when the necessary amendments will be made, we expect these to be completed in the near future. In the meantime, you should amend the special conditions to take account of these changes."

Because Oyez was not made aware of the Law Society's intention to update SCS and SCPC in accordance with their press release, we can only draw the attention of our customers to the Law Society's press release and invite conveyancers to use their professional judgement in relation to the guidance which the Law Society has offered.

We will keep you informed of any further developments as they unfold.

Forms affected

Crown copyright forms are reproduced with the permission of the Controller of the Stationery Office. Law Society forms are reproduced with the permission of the Law Society. Legal Aid Forms are produced with the permission of the LSC.