HMLR has helpfully produced a new PG 80: Coronavirus (Covid-19): useful information for conveyancers. It brings together and updates much of the advice that they have issued over recent months. By way of reminder some of the key provisions that remain in place are: Lodging an application on behalf of another firm using the portal …
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HMLR has made a small but significant change to PG 67: evidence of identity. HMLR can require firms to confirm identify of those involved in an HMLR application – ‘rule 17 evidence’ (see September 2020 edition, p8). There are some exceptions where ID1 or ID2 is not required; the three most relevant are: A. The …
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Multiple dwelling relief (MDR) is an SDLT relief which can be claimed when more than one dwelling is purchased where a transaction or a number of linked transactions include freehold or leasehold interests in more than one dwelling. SDLT is calculated taking an average price of each dwelling multiplied by the number of dwellings and …
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Conveyancing practitioners can only give generic advice to buyer clients about their mortgage products. However, conveyancers might be interested to note that the FCA has recently issued guidance to financial institutions about mortgages and coronavirus. Many mortgage payers took advantage of the ‘mortgage deferral’ scheme which allowed the customer to suspend their mortgage payments for …
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If HMLR cannot complete a registration application because the information they have is incomplete, incorrect or wrongly drawn, they will raise a formal request for the applicant to supply the information – a requisition. HMLR states that nearly 20% of applications result in a requisition and some firms have requisitions raised on up to 50% …
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The government has announced its intention to overhaul the planning system, which has caused uproar and elation in almost equal measure. The proposals have gone out to consultation but note that there are two: ‘Changes to the current planning system’ sets out proposals for measures to improve the effectiveness of the current planning system. The …
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The big news for conveyancers since our last edition must be the fact that in July 2020, HMLR announced its intention to accept electronic signatures. Transfers of property, leases, mortgages and other property dealings can now be signed electronically. From 27 July 2020, HMLR will accept ‘witnessed electronic signatures’: electronic signatures that enable an individual …
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It cannot have escaped the notice of conveyancing practitioners that the Chancellor has announced an SDLT ‘holiday’ since our last edition was published. Reduced rates of SDLT will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive. HMRC states: Residential rates on purchases from 8 July 2020 to 31 March …
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We do not usually include house price data in The Practical Lawyer – but as the property market is so volatile, practitioners might find it a more useful and reliable barometer for what is happening in the conveyancing market than many of the headlines currently being reported. The data released in August 2020 is notable …
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HMLR PG 73 (Statements of truth) has been updated to clarify the date the statement of truth is made. A statement of truth by an applicant in support of an application based on adverse possession, where the application is being made under Sch 6 to the LRR 2003, must be made not more than one …
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