The third edition of the Standard Commercial Property Conditions has been published, updating the widely-used forms to incorporate changes in law and practice in commercial conveyancing.
Reproduced from TLS Legal New Summary 28.04.17
Developed by the Law Society of England and Wales and legal publisher Oyez Forms, the new forms are available from a range of legal publishers and include comprehensive guidance on their use.
Law Society president Robert Bourns said: "As a nexus for legal expertise, standardised forms such as these are an important way for the Law Society to support its members and the functioning of the market in England and Wales. The new Standard Commercial Property Conditions form includes a number of important updates from the second edition, and reflects better modern drafting practices for commercial contracts."
Significant updates to the forms include:
• updating provisions on the VAT treatment of commercial property
• improved terms for the sale of leasehold property
• updates to reflect law changes around capital allowances.
Stephen Jackson, who led the Law Society's Commercial Property Working Group that contributed to the updated forms, commented: "The new conditions seek to achieve a reasonable balance between the seller's and the buyer's interests."
The forms also include eight special conditions, which cover the most common amendments that conveyancers make to the second edition forms, such as specifying a different time for payment to be received.
"The intention behind having such a large number of special conditions is that practitioners should then be able to use the published contract for straightforward routine transactions without the need to make further amendment to the conditions," said Stephen Jackson.