Revisions to Standard Conditions of Sale and Standard Commercial Property Conditions
Revisions to the Standard Conditions of Sale and Standard Commercial Property Conditions have now been published. The revisions were settled by Oyez Professional Services Ltd and the Law Society, who jointly own the copyright.
These revisions result from the Bank of England’s takeover of the direct delivery of the Clearing House Automated Payment System (CHAPS) and its impact on the definition of 'clearing bank' in the Standard Conditions of Sale and Standard Commercial Property Conditions.
The new wording is:
‘clearing bank’ means a bank admitted by the Bank of England as a direct participant in its CHAPS system.’
It supersedes the suggested wording contained in our announcement on 15 November.
Since this is the only change being made to the current editions, we have not published new editions of the conditions, but instead have named the new forms as:
They are available through our usual suppliers:
These are also available on our residential property and commercial property pages.