Reminder of new CGT…
Make sure your clients follow the new deadlines for paying capital gains tax (CGT) after selling (or otherwise disposing of) a residential property…
Although the Conveyancing Protocol is designed for use in residential freehold and leasehold matters, it may be adapted for use in other types of land and property transfers.
However, it’s not specifically intended for use in the purchase of new build homes.
In most cases, it should be clear whether a transaction is residential or commercial and one to which the protocol should apply.
Examples of residential transactions would include:
The guidance notes for the Conveyancing Quality Scheme define ‘residential conveyancing’ as “the process by which domestic conveyancing transactions involving freehold and leasehold properties are legally transferred between parties (to exclude re-mortgages)”.
There may be some overlap between these areas.
Adoption of the protocol should be discussed and agreed with the other party at the outset of the transaction.
For more information on new builds, see our Conveyancing Handbook (26th edition).
While every effort has been made to ensure the accuracy of the information in this article, it does not constitute legal advice and cannot be relied upon as such. The Law Society does not accept any responsibility for liabilities arising as a result of reliance upon the information given.
Call the Practice Advice Service on 020 7320 5675 or email email@example.com.
The Practice Advice Service is staffed Monday to Friday from 9am to 5pm.