Conveyancing solicitors are preparing for the introduction of early completion, a new policy of the Land Registry's.
The new system is to be implemented from 3 August 2009 and will affect the way conveyancing solicitors apply for the discharge of a charge.
Move intended to speed up a conveyancing solicitor's work
The introduction of the early completion policy is intended to speed up the way in which a conveyancing solicitor completes a registration application.
If evidence of the discharge of the charge is lacking in a conveyancing solicitor's application then the Land Registry rejects it. Normally a conveyancing solicitor will use one form for several different applications and with the Land Registry treating them collectively so that if the application for a discharge was rejected then all would be rejected.
The changes for a conveyancing solicitor
Under the new policy a conveyancing solicitor's other applications will now be completed. Typically the two applications a conveyancing solicitor will submit, with an application for discharge of the existing charge, are for the transfer of registration and for the new charge.
Conveyancing solicitors have been critical of the old policy for putting the interests of buyer and seller at risk but there are also fears that the changes could make the process less efficient and raise conveyancing solicitor's costs when such delays are commonly the fault of the lender.
NB: None of this information should be construed as legal advice.