SCPC - 3rd Edition - Revisions, Additions and Consequences
Familiarity with the Standard Commercial Property Conditions (SCPC), a set of conditions which attempt to ensure a fair balance between a seller and buyer, is a must for any conveyancing practitioner.
Delivered by lecturer and experience property practitioner Richard Quenby, this session will provide viewers with an overview of the major changes contained within the third edition of the Standard Commercial Property Conditions including:
· Service of documents - Emails are now deemed received within one hour after dispatch
· VAT – The VAT position under the 3rd edition is a reversal of that under the 2nd edition
· Payment – Steps have been taken to strengthen the procedures for money laundering compliance in relation to both the deposit and the completion monies
· Leasehold management between exchange and completion
· Boundaries – Seller has no obligation to prove the exact boundaries of the property or who owns the boundary features.
· Property at buyer’s risk - Express statement that the property is at the buyer’s risk from the date of the contract (SCPC 8.1).
The following topics will also be discussed:
· Notice to complete
· Remedies for misdescription of contents
· Leases – New provisions
· Capital allowances
· New special conditions
· Default interest
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