Conveyancing Procedure

This Practice note provides an overview of the money laundering regime that applies to lawyers pursuant to the Money Laundering Regulations 2007 (2007 Regulations). The 2007 Regulations came into force on 15 December 2007 and replace the Money Laundering Regulations 2003 (2003 Regulations). They bring the 2005 Directive on money laundering into effect in the UK. The 2007 Regulations introduce new requirements and vary requirements that were in the 2003 Regulations. In particular, the 2007 Regulations require that: The lawyer is able to identify the beneficial owner of client trusts, companies and partnerships. The lawyer applies customer due diligence measures and monitors client activities according to a risk-based approach, applying less stringent procedures for low risk situations and more stringent procedures in higher risk situations. Training for staff is both regular and covers terrorist financing issues. Lawyers are also to have regard to the Law Society's anti-money laundering practice note published on 6 October 2011, and the Solicitors Regulation Authority's warning cards on money laundering (April 2009), property fraud (April 2009) and bogus law firms and identity theft (March 2012).   Property lawyers should also take account of the joint Land Registry and Law Society practice note on property and registration fraud (September 2010), and the Law Society's note on mortgage fraud (October 2011).

An outline of the common law fiduciary duties, ways of modifying those duties (including the use of Chinese walls) and proposals for reform.

This Practice note explains the regime of lasting powers of attorney (LPAs), which was introduced by the Mental Capacity Act 2005 on 1 October 2007, including: How to make an LPA. The formalities for registering an LPA. Guidance for third parties when relying on an LPA. From 1 October 2007, LPAs replaced enduring powers of attorney (EPAs) as the primary way of appointing a decision maker to act on a donor's behalf in the event of a loss of mental capacity. LPAs can authorise an attorney to make decisions about the donor's personal welfare, as well as decisions about their property and affairs.  

The House of Lords, in Royal Bank of Scotland v Etridge (No 2), gave practical guidance for dealing with taking a guarantee from a person, where the relationship between the guarantor and the principal debtor is non-commercial. This note sets out that guidance, explaining the roles and relationship of the bank, the solicitor, and the guarantor.

This practice note explains the principle established in the House of Lords' case of Mannai Investment Co Ltd v Eagle Star Life Assurance Co Ltd [1997] UKHL 19 and its subsequent application to defects in both contractual and statutory notices.

The Solicitors' Code of Conduct 2007 (the Code) came into force on 1 July 2007. The Code replaced, with effect from 1 July 2007, the rules of professional conduct contained in the Solicitors' Practice Rules 1990. The Code applies to all solicitors in England and Wales. This Practice note deals with the rules of conduct in the Code where a solicitor is asked to deal with more than one prospective buyer in a conveyancing transaction, more commonly known as a "contract race". Note: The Solicitors Regulation Authority (SRA) Handbook, which is fully in force from 6 October 2011, replaces the Solicitors' Code of Conduct 2007. PLC has published the following Practice notes on the SRA handbook: SRA Handbook 2011 and Code of Conduct. SRA Handbook 2011 and Code of Conduct: issues for property lawyers. SRA Handbook: ten top things for in-house lawyers to think about.

The Solicitors' Code of Conduct 2007 (the Code) came into force on 1 July 2007. The Code replaced, with effect from 1 July 2007, the rules of professional conduct contained in the Solicitors' Practice Rules 1990. The Code applies to all solicitors acting in England and Wales. This Practice Note deals with the rules of conduct in the Code with which a solicitor must comply when asked to act for both a seller and a buyer in a conveyancing transaction. Note: The Solicitors Regulation Authority (SRA) Handbook, which is fully in force from 6 October 2011, replaces the Solicitors' Code of Conduct 2007. PLC has published the following Practice notes on the new handbook: SRA Handbook 2011 and Code of Conduct. SRA Handbook 2011 and Code of Conduct: issues for property lawyers. SRA Handbook: ten top things for in-house lawyers to think about.

A practice note on the guidance published by the Law Society's Conveyancing and Land Law Committee on acceptance of undertakings from a seller's solicitor to discharge a mortgage on sale of registered property as part of the completion arrangements.