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February 2021

Conveyancing Association Webinar – The economic future of Conveyancing – now and post Covid 19!

A big thank you to those who were able to join us for our first Conveyancing Association Webinar for 2021 yesterday!  We hope you all enjoyed the insightful presentation from Roger Martin-Fagg on his predictions for the economy in the coming months! For those who were unable to attend, you can access the recording on our New Webinar Platform under the Webinar Library here.

All members have been issued with logins for the new Webinar Platform, please let us know if you have any issues. Information on our next webinar due to be held in March will be released shortly.

Volunteers Required – HMLR

HM Land Registry has been in touch to ask if CA members would like to influence the direction of digital service design and propositions.

The research that HMLR are undertaking currently requires 5 users (organisations) who are not LR account managed are using ‘View My Applications’, complex residential services preferably and would be interested in seeing the next feature which is ‘View My Colleagues’ Applications’.  The sessions will be hosted over the next 2 or 3 weeks and are an hour in duration. There will be an ongoing requirement to speak to users at various times in the future.

Please advise by the 19th February 2021 if you wish to be involved, further details will then be sent to you regarding the research objectives and contact can be made to arrange a date a time.

MoJ Industry Working Group on Electronic Execution of Documents

Please be advised that the Ministry of Justice has just launched its recruitment campaign for members of the new Industry Working Group on Electronic Execution.

The Group is being established as one of the chief recommendations made by the Law Commission in their report Electronic Execution of Documents (https://www.lawcom.gov.uk/document/electronic-execution-of-documents/), and the Ministry of Justice hopes it will play a very important role in increasing standards, usage, and confidence in electronic systems for conducting business transactions within a secure legal framework.

The Group will be chaired by Mr Justice Birss, the new Deputy Head of Civil Justice. He will be assisted by Mr Justice Fraser, the Judge in Charge of the Technology and Construction Court, as a second judicial member, as well as the Law Commissioner for commercial and common law, Professor Sarah Green, in an advisory capacity.

Ministry of Justice is seeking further members from the following categories: legal experts; technology experts; representatives of industry or commerce; and representatives of individual and vulnerable interests. The information pack for applicants and details on how to apply can be found on the Cabinet Office website for public appointments: https://publicappointments.cabinetoffice.gov.uk/appointment/industry-working-group-advisory-committee-for-packaging-appointments/.

The closing date is 19th February 2021.

BBC Coverage – SDLT Holiday Deadline

Beth Rudolf featured across the BBC News website, the BBC News Channel, Wake Up to Money and the One O’Clock News yesterday, talking about the stamp duty holiday deadline and the CA’s call for an extension taper.

Please see the links below for your perusal:

BBC News website

https://www.bbc.co.uk/news/business-56016874

https://www.bbc.co.uk/iplayer/episode/m000s592/bbc-news-at-one-11022021 (from 23:31)

Wake Up to Money:

https://www.bbc.co.uk/sounds/play/m000s2yk (from 42:20)

COVID Guidance Updates

The Conveyancing Association, The Society of Licensed Conveyancers, The Law Society, CILEX and Bold Legal Group have updated the following  Covid Guidance documents:

COVID-19 Rider Clause

Sector-Specific Guidance for Conveyancers

COVID-19 Rider Clause – Client Guidance

This has been updated as of 3rd February 2021 to replace industry guidance issued on 3rd July 2020.

Support for Businesses During Coronavirus

Please see the updated document below, detailing the different grants, loans and schemes available to businesses throughout the ongoing Coronavirus pandemic.

Support for Businesses during Coronavirus

Changes to the Payment Messaging

The Conveyancing Association have been approached by Hayes Bank Herd who running a project for the Bank of England around the standard messaging sent with CHAPS payments and have asked for your help in understanding the use to you of the changes proposed.

As part of the global transition to the ISO 20022 messaging standard, the Bank of England as operator of CHAPS, and Pay.UK as developer of the New Payments Architecture, are working together to align the UK’s transition approach to the new standard. This new standard will offer many benefits to payment users and processors alike.

As CHAPS payments form a vital part of the property industry, they are seeking industry feedback to identify any challenges linking payments effectively to the wider transaction. To help, please complete the survey available below before 16th February 2021:

CHAPS ISO 20022 – Market Guidance Survey

The survey looks at how payments could be more effectively integrated into property transactions using additional information included in ISO20022 payment messages.

What this could mean to you?

The messaging standards have the potential to provide you with significantly proactive banking services, for example, the messaging could trigger measures that would enable you to instruct your bank to send the redemption amount to the lender and the onwards purchase monies as soon as the designated proceeds of sale are received, or, potentially, open the way for the Land Registry to develop their own systems so that as soon as the completion amount is transmitted to the seller the messaging could trigger to authorise the registration at HMLR – similar to the PEXA model which we have seen in Australia.

For your estate agent introducers, the messaging standards have the potential to provide significant improvements in the completion process, e.g. in terms of reducing the hold ups in chains of transactions where the conveyancer can ask their bank to automate the onward transmission of funds when the sale proceeds are received on a related transaction.  This could be extended to ensure that our commission payment is automatically released upon the receipt of the sale proceeds by the conveyancer.

Thank you for your help, for any further information please don’t hesitate to contact the RTGS programme team via email:  RTGSEngagment@bankofengland.co.uk

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