CON29 Changes – will your search be delayed?
Monday 4th July will see some notable changes in the CON 29 & CON 29O forms. The Law Society has updated and amended most questions in order to take account of a variety of legislative changes such as the Growth and Infrastructure Act 2013. In addition, some new mandatory questions to the forms relating to; Community Infrastructure Levies (CIL), Assets of Community Value and Sustainable Urban Drainage Systems (SuDS) and Public Paths & Byways, have been introduced.
The aim of the new forms is to provide a clearer and more consistent presentation of information as well as improving the quality of the data provided by Local Authorities. But one element that is not clear is the impact on costs, as not all Local Authorities will have a charging regime for CIL. In addition, there could well be delays to searches being returned as Local Authorities get to grips with these changes.
The timing of this implementation is unfortunate, coming hot on the heels of the recent Brexit vote. There have been numerous reports of transactions already starting to falter, with buyers and sellers pulling out due to the uncertain economic outlook. More than at any point in recent times the conveyancing process requires more, rather than less certainty.
Legal & Contingency provide market leading legal indemnity solutions including Search Delay insurance policies, for both residential and commercial property transactions from only £17 (including IPT). Transactional issues arising from Brexit may not be in your control, but securing the chain with a Search Delay policy may make the difference where the changes to the CON 29 forms are the issue.
This article was submitted to be published by Legal & Contingency as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.