The Law Society of Scotland has been working around the clock with Registers of Scotland, UK Finance and other stakeholders to try to find a way to settle urgent transactions following the closure of the Applications Record of the Land Register of Scotland.
The Property Law Committee had prepared guidance which would enable RoS interim measures, but unresolved concerns regarding the implications for lenders, purchasers and sellers meant that publication at that point was not responsibly possible.
This morning however, UK Finance confirmed that most major lenders are in agreement with the proposals. So, with the Government restrictions and the health and safety of all those involved in any property transactions at the forefront of discussions and, with the support of the Registers of Scotland and UK Finance, the Law Society has issued guidance which will support the RoS Covid-19 interim measures.
The interim measures will apply to a limited number of transactions which do not conflict in any way with the Government restrictions and the Law Society’s recommendation remains that parties to transactions should attempt to reschedule settlements rather than settling during the closure of the Application Record.
Registers of Scotland Covid-19 interim measures are based upon an extension of the protected period of Advance Notices being extended beyond the period of the Application Record closure.
Registers of Scotland’s intention is to allow a limited number of ‘emergency’ registrations, where extreme adverse consequences would otherwise result.
You can find the full guidance on our dedicated Coronavirus updates page by navigating to the Practice Updates section and expanding the Registers of Scotland and conveyancing section.