Property In 2018: All Change

Who says that property law doesn't move with the times? 2018 kicks off with talk of a register of beneficial ownership, consultations on topics as diverse as electronic signatures and chancel repair liability, plus proposals for significant reform of residential leasehold, further reform of business rates and the long awaited implementation of the ban on new lettings of properties not meeting minimum energy efficiency requirements. We hope you'll read with interest.

Proposals to introduce a register of beneficial ownership of overseas entities owning property in the UK is a step closer to becoming a reality

In 2017 the Department for Business, Energy and Industrial Strategy called for evidence on proposals for a new register showing who owns and controls overseas legal entities that own UK property or participate in UK government procurement. Those proposals were summarised in our update " Property ownership by overseas investors: UK Government begins consultation process for Beneficial Ownership Register".

The government has now confirmed that it intends to pursue those proposals. On page 36 of the government's anti-corruption strategy for 2017-2022 it declares that it will "publish a draft bill in this session of parliament for the establishment of a public register of beneficial ownership of overseas legal entities. It will require them to provide this information when they own or purchase property in the UK or are participating in central government contracts". No further details were provided.

This development will be of interest to all overseas entities holding or intending to acquire property in the UK and we will provide further details as and when they become available.

The Law Commission's 13th Programme of Law Reform - what is in it for property?

On 14 December 2017 the Law Commission announced 14 new project areas for its 13th Programme of Law Reform. Topics that will be of interest to those involved in property include:

electronic signatures, smart contracts and residential leasehold (covering topics such as enfranchisement, commonhold and the regulation of managing agents) - these projects are to start immediately; automated vehicles, registered land and chancel repair liability, and unfair terms in residential leasehold - these projects should commence in the near future. Project times vary from six months to three years.

Disappointingly the Law Commission did not include proposals to review commercial conveyancing issues...