A review of Standard Commercial Property Conditions (Third Edition) and practical tips
A review of Standard Commercial Property Conditions (Third Edition) and practical tips

The following Property guidance note provides comprehensive and up to date legal information covering:

  • A review of Standard Commercial Property Conditions (Third Edition) and practical tips
  • The Third Edition
  • Summary of the main differences between the Second Edition and the Third Edition
  • Part 1 and Part 2 conditions
  • SCPC 1.1.1(e)—contract rate
  • SCPC 1.1.1(f)—conveyancer
  • SCPC 1.1.1(h)—mortgage
  • SCPC 1.1.1(j)—option to tax
  • SCPC 1.1.3—ready, able and willing to complete
  • SCPC 1.1.4(a)—Part 2 conditions
  • more

The Third Edition

The third edition of the Standard Commercial Property Conditions was published on 27 April 2017. It is an update to Standard Commercial Property Conditions (Second Edition) (the Second Edition), which was published in June 2004. It is intended to reflect the changes in law and practice in commercial property transactions that have occurred in the intervening period.

In March 2018, a minor further revision, the Standard Commercial Property Conditions (Third Edition—2018 Revision) (the Third Edition), was published. It made only one change, which was to amend the definition of ‘clearing bank’ in SCPC 1.1.1(c) following changes to the Clearing House Automated Payment System.

Summary of the main differences between the Second Edition and the Third Edition

  Second Edition Third Edition
Value Added Tax (VAT) Standard Commercial Property Conditions (SCPC) 1.4.1—seller warrants that the sale is not a supply for VAT purposes. Alternatives in SCPC A1 (sale is standard rated) and SCPC A2 (transfer of going concern). SCPC 2.1—seller warrants that the sale is standard rated. Alternatives in SCPC A1 (sale is exempt) and SCPC A2 (transfer of going concern).