Advice on completions scheduled for 19 September 2022 published

Article summary

The Law Society has advised solicitors and conveyancers on what to do if clients are contractually bound to a completion scheduled for 19 September 2022, which has been declared as a bank holiday to mark Her Majesty Queen Elizabeth II's funeral. Banks will not be remitting completion monies or mortgage monies on that day, and many other professionals involved will also not be working, which may cause issues for completion. The Law Society has stated that consumers should complete on the following date on which banks can send CHAPs payments, which is 20 September 2022. Agreements should be made with clients and firms across the chain that the operation of the Banking and Financial Dealings Act 1971 means completion will take place on 20 September 2022, or an alternative completion date should be settled if it cannot take place on 20 September 2022. This would be deemed as compliance on the bank holiday. A record of...