The Standard Commercial Property Conditions (third edition)

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The Standard Commercial Property Conditions (SCPC) are a set of conditions to be incorporated into a contract for sale or grant of a lease of commercial property. Most conditions that are needed in a contract are similar and the SCPC are a set of conditions that have been drafted by an independent body to try to standardise things. The intention is that the conditions strike a fair balance between a seller and buyer.

A third edition of the Standard Commercial Property Conditions has recently been published. A few of the important changes introduced by the third edition are as follows:

  • The provisions in relation to VAT treatment of commercial property
  • Improved terms for leasehold property (including clarifying the wording for obtaining the landlord’s consent and changes to the apportionment of rent provisions)
  • Updates to reflect changes in the law in relation to capital allowances
  • Changes to the payment of deposit and completion monies
  • The incorporation of eight new special conditions, such as the property being sold with limited title guarantee, the property being sold with vacant possession on completion and the ability to vary the time by which completion monies must be paid

It is important to get advice on the above before entering into a contract for sale and purchase or before granting or entering into a lease. For more information please contact one of our Commercial Property solicitors on 0800 689 0831 or make an enquiry here.

 

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