Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bank of England definition

What does Bank of England mean? In legal practice, “Bank of England” refers to the United Kingdom’s central bank, central to matters involving sterling, monetary policy, prudential supervision and bank resolution. Its modern statutory framework is found principally in the Bank of England Act 1998, the Financial Services and Markets Act 2000 (as amended), the Financial Services Act 2012 and the Banking Act 2009. Key features: - Monetary policy: sets Bank Rate via the Monetary Policy Committee (operationally independent of HM Treasury). - Prudential regulation: through the Prudential Regulation Authority (a part of the Bank) and the Prudential Regulation Committee. - Financial stability: macro‑prudential powers via the Financial Policy Committee;...

Standard Conditions of Sale (Fifth Edition, 2018 Revision): Practitioner’s Guide to Key Provisions for Residential Conveyancing in England and Wales

Published by a LexisNexis Property expert

Practice notes

The Standard Conditions of Sale (Fifth Edition—2018 Revision) (SCS) comprise the core conditions underpinning most contracts for buying and selling residential property in England and Wales. Where a deal concerns commercial or mixed‑use premises, the Standard Commercial Property Conditions (Third Edition—2018 Revision) (SCPC) are the better fit.

First issued on 1 April 2011, the SCS appeared alongside the Law Society’s Conveyancing Protocol (the Protocol). When the Protocol is used for a given conveyancing matter, the parties must adopt the current SCS, and step 13 of the Protocol provides that special conditions should be added only where strictly required for that transaction.

Protocol use is compulsory for solicitors accredited under the Conveyancing Quality Scheme. For more detail on the Protocol, see Practice Note: The Law Society’s Conveyancing Protocol. The 2018 update to the SCS took effect in March 2018.

Condition 1—General Definition—‘clearing bank’

Condition 1.1.1(b) defines a ‘clearing bank’ as a bank accepted by the bank of england as a direct participant in its CHAPS system...

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Russell Hewitson

Northumbria University

Russell Hewitson is a solicitor and associate professor of law at Northumbria University. He is Law Society Council member for commercial property and a member of the Law Society’s Conveyancing and Land Law Committee. Russell is the Consultant Editor of Halsbury’s Laws of England Volume 23 - Conveyancing. He is general editor of Precedents for the Conveyancer, Practical Lease Precedents, and Practical Conveyancing Precedents, consultant editor of the Law Society’s Conveyancing Handbook and has written a number of other books including Conveyancing Searches and Enquiries, Licensing Law Handbook, Residential Conveyancing Practice and Business Tenancies. He is also the Practice and Precedents Editor of The Conveyancer and Property Lawyer. ...

Web page updated on 22/05/2026

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