Residential Property

Brexit – how will it affect UK property law and conveyancing transactions?

Written by James Lutynski

Thursday, December 10, 2020

On 31st December 2020, the UK’s transition period for leaving the EU will end ushering in significant changes to UK private and commercial law.

But what exactly will those changes mean for UK property law – and what will buying and selling your home post-Brexit look like?

The law which underpins the buying and selling of property is ordinarily the law of the country where the property is located, rather than being European law. It follows, therefore, that Brexit whether ‘hard’ or ‘soft’, should have limited impact on property law in the UK.

The legal processes of UK property transactions, namely: transfers, leasing, mortgaging and registration of title at HM Land Registry are unlikely to change significantly, if at all.

Perhaps more uncertain is how Brexit will affect house prices and the supply and demand of property overall. However, if there is one takeaway from the UK housing market throughout 2020, it’s that it is incredibly resilient.

Even in the face of economic turmoil due to the COVID-19 pandemic, both UK property prices and property market activity have remained strong, with the market having been bolstered by a stamp duty holiday from the Chancellor lasting until March 2021.

This is an encouraging sign that in the face of any issues which may arise, solutions can be found, and the property market post-Brexit can remain buoyant, whatever the outcome of the imminent EU exit.

Whilst the full effects of Brexit on the UK property market might remain to be seen, what remains certain, is that your home will likely be the most expensive purchase you ever make.

Post-Brexit uncertainties aside, the fundamental principles of good, diligent conveyancing will remain steadfast. With an excellent conveyancing lawyer on your side, guiding you through any potential pitfalls, not only can your home be your most expensive purchase, but it can also be the best purchase that you ever make.

If you would like a quote for buying or selling property, contact the Residential Property Team at Samuel Phillips Law on 0191 255 0255 or e-mail residentialproperty@samuelphillips.co.uk