'Release' timing on settlement day
The suggested undertaking in Guideline U of the E-dealing Guidelines contemplates immediate release of instruments following settlement (i.e. after faxed confirmation of deposit has been sent to the vendor).
Obviously, a degree of pragmatism is necessary as to how quickly the fax is sent after the instruments are released. On a busy Friday, 1 to 2 hours as maximum timeframe might be expected. Landonline is available to 9.00pm on Monday to Thursday, and to 7.00pm on Friday to be able to 'release' the instruments into the purchaser's control. Therefore, even if there is a 'last minute' or 'late settlement' there is no reason not to 'release' that same day.
A failure to 'release' on settlement day will inevitably be in breach of the vendor's undertakings.
As we know, in the paper environment some firms are quicker than others in dispatching the paper transfer and discharge. Again that should happen on the day of settlement. The process of 'release' is simpler and quicker than dispatching paper documents, especially when already logged on to Landonline - so there is no excuse to delay 'release' following confirmation of settlement.
