I am ready to apply, but don't know whether it's the right time. Is it too early to apply, say Oct 15?

Hi there! Im at UCL right now. Last year I applied on October 24.

The ucl law website has not been updated yet and it doesnt say when are they going to start processing applications for 2010/2011.

But regarding last it says as follows:
Please note that we will begin processing applications for 2009-2010 on 15 October 2008.

So i think they will do more or less the same this year. They will start processing application on 15 October 2009. I suggest you to start completing the online application and save every time you complete a section so you can come back later and continue with your application.

Keep on checking this website: http://www.ucl.ac.uk/laws/prospective/llm/index.shtml?application
So you can see when they update the page with info about the 2010/2011 application process. Or if you want to know right now when they will start processing application then just call them: +44 (0)20 7679 1464

Here its what the UCL website says:

When to Apply:
Law LLM

At least three months before the proposed start
date. No deadline is set in advance; however
once the programmes are full no further
applications are considered. You are therefore
strongly urged to apply as early as possible.

Link: http://www.ucl.ac.uk/prospective-students/graduate-study/application-admission/when-to-apply