Land

Question 1

What are different Formulas for contract exchange?

Answer 1

A- one solicitor holds both parts and sends to the other
B- each send theirs
C- complex chains

Question 2

What step makes property transaction legally binding?

Answer 2

Exchange of contracts

Question 3

What is charge if late to completions?

Answer 3

4%

Question 4

When does risk of damage to property burden pass to buyer?

Answer 4

On exchange of contracts

Question 5

How long can a lease be before it needs registering?

Answer 5

7 years

Question 6

Where are restrictive/ positive covenants found on what register (reg and unreg)

Answer 6

Registered land - charges register
Unregistered land - conveyance

Question 7

How long before tenancy end can a landlord terminate

Answer 7

12-6 months before

Question 8

Remedies for breach of leasehold covenant?

Answer 8

Lease before 1 jan 1996 - sue current tenant for privity of estate and previous for privity of contract

Post 1996 - AGA OR T released from liability as soon as assigns to another

Question 9

Remedies for breach of covenant to pay rent

Answer 9

1. Debt action - 6 year limitation (HC/CC)
2. Commercial rent arrears recovery - enter property
3. Pursue guarantor
4. Forfeiture

Question 10

Requirements for forfeiture

Answer 10

21 days non payment or breach of term

Question 11

When can overreaching occur?

Answer 11

2 trustees - buyer takes free of any interest

Question 12

When will an easement be binding?

Answer 12

UN REGISTERED LAND
Legal easement - binds world
Equitable - binds buyer if on land charges
Equitable (pre 1926) protected by doctrine of notice

REGISTERED LAND
before Oct 2003 - all legal/ equitable have overriding interest
After oct 2003- if express must be registered // if implied (actual notice, apparent on inspection, 1 year)

Question 13

What is on each of the registers?

Answer 13

Property - description

Proprietorship - title

Charges - rights

Question 14

When is a lease capable of being legal?

Answer 14

If done by deed

Question 15

How old must be to be a good root title?

Answer 15

15 years old

Question 16

Who must register equitable interest?

Answer 16

Person with equitable interest

Question 17

3 types of notice to a right over land?

Answer 17

1. Actual
2. Constructive - via inspection
3. Imputed - agent has knowledge

Question 18

Types of remedy if breach legal mortgage?

Answer 18

1. Possession
2. Power of sale
3. Debt
4. Appoint receiver
5. Foreclosure

Question 19

Who can bring about forfeiture

Answer 19

Landlord (not a lender)

Question 20

When can mortgage lender bring about power of sale?

Answer 20

Breach of term / not pay rent for 3 months

Question 21

How can mortgage lender bring about foreclosure?

Answer 21

Not make 2 payments - must apply yo HC once legal date of redemption passed

Question 22

What is an Authorised Guarantee Agreement?

Answer 22

Released outgoing tenant from any liability from lease upon assignment

Question 23

When is a deed required for a lease

Answer 23

3years+

Question 24

When can you register a lease?

Answer 24

7 years +

Question 25

Before releasing mortgage what will lender receive?

Answer 25

1. Cert of title 2. Solvency search 3. Clear OSIR in lender name 4. Executed (not complete) mortgage deed

Question 26

What is a form TA13?

Answer 26

Lists mortgages, undertakings and whether they have been discharged

Question 27

Whose name id pre completion search done on?

Answer 27

Reg land - mortgage lender Unreg land - owners name

Question 28

What time must money be given on day of completion?

Answer 28

2pm - if not next day - or pay comp

Question 29

How long to register new charge at CH?

Answer 29

21 days

Question 30

How long after purchase of property to pay tax?

Answer 30

14 days

Question 31

What forms are used to register land application?

Answer 31

Reg - AP1 Unreg - FR1

Question 32

What is rule in Tulk v Moxhay?

Answer 32

Burden can run with the land if A. Negative covenant B. Time of creation benefits dominant land C. Touches and concerns the land D. Intend to burden servient land E. Owners of servient land have notice to bind them

Question 33

Methods if enforcing positive covenants?

Answer 33

1. Lease 2. Indemnity covenant 3. Doctrine of mutual benefit and burden

Question 34

What form for pre contract enquiries?

Answer 34

TA06

Question 35

Can solicitor act for buyer and seller?

Answer 35

Never - even if common interest

Question 36

What stamp duty land tax relief is there for first time buyer?

Answer 36

500k or less purchase - no tax on first 300k then 5% on £300-500k

Question 37

What is the etridge principle?

Answer 37

If business loan on matrimonial home then must meet face to face with wife and explain risk

Question 38

Do changes within a class require permission?(planning permission)

Answer 38

No

Question 39

Who drafts contract in sale

Answer 39

Seller

Question 40

Who prepares pre exchange report on sale?

Answer 40

Buyer

Question 41

Who drafts transfer deed on sale

Answer 41

Buyer

Question 42

What is usually most acceptable form of root title for unregistered land

Answer 42

Conveyance (15years old+)

Question 43

What phrase evidences an easement

Answer 43

“Accepting and reserving”

Question 44

What is rule in Halsall v Bryell

Answer 44

If buyer receives a benefit then must contribute to maintenance

Question 45

Difference between joint tenancy and tenancy in common

Answer 45

Joint tenancy - survivorship Tenancy in common - pass by estate (each share) Assumption of tenancy in common unless restriction

Question 46

What happens if tenancy in common one passes away?

Answer 46

Another legal owner needs to be appointed to overreach equitable interest - pay to 2 trustees