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Property Practice > Last bits > Flashcards

Last bits Flashcards

1
Q

What are the two definitions of assignment?

A
  1. the transfer of part of existing lease to an assignee
  2. the name of the document that transfers the leasehold itself.
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2
Q

How should you change terms of lease in assignment?

A

The outgoing tenant should negotiate with the landlord/ enter deed of variation

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3
Q

What duration of lease will mortgage lender usually not accept?

A

Any lease shorter than 80 years.

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4
Q

When is CGT payable after transfer of property?

A

60 days!! Has changed!

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5
Q

When is Private Residence Relief available for CGT purposes?

A
  • Primary residence
  • No part exclusively used for business
  • not more than .5 hectare of land
  • No relevant absences (or otherwise subtracted from the relevant absences)
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6
Q

What is the memorandum of sale?

A

In residential property transactions the estate agent sends this to all parties. Includes the agreed price and details of the property

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7
Q

What is the heads of term?

A

Equivalent of the memorandum of sale for commercial properties.

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8
Q

What 7 terms are included in the Code for Leasing Business Premises?

A
  1. Rent
  2. Length of terms
  3. Whether VAT applicable
  4. Whether rent review
  5. right to assign
  6. security of tenure
  7. repair obligations
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9
Q

What is the Title Plan? When is it relevant?

A

Seller sol should send title plan to buyer sol - shows location of the property on map and outline of the land.

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10
Q

When would seller solicitor/seller be liable for willful deceit?

A

By trying to cover up patent defects. Claim in tort.

eg painting over cracks in the wall.

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11
Q

When can assignee rescind the contract if landlord fails to provide consent for assignment?

A

If landlord fails to provide consent three days before completion.

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12
Q

In what circumstances can buyers adn sellers in a chain NOT use deposit for related pruchase?

A

When the seller wants to use it exclusively to rent out, buy to let. Then it is not related residential purchase.

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13
Q

What year did registration become compulsory?

A

1 December 1990

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14
Q

What is the local search, and when should this be done?

A

Pre-contract.

Local land charges

  • planning charges
  • listed building charges

queries for local authorities -

  • roads
  • public rights of way
  • planning

optional enquiries for local authority

  • major pipelines
  • house in multiple occupation
  • common land
  • village green
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15
Q

What are the pre-contract searches that must be done in EVERY case

A
  1. Local search
  2. Drainage + water search
  3. Environmental search
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16
Q

What pre-contract search is specific for unregistered land?

A

Index map serach

17
Q

What pre-contract search is specific for people applyng for mortgage

A

Bankruptcy

18
Q

What pre-contract search is specific for clietn that is company?

A

Company search

19
Q

What are location specific pre-contract searched?

A
  1. coal mining search
  2. chancel liability search
20
Q

What is included in listed building status?

A

The building itself and the surrounding area, garden etc. This is called curtilage.

21
Q

What does it mean to perfect a mortgage?

A

To register the mortgage on the charges register on HMLR

22
Q

How can parties vary contract post exchange of contracts?

A

Could vary contract only my exchanging varied contracts again AND ensuring that this complies with s2 Law of Properyt Act - in writing and signed

23
Q

What should buyer sol place on register between exchange and completion to protect buyer’s position?

A

Unilateral notice on the charges register (UN1?)

24
Q

When does buyer sol issue Certificate of Title?

A

After exchange to request draw dawn of the mortgage advance prior to completion

25
Q

What are relevant Purchase Deeds for sale of land?

A
  1. TR1 Form - where whole of land is transferred
  2. TP1 Form - where part of the land in title is being transferred
26
Q

When is SDLT due after purchase?

A

14 days! Form must be sent regardless of whether payable.

27
Q

What is the measurement for no fault damages for s26 notice?

A
  • more than 14 years - 2 times rateable value of holding
  • less than 14 years - 1 time rateable value of holding

Property Practice (2 decks)

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