Multi Subject

Question 1

How does a spouse protect her rights in a property that the other spouse is the sole registered partner?

Answer 1

They must enter a home rights notice under the family law act

Question 2

What should an investor do if they want long term capital growth, decision making power and an income?

Answer 2

To buy ordinary shares in the company

Question 3

What are the two legal estates in land that exist in English law?

Answer 3

The freehold and the leasehold

Question 4

When is a transaction at an undervalue?

Answer 4

When the company makes a gift or otherwise enters into a transaction selling company property for significantly less than the property’s market value at a time the company is insolvent.

Question 5

How can a creditor prove insolvency if a company that owes it ?

Answer 5

Serving statutory demand which is not paid within 21 days in respect of s debt of 750 or more
Showing that they obtained a judgement, attempted to execute the judgment and that the debt is not fully satisfied.

Question 6

What must be filed when a company following the companies model articles regulations 2008 changed their registered office?

Answer 6

The only thing that must be filed with the companies House is a change of registered office address form

Question 7

What is required for a restrictive covenant to be binding on a subsequent transferee of unregistered land?

Answer 7

The covenant must be registered as a D(II) land charge

Question 8

What are corporate secretaries authorized to do?

Answer 8

They don’t have statutory power but are generally able to enter into contracts of an administrative nature

Question 9

What is the timeline for a transaction to be considered a preference?

Answer 9

The transaction must occur within six months of the onset of insolvency or two years if the preference was made to a connected person

Question 10

What rights does a third party who enters a partnership have?

Answer 10

Right to participate in management of the partnership

Question 11

How is a banks interest protected during a mortgage for registered title transaction?

Answer 11

By notice of the charges register. This gives the the right to repossess and sell the land in the event the borrower defaults

Question 12

How does a contract protect a piece of land for a transaction that is supposed to complete in three months?

Answer 12

An estate contract on the land charges register

Question 13

What is required voting wise for an amendment of the company’s articles?

Answer 13

Requires approval through a special resolution which must be approved by at least 75% of the votes of the members at the meeting. For a poll vote, each shareholder present has one vote per share owned.

Question 14

When should a private company file its accounts?

Answer 14

No later than nine months after the relevant accounting reference period

Question 15

What is a solicitors responsibility when acting for two parties a part of the same deal?

Answer 15

A solicitor must avoid a conflict of interest or significant risk of a conflict of interest between two or more clients on a transaction. A conflict of interest can arise if someone is gifting a deposit to the buyer of a property and a solicitor should therefore avoid acting for both parties

Question 16

When can a seller remove contents that are part of the land?

Answer 16

When it’s clearly indicated in the fittings and contents form that they will be removed

Question 17

When can a company recover on VAT purchases?

Answer 17

When the item is for business purposes and supported by a valid VAT invoice

Question 18

What is possessory title and when is it granted?

Answer 18

Possessory title is class of title based on factual possession of the land rather than documentary evidence. It might be granted for example when the title deeds have been lost.

Question 19

What must the seller disclose on the property information form?

Answer 19

The presence of any occupiers

Question 20

What is the time limit to enforce a material change conversion that was not reported to planning permission community?

Answer 20

For material changes the time limit the local authority has to enforce is 10 years

Question 21

What is the marriage allowance?

Answer 21

The marriage allowance enables a basic rate taxpayer to transfer 1260 of unused personal allowance to a spouse if the spouse also is a basic rate taxpayer

Question 22

What is needed for a sale of land contract?

Answer 22

All the regular contractual reqs
Be in writing
Contain all the terms
Signed by both parties

Question 23

Who can submit an order of bankruptcy to the bankruptcy court outside of the individual?

Answer 23

One or more unsecured creditors who is or are owed at least 5000 combined can present a petition for an order of bankruptcy to the bankruptcy court

Question 24

What is required in a sole proprietorships letter head?

Answer 24

Full name, if different from business name
Business address

Question 25

What occurs if an application to HMLR for first registration of the buyers title to the land is not registered?

Answer 25

If not registered within two months of completion of the triggering event, the transfer of the legal estate to the buyer becomes void and the legal estate reverts back to the seller

Question 26

If a company wants to sell assets, and has both a floating charge on assets and fixed charge in premises, who needs to consent to the sale?

Answer 26

The holder of the fixed charge must give consent. The asset charged by way of floating charge can freely be sold until the floating charge crystallizes

Question 27

What must be filed at companies house when a change of registered office occurs? Is board resolution needed?

Answer 27

A change of registered office form. No board resolution is needed

Question 28

What does a mortgage offer is made on an endowment basis mean?

Answer 28

Its a mortgage combined with a life insurance policy. The borrower pays a lower monthly sum and pays a sum of money into the life insurance policy, hoping that when the policy matures, it pays out enough money to enable the borrower to repay the balance on the mortgage

Question 29

How do you apply for a mortgage advance?

Answer 29

Submit a certificate of title to the lender. Coat involves the solicitor confirming a series of statements which confirm to the lender that the title is good and marketable

Question 30

When is a floating charge automatically void?

Answer 30

If it was created for no consideration within twelve months ending with the onset of insolvency and at a time the company was insolvent or became insolvent as a result

Question 31

What do the standard conditions of sale say regarding who holds the deposit?

Answer 31

On exchange of contracts, the buyers deposit is held by the sellers solicitor as stakeholder meaning the deposit will be paid to the seller only on completion

Question 32

Are patent defects required to be disclosed upon selling?

Answer 32

No