Property

Question 1

What is the default completion date and time in both the SCS and the SCPC?

Answer 1

20 working days after the date of the contract at 2pm

Question 2

Is time of the essence under the SCS and SCPC?

Answer 2

No, time is not of the essence until a notice to complete is served

Question 3

Deposit held as Agent

Answer 3

Where the seller’s solicitor holds the deposit this way, the seller may demand the deposit immediately after exchange.

Question 4

Deposit held as Stakeholder

Answer 4

Where the seller’s solicitor holds the deposit this way it means that the seller’s solicitor must keep the deposit safe and not pay it to the seller until completion.

Question 5

WRA Certificate

Answer 5

a certificate to prove payment of tax if the property is in Wales. The Land Registry will not register the transfer without it if tax was due to be paid on the purchase price.

Question 6

Form FR1

Answer 6

If title is unregistered, Form FR1 is used to send the application to the Land Registry to register the land for the first time.

Question 7

What is Form DS1 used for?

Answer 7

to discharge the seller’s mortgage

Question 8

SDLT5

Answer 8

a certificate to prove payment of tax if the property is in England. The Land Registry will not register the transfer without it if tax was due to be paid on the purchase price.

Question 9

Can you act for a buyer and seller?

Answer 9

No; unless there is a substantially common interest and strong consensus on how to achieve it OR competing for the same objective (eg property at auction)

Question 10

When will you not be able to fulfil substantially common interest exception?

Answer 10

You cannot fulfil the requirement for a strong consensus if the parties negotiate

Question 11

Date for new lease

Answer 11

1 January 1996