Property Flashcards
(9 cards)
How do solicitors exchange contracts using Formula B?
Each solicitor will hold their own clients contacts and will confirm the versions are the same over the phone. They will send their clients signed part to each other and the buyers solicitor will send their clients agreed deposit to the sellers solicitor to hold as stakeholder
What does a C(I) puisne mortgage denote? What must a solicitor do if they find this after contracts are exchanged?
A second or subsequent charge not protected by the deposit of title deeds in the unregistered system.
The solicitor must require an undertaking for the mortgage to be repaid out of the sale proceeds and for the land charges entry to be removed.
What tasks are carried out upon completion of a property exchange transaction?
- The buyers solicitor will send the balance of the purchase money to the sellers solicitor
- Buyers solicitor will confirm to their client where they can collect the keys to the flat once completion has taken place
- the buyers solicitor will notify their client that completion has taken place
- The buyers solicitor will insert today’s mortgage date into the mortgage deed
What’s steps must a solicitor take for a company taking an assignment of an existing 15 yr lease of unregistered title?
The solicitor must file a stamp duty tax return and pay any tax due within 14 days and will apply to register the leasehold at the land registry within two months of completion.
An SDLT return is due within 14 days and any tax due must be paid with in that period.
The leasehold title is registrable first because it is currently unregistered and second because the residue of the lease is more than seven years. Since this is the first registration, it must be done within two months of completion.
What are ground to file a 25 notice?
Under commercial lease the tenant has the right to remain in tenancy after the term of the lease expires unless the landlord serves a section 25 notice indicating a statutory ground for terminating the tenancy.
Grounds include:
Landlord has desire to demolish the premise
Breaches of obligation by the tenant
Availability of suitable alternative premises for tenant
Landlords desire to reconstruct or move into the premises.
Tenant may be able to recover statutory compensation unless other suitable premises are available.
What information is required for the memorandum of exchange?
Date and time of exchange
Exchange formula used
Completion date
Names of solicitors involved
What is the priority period for a full land charge search in the unregistered system?
15 working days
What is the timeframe to register a charge at the companies house?
21 days
What notices must the landlord provide the tenant in the security of tenure provisions?
An explanation of the nature of security of tenure
An explanation that the potential tenant will give up rights under the lease
An explanation that the consequence to the tenant of not having security of tenure
An explanation that the tenant should seek professional advice
