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Property basics Flashcards

1
Q

What are the key unregistered overriding interests

A

Leases less than 7 years - override first registration and registered disposition
Rights of occupants (unless reasonable enquiry/no response to notice
Easements - unless registered
Public rights of way

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2
Q

Energy Performance Certificate

A

MUST be commissioned before going on market

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3
Q

Pre-contract searches

A

Pre-contract enquiries
Local land charges search and additional enquiries
Inspection
Index map search (unregistered only)
Central Land Charges search (unregistered only)

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4
Q

Pre-completion search

A

Central Land Charges (with priority) search for unregistered or if not title absolute
OS1 search with priority for registered land at HMLR
‘Bankruptcy only’ search at central land charges department

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5
Q

Completion differences: registered/unregistered

A

Unregistered: buyer receives title deeds, purchase deed and estate passes.
Registered: receives Transfer. Estate does not pass on completion

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6
Q

Post completion

A

Buyers solicitor applies for registration of title within 2 months of completion (unregistered)
Registered: buyers solicitor registers transfer within priority period of OS1 HMLR search prior to completion. Legal estate passes on registration

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7
Q

What if seller allows occupation pre-completion?

A

Risk of needing court order to gain possession
If non-completion, court is likely to allow buyer to pay damages and interest rather than giving up possession
If not contractual right, is tenancy at will and cannot evict without a court order. Standard conditions: licensee and not tenant; licence can require fee; non-assignable but household members allowed; terminates on completion, recission of contract of 5 days notice of termination. Occupier then takes on risk of damage, insurance etc.
Entry to improve is not licence. Cannot recover improvements if sale delayed.If improvements are part done, seller can sue to make habitable

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8
Q

Pre-completion occupation; structural alterations: rights to title?

A

No they are waived

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9
Q

Where are the standard conditions of sale

A

E&P - Standard conditions of sale 5th edition 2018 revision

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10
Q

What is the standard fee for pre-completion occupation

A

Standard contract rate on the balance of the purchase price - so around 1.75% of the balance of purchase price per day (balance is purchase price less deposit)

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11
Q

Letter

A

Remember to say something nice.
Address as per indication eg. their letter/supervisors note
Include practical advice eg. additional costs, who is likely to meet them, and something friendly/other queries at the end

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12
Q

Professional concerns in property

A

If acting for buyer and lender - will need to inform lender in many circumstances

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13
Q

Contract for registered land - how to describe

A

Just the address is fine, if unregistered use ‘as particularly described in the conveyance to the land attached

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14
Q

Contract for sale of land

A

If none on register should say none

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15
Q

Contract-dates

A

Leave undated, and completion date is left blank until exchange

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16
Q

How to express price if paying for chattels

A

Exclude from purchase price and have as separate item

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17
Q

Requirements for deed

A
  1. writing, signed, witnessed and delivered
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18
Q

Transfer Form TR1

A

If unregistered land, refer to address and reference to the document comprising good root of title which includes a full description. If part, must describe the part being sold and plan with red lines

Leave date blank
Company: inc. number
Leave declarations blank if bought by individual or company; only needed if 2 or more buying
Additional provisions: include new interests/covenants; if sale of part define ‘retained land’; standard to say ‘buyer will have no right of light or aid or other implied easements over the retained land

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19
Q

Execution of TR1 - transfer deed for lease

A

Joint owners must sign separately
Schedule 9 Land Registration Rules 2003
Seller must always sign
Buyer only need sign if entering into new obligations eg. covenant, including personal indemnity covenant, easement, or making a co-ownership declaration

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20
Q

Execution of deeds for transfer lease - signing

A
  1. Director and Company Secretary
  2. 2 x Directors
  3. Sole Director and witness, with addresses
  4. Common seal
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21
Q

Process for transfer deed

A

Prepared by buyer; exchange with amendments; engrossment is the final copy for signature.
Can be signed in counterpart
On completion, seller inserts the date and signed transfer deed is sent to buyer
Post completion - SLT1 for stamp duty, and buyer then sends to LR

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22
Q

How to find TR1 on Lexist

A

Search under number for TR1

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23
Q

Completing TR1

A

Use full and proper names
Use proper amount for consideration
Execution: SIGNED AS A DEED BY NAME IN THE PRESENCE OF

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24
Q

Grant of new lease - pre-exchange matters

A
  1. Ensure not ML/fraud
  2. Landlord: title/epitome of title
  3. Standard contract - Standard Conditions of Sale 5th Edition 2818 Revision clause 8 OR the Standard Commercial Property Conditions 3rd Edition 2018 Revision clause 11
  4. Send the contract/lease 2 x copies to other side (Landlord drafts)
  5. Requisitions on title (questions)
  6. Sign engrossment copies of lease and hold to be dated on completion
  7. Landlord prepares completion statement tor client to show money received after legal/disbursement and for tenants solicitor to show how much to send on completion
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25
Completion - lease
Tenant arranges for fee to be send on the day Tenant will send landlord signed and dated copy of lease When money and lease received lender sends landlord's signed counterpart and arranges for release of keys
26
Post completion - lease
Tenant pays stamp duty land tax, registers if over 7 years, FT1 within 2 months
27
Lease requirements
Some are compulsory
28
Lease - improvements
Implied term s19(2) LTA - covenant Landlord may not unreasonably withhold consent to application to improve
29
Lease - Consent to change of use
Cannot charge a fine/increased rent if no structural alterations 19(3) LTA 1927
30
Date for old/new leases
1.1.1996. If old, could hold original tenant liable. If new, can only be held if an AGA (authorised guarantee agreement) and that only covers the incoming tenant
31
If alienation close requires license/consent
19(1)(a) LTA 1927 - cannot be unreasonably withheld
32
Landlord receives request
Must give within reasonable time, if not give written notice
33
Forfeiture of lease
Only if allowed int he lease Cannot forfeit lease within notice unless non-payment of rent Tenant can apply for relief from forfeiture Always need court order for possession of residential lease Acceptance of rent / other breaches, may waive other breaches by accepting rent.
34
Pre-contract package contains
1. Energey Performance Certification 2. Sale Particulars 3. Official copies and title plan 4. Completed seller's property information form and supporting documents 5. Completed fittings and contents form 6. Draft contract in duplicate
35
Letter content - top
1. Header address of solicitors 2. Full name of addressee on left 3. FAO 4. References 5. Date 6. To 7. Heading
36
Letter content - bulk
``` Introduction Purpose Paragraphs/headings Sign off ' we look forward to hearing for you / any questions' Yours sincerely/Faithfully ```
37
What to advice re: indemnity insurance
Remember to report to mortgage lender
38
precedent report on title
Search Report on Title
39
Extending commercial lease
LTA 1954 Counter notice 2 months Prove intention: Board minutes; architects, finances, planning permission. Caselaw: intention means is able to do what is proposed
40
Property Purchase Interview
Name Disbursements - tax Current scenario - selling? How to Fund? Currently renting? Joint ownership Deposit Fixtures and Fittings If joint - communications to only one, should be in writing Joint mortgage? Ask for copy of paperwork - mortgage offer Own other property Purpose of buying - commercial use? Renting Client care and complaints Must ensure authority to act on behalf of both Joint buying - possible conflict of interest Ask check of identity Check survey Check related/connected sales Advice as to different ownership Check if married
41
What is the transfer form
TR1. TP1 if part of land
42
TR1 - date?
BLANK until day of completio
43
How to complete
Completion of mortgage deed and form TR1 - transfer of title. Register
44
Full title guarantee
Promise NO burdens on land other than those disclosed on contract, while in property or in past
45
Limited title guarantee
Other than those in contract, nothing in the land WHILE I've lived there
46
Commercial contract - title guarantee?
Standard conditions
47
Deed of sale - who signs?
Always seller. Remember if company, eg. 2 x directors Buyer signs if entering into covenant, including personal indemnity covenant (IN THE PRESENCE OF witness: if individual), entering into new encumbrance, 2 x buyers making declaration of trust, or buyer applies for restriction eg SIGNED AS A DEED by two directors. Directors: 2 x directors, director and Co Sec, seal, or 1 x director + witness
48
Special conditions TR1
Check contract for covenants inc. personal indemnity
49
TR1 - price
Only land. Not chattels. Give total figure IF VAT applies
50
Contract sale of property - how to describe
Include 'Together with the right referred to in entry 2 of the register of title - ie. things that benefit the land in the property register
51
Contract sale of property - how to refer to incumbrances
The contribution noted in The restriction noted in The right referred to in
52
Contract of sale - property price
Price LESS deposit PLUS contents
53
Contract for sale - details of seller
Check the Proprietorship register AND client instructions in case of changes
54
If overreaching another's interest, how to do on sale?
Appoint a second trustee. Eg. also if originally in 2 names as tenants in common, then one dies, on contract: seller will be Mary, plus name and address of second trustee. Not needed if 'no disposition by sole proprietor' on register
55
Contract of sale - how to describe title
Number plus GRADE ie. class ie. absolute, on register
56
Seller solicitor duty
Seller's solicitor has duty to disclose burdens on land that will continue after completion ie. charges register, and property register. Doesn't need to include mortgages and positive convenants (they don't run with the land)
57
Contract for sale
Include occupiers consent and undertake to vacate property prior to completion
58
If solicitor holds deposit prior to completion, how held?
As stakeholder. Default position. Change 'the Seller's conveyancer is to hold the deposit as agent for seller'
59
Contract of sale - convenants
Don't have to include, but could say 'The transfer will contain the following covenant: 'The Transferee covenants with the Transferor to observe and perform the covenants referred to in entry 1 of the charges register of registered title that are still subsisting and capable of taking effect and to indemnify the transferor against future breach or non-observance - check if seller remains liable for covenants entered into when purchased originally, so get indemnity from new buyer
60
If need to sellers, how express in contract?
Prior to completion the seller is to appoint another person to act as trustee in the sale of the property. The seller is to supply a copy of the deed of appointment to the buyer at least two working days before completion.
61
Who drafts the transfer?
BUYER solicitor

OSCE (11 decks)

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