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SQE1 - Flashcards > Property Practice and Land Law > Flashcards

Property Practice and Land Law Flashcards

(98 cards)

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1
Q

What are the three stages of the conveyancing timeline?

A

Pre exchange, exchange and pre-completion, and completion and post completion

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2
Q

What does a seller do in the conveyancing process?

A

Takes instructions, prepares and issues the draft contract, deduces the title, exchanges contracts, approves purchase deed, prepares for completion, completes, carries out post-completion procedures

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3
Q

What does a buyer do in the conveyancing process?

A

Takes instructions and considers financial arrangements, makes necessary pre-contract searches, investigates title and approves draft contract, exchanges contracts, prepares purchase deed, makes necessary pre-completion searches, prepares for completion, completes, pays stamp duty land tax and registers title

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4
Q

What are the six main stages in a conveyancing transaction?

A

Pre-market, pre-contract, contract, pre-completion, completion, post completion

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5
Q

What are the main differences between the process for registered and unregistered titles?

A

Search of public index map not needed for registered titles; deducing title differs; investigating title differs; pre-completion search differs; completion differs; post completion differs

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6
Q

What can you do on the Land Registry Portal?

A

Online official searches, land charges searches, title copy applications, access to registers, home rights searches, apply for index map search, online registration applications

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7
Q

What is an estate?

A

Right to own and enjoy land for a particular length of time. Types: Leasehold and freehold.

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8
Q

What are the legal interests in land?

A

Easements, profits, rentcharge, charge by way of mortgage

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9
Q

What are equitable interests in land?

A

Anything that is not a legal interest or legal estate, such as the benefit of a restrictive covenant or the interest of a beneficiary under a trust

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10
Q

Can you register an equitable interest under the LPA 2002?

A

No. Only legal estates and interests can be registered under LPA 2002.

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11
Q

What is a trust of land?

A

Where two or more persons are entitled to the land at the same time, with the legal estate held by trustees and beneficiaries being the co-owners.

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12
Q

What is an implied trust?

A

When co-ownership arises in favour of someone even though that person’s name doesn’t appear on the register or in the deeds.

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13
Q

What is a resulting trust?

A

When legal estate is transferred to one person after the payment of some or all of the purchase price.

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14
Q

What is a constructive trust?

A

When it would be unquestionable for the legal owner to deny the equitable interest of another, requiring joint intention and reliance.

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15
Q

What are the two types of co-ownership?

A

Joint tenancy and tenancy in common.

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16
Q

How does the survivorship rule apply to co-ownership?

A

In joint tenancies, the estate passes to the other joint tenant upon death; in tenancies in common, it passes as per the deceased’s will.

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17
Q

What are the 4 unities that must be present between co-owners?

A

Unity of possession, unity of interest, unity of title, unity of time

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18
Q

What are the different methods of severing a joint tenancy?

A

Written notice, selling or charging the beneficial interest, bankruptcy

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19
Q

What is an easement?

A

A right attached to one piece of land which gives the owner a right to use another person’s land.

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20
Q

What are the characteristics of an easement?

A

There must be a dominant and servient tenement; the right must benefit the dominant tenement; the right must be capable of forming the subject matter of a grant.

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21
Q

How do you create an easement?

A

Through a grant or a reservation.

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22
Q

What are the types of grants?

A

Express, implied, presumed

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23
Q

How do you create an implied grant?

A

Through necessity, common intention, or on a sale of part.

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24
Q

Where should easements be granted?

A

In the transfer deed.

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25
What are presumed or prescribed easements?
Granted through long usage, can be acquired by common law, lost modern grant, or Prescription Act 1832.
26
What criteria must be satisfied for prescriptive easements?
Exercised as of right, continuous and unbroken use, use by a freehold owner against a freehold owner.
27
What is 'profit a prendre'?
A right for one person to remove something from land belonging to another person.
28
What are the two types of freehold covenant?
Restrictive and positive covenant.
29
When will the benefit of the covenant run at common law?
When it touches and concerns the land, the covenantee owns the legal estate, and original parties intended it to run.
30
How do you discharge or change a covenant?
Lands Tribunal Order, deed of release or variation, common ownership, or if void for non-registration.
31
What is the difference between a lease and a license?
A lease allows independent use of land; a license does not.
32
When do you have to register a lease at the land registry?
If it is longer than 7 years.
33
What is a mortgage?
Right of a lender over land that guarantees payment of a debt.
34
What are the types of mortgage and how are they created?
Legal and equitable, created expressly or under statute.
35
How is a legal mortgage created?
By registration for registered land; unregistered land requires holding title deeds as security.
36
What are the key rights of the mortgagor?
Undue influence, reopening credit agreement, no clog or fetter on redemption, no postponement of right to redeem.
37
What are the rights of a mortgagee?
To sue for debt, take possession, foreclosure, appoint receiver, sell the property.
38
What happens when the mortgage is paid off?
Money is held on trust to pay expenses, principal, and surplus to next mortgagee or mortgagor.
39
How are third parties bound?
By way of a notice.
40
What interests can be protected by a notice?
Restrictive covenant, easement, right of occupation, lease, charging orders.
41
What are the 4 classes of title?
Absolute title, possessory title, qualified title, good leasehold title.
42
When should a property survey be carried out?
Before the exchange of contracts.
43
What is caveat emptor?
'Let the buyer beware.'
44
What are the types of survey?
Basic valuation, home buyers valuation and survey report, full structural survey, external wall survey.
45
What are the special considerations in terms of surveys?
Neighbouring property, drainage, electric wiring, commercial premises.
46
When is the deposit paid?
On exchange of contracts.
47
Should the contract state anything about titles?
Yes, it should include a title guarantee.
48
When is a conditional contract used?
When an important matter is still outstanding at the time of exchange.
49
What undertaking must the solicitor give to the mortgagee?
To hold the deeds to order pending redemption.
50
What are the key considerations in terms of pre-contract searches?
Is the property registered? Is it in an urban area? Check coal mining directory, company search, environmental search.
51
What is the definition of development?
Carrying out building, engineering, mining, or other operations, or making material changes in use.
52
What are the two key considerations for town planning?
Obtaining planning permissions and change of use of existing properties.
53
What is the Town and Country Planning Order 1995?
Grants permission for certain kinds of specific development without specific planning consent.
54
What is the article 4 direction?
Planning authorities can exclude parts of the Order.
55
How do you obtain planning permission?
By a formal application submitted to the Local Authority.
56
What are the two types of planning permission?
Outline planning permission and full planning permission.
57
What is the time limit if planning permission is granted?
Work must start within 3 years.
58
What are the permitted development rights?
Allow demolition and rebuilding of certain buildings without planning permission.
59
What happens if there is a breach of planning control?
Local authority can serve an enforcement notice; failure to comply can result in a criminal offence.
60
What is the time limit for enforcement action to take place?
Within 4 years of development, 10 years for change of use.
61
What are building regulations?
Set standards for design and construction that apply to most new buildings.
62
Whose responsibility is it to carry out appropriate planning searches?
The solicitor's responsibility.
63
What are the most common topics that should prompt pre-contract enquiries of a seller?
Alterations and additions, user, building regulations, change of use.
64
For registered land, how do you deduce title?
Seller's solicitor applies to Land Registry for an official copy of the registered title.
65
How do you deduce title to unregistered land?
Seller's solicitor gives deeds to buyer's solicitor through epitome of title.
66
What form is used to request an up-to-date official copy of the registered title(s) being sold?
Form OC1 must be submitted to the Land Registry. ## Footnote This copy cannot be over 6 months old.
67
How do you deduce title to unregistered land?
The seller's solicitor provides deeds to the buyer's solicitor through an epitome of title with relevant documents. ## Footnote Must have at least 15 years of history and come with a good root.
68
What is the criteria for a good root?
Must show ownership of the whole legal and equitable interest in the property, contain an adequate identifiable description, and be at least 15 years old. ## Footnote Mortgage or assent will fail if the description is not included.
69
What is overreaching?
A statutory procedure that allows a purchaser to take the legal estate free from certain equitable interests if the purchase money is paid to at least two trustees or a trust corporation.
70
What is the best document for a good root?
A conveyance on sale.
71
What happens if a covenant on title is breached?
The breach should be remedied as soon as possible, considering indemnity insurance, obtaining retrospective consent, or applying to the Upper Tribunal for removal. ## Footnote Costs for these actions are typically borne by the seller.
72
What if a breach cannot be remedied?
The buyer can walk away from the transaction.
73
What is the significance of the title number on the draft contract?
The class of title must be satisfactory; anything less than absolute title is likely unsatisfactory.
74
How do you investigate title to unregistered land?
Check that the land has a good root title, at least 15 years old, and ensure a clear chain of ownership to the current owner without missing links.
75
What are the most common types of mortgage?
Repayment mortgage, endowment mortgage, pension mortgage, interest-only mortgage, and Sharia-compliant mortgage.
76
Can a solicitor act for both a lender and the borrower?
Generally no.
77
When can a solicitor act for both the lender and borrower?
If the mortgage is a standard mortgage for the borrower's private residence and it is in the client's best interests.
78
What if there is a conflict of interest between the borrower and lender?
The solicitor must cease to act.
79
What should you advise the client on in terms of the mortgage offer?
The terms of the offer, general conditions, and any special conditions.
80
What are the most common special conditions in terms of mortgages?
Retention for repairs, retention for making up roads, and mortgage indemnity insurance.
81
What should a certificate of title to the lender confirm/include?
It should confirm that the title is good and marketable, free from adverse encumbrances, and that the borrower is not bankrupt.
82
What are the main things to check before exchanging contracts when acting for the seller?
Ensure sufficient funds from sale proceeds to discharge the seller's mortgage, confirm the deposit amount, and report to the client.
83
What if someone is signing the contract on the buyer's behalf?
Ensure they have authority to do so, ideally in writing.
84
What must you request from the lender in terms of the outstanding mortgage debt?
A redemption statement.
85
What are the formulas for telephone exchange of contracts?
Formula A, B, and C depending on the situation of signed contracts and deposit cheque.
86
What if there is a variation of the contract between exchange and completion?
Exchange must happen again.
87
What if the buyer or seller dies between exchange and completion?
The deceased's personal representative must step in, and the contract remains unchanged.
88
What if the buyer or seller becomes bankrupt between exchange and completion?
A bankruptcy restriction will be placed on registered titles, and proceedings will be started.
89
What does a bankruptcy order do to a joint tenancy?
It severs the joint tenancy.
90
What are the steps to be taken between exchange and completion for the buyer?
Check insurance, issue requisitions, draft the purchase deed, execute the mortgage, collect money, and carry out final searches.
91
What are the steps to be taken between exchange and completion for a seller?
Obtain redemption figures, reply to requisitions, approve the purchase deed, prepare completion statements, and ensure all documents are ready.
92
What is the main purpose of a purchase deed?
To transfer the legal estate in the property from the seller to the buyer.
93
What is the time limit for draft deed to be submitted?
At least 12 working days before the completion date.
94
How long does the seller's solicitor have to approve the draft deed?
4 working days.
95
How long does the buyer's solicitor have to send the engrossment?
At least 5 working days before completion.
96
What is Form TR1 for?
To transfer the whole of the registered land or whole of unregistered land where title is subject to first registration.
97
What is Form TP1 for?
Transfer of part of registered land or part of unregistered land where title is subject to first registration.
98
What is essential when buying from a company?
A company search is necessary to check on the continuing ability of the seller company to sell.

SQE1 - Flashcards (5 decks)

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