Title investigations, searches and standard enquiries Flashcards Preview

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Flashcards in Title investigations, searches and standard enquiries Deck (13)
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1

Overview of a conveyancing transaction

1. Pre-contract to exchange of contracts
2. Post-exchange / pre-completion
3. Post-completion

2

Pre Contract to exchange of contracts

- Neither party is bound to the other until the exchange of contracts.

3

S. 52 Law of Property Act 1925

- Transfer of an interest in lad has to be by deed

4

Conveyance Draft

- Named and defined vendor/seller
- Named and defined purchaser/buyer
- Set out tenure of the property
- Set out the price of the property
- Clearly described the property being sold

5

Positive covenants

- Require something to be done, therefore cannot bind the land.
- When selling, due to ongoing liability, will ask buyer to enter into covenant with rights holder
o Comply with terms
o To indemnify seller if failure to comply

6

Restrictive covenant

- Requires covenantor to refrain from doing something
- Bind the land

7

s. 62 Law of property act 1925

- Property is sold with the benefit of all rights, ways, easements, etc.

8

Property register

Describes the extent of the property
Describes the rights benefiting the property

9

Proprietorship Register

1. Shows the class of title
2. Identifies the registered proprietor
3. Sets out any restrictions affecting the owners rights of disposal
4. Sets out an indemnity covenant given by the proprietor
5. Shows the price of the property when it was last bought

10

Class of title

(ss. 9 and 10 Land Registration Act 2002)
1. Title absolute
2. Qualified Title
a. Proprietors ownership has only been established for a limited period
3. Possessory title
a. Proprietory is in actual possession but has no further documentary evidence
4. Good leasehold
a. Could not provide evidence of landlords title to land

11

Schedule 8 LRA 1925

Land Registry will indemnify losses due to mistake on the registry

12

Charges Registry

Interests binding the buyer (S. 29(2) LRA 2002)
a. Interests registered on the charges register
b. Interests overriding registered dispositions (Schedule 3 LRA 2002)

13

Remedies for past breach of covenants

o Ask seller solicitor to obtain restrictive covenant insurance
o Seller approaches the PWB for retrospective consent
o Apply for upper tribunal (Lands chamber) under s. 84 Law of Property Act 1925 for a waiver or discharge