Conveyancing in Action 1

Question 1

CiA1

When is the Energy Performance Certificate (EPC) administered?

1

Answer 1

The very start of the process

Question 2

CiA1

Time limit for EPC to be provided by Seller to Buyer

3

Answer 2

Within 7 days of the property being on the market
Then a further 21 days
Total 28 days

Question 3

CiA1

How Long is an EPC Valid for?

1

Answer 3

10 years

Question 4

CiA1

Preliminary Forms sent by Seller to Buyer

4

Answer 4

1. Estate Agent sends memorandum of sale to parties and CVAs
2. Seller CVA asks for MoS and EPC
3. Seller CVA sends a Client care Letter
4. Seller CVA (likely) sends a PIF (TA6) and Fittings and Content (TA10)

Question 5

CiA1

What is SIM Search

1

Answer 5

Paid index map search that checks boundaries and is subject to indemnity

Question 6

CiA1

What are the 4 Types of Buyers Survey?

4

Answer 6

1. Valuation report- purely for lender to confirm loan
2. Condition report- cheap, useful for new build and low risk homes
3. Homebuyer report- (Survey only/Survey+Valuation)- conventional properties in reasonable condtion
4. Independent Full Structural Survey (“Building Survey”)- high value or old buildings and/or if loan is low proportion or price

All Royal Institute of Chartered Conveyancers

Question 7

CiA1

Source of Funds

1

Answer 7

Where the money is currently held

Question 8

CiA1

Source of Wealth

1

Answer 8

Where the money came from

Question 9

CiA1

CILEx/SRA Circs; required where can act for both Lender and Borrower

4

Answer 9

1. No conflict of interest
2. Standard Mortgage
3. Property will be Buyers own Residence
4. Its reasonable and in clients best interest

Question 10

CiA1

The Following should all be directed to seek Independent Legal Advice

3

Answer 10

1. Any Borrower not personally benefiting from loan
2. Any guarantor
3. Anybody who will occupy and is to execute mortgage