Deducting Title Flashcards
Steps to deduce title in unregistered land:
- Title deeds to verify the title
- Find the ‘root’ of title [description, 15 years, conveyance]
- Prepare the ‘epitome’ of title’ [schedule of all docs up to this day]
- Read through deeds and focuses on chain of ownership, incumbrances, land charges searches.
What should be checked in the title deeds?
Chain of ownership [check the right person is transferring]
Description of Land [check the right land is described]
Stamp Duty
Incumbrances - check for words such as [excepting, reserving, subject to]
Execution - check each document which is a deed is in writing, signed, witness, delivered.
What are the 4 incumbrances that will bind unregistered land if they are correctly registered as a land charge?
C(iv) - ESTATE CONTRACT
D(ii) - RESTRICTIVE COV
D(iii) - EASEMENT
F - HOME RIGHT
As part of an investigation into unregsitered land, a solicitor must ensure that what searches are made against the names of the estate owners revealed in the epitome of title?
K15 searches
What register is the burden of an easement found in?
Charges
What register is the benefit of an easement found in
Property
What searches to undertake if there are ‘mines’ and ‘minerals’
Coal Authority Search CON29M
Index Map Search Sim
Survey
If a restriction in the propietorship register says ‘no disposition as a sole proprietor’ then what is the land held as
Tenants in Common
What are the methods of holding a deposit under the SC’s
10% deposit [unless otherwise agreed] payable on exchange of onctracts
Held as a stakeholder, agent or to be used on a related purchase of a house
Electronic or Cheque
What are the methods of holding a deposit under the SCPS’s
10% deposit [unless otherwise agreed] payable on exchange of onctracts
Held as a stakeholder or agent
Electronic only
What does held as a stakeholder mean?
This means that the seller cannot pay over the deposit until completion
What does it mean if the deposit is held by the sellers solicitor as an ‘agent’?
This means the deposit can be released to the seller on exchange of contracts
When should the buyer insure the property from? [SC and SCPC]
From exchange of contracts
If there is dual insurance [seller and buyer] then purchase price would be reduced by the equivalent sum. [lesser payout]
When is a certificate of title given to the lender?
Immediately before completion
Confirms that there is ‘good and marketable title’
Exchange Formula A
One solicitor holds both contracts
1st class post/DX/hand
Exchange Formula B
Each solicitor holds their own clients contract
1st class post/DX/Hand
Exchange Formula C
Chain of transactions
Telephone
From exchange of contracts the buyer has a [ ] interest in the property and bears the risk of any storm damage to the property
beneficial
What does limited title guarantee mean
Limited title guarantee means that there is an implied covenant that the seller has not incumbered the title to the property and the seller is not aware that anyone else has done so since the last disposition for value.
