FLK 2 - PROPERTY PRACTICE Flashcards
What are the three registers on a registered title?
- Property Register
- Proprietorship Register
- Charges Register
What information is on the Property Register?
Identifies the property by its postal address and reference to the title plan.
Freehold: Legal estate held
Leasehold: Brief details of the lease
Any benefits (such as rights-of-way) over neighbouring land.
What information is on the Proprietorship Register?
Class of title held
Name of the current holder or holders of the legal estate
What information is on the Charges Register?
[TO COMPLETE]
From what date will the triggers for first registration of unregistered land apply?
1 December 1990
What type of search would you carry out if the property is near a common green or public park?
Local Search with Optional Enquiries - includes a commons registration search
How long after detailed planning permission is granted do you have to build?
The development must commence within three years of the date of the permission or it lapses
If you build without planning permission, how long an enforcement period does the local authority have?
Four years from the date of the breach to take enforcement action
What are the standard conditions of sale?
Detail on issues such as formation of the contract, service of notices, the physical condition of the property, and remedies for late completion
What is a limited title guarantee?
Warrant that the seller has not created any charges or granted any rights during their period of ownership that have not been disclosed in the contract.
Typically given by a seller with less knowledge or involvement with the property and is most appropriate when the seller is a personal representative
What is the completion date in the Standard Conditions when the parties have not inserted a date in the contract?
20 working days after exchange of contracts.
What is the document called that gives a lessee permission to assign when permission is required?
License to assign
What is Formula A for exchange by telephone?
Prior to exchange, the buyer’s solicitor will send the contract signed by the buyer to the seller’s solicitor, along with the deposit. On exchange, the seller’s solicitor will confirm both contracts are the same over the telephone, insert the exchange and completion dates in both, and send the part signed by the seller to the buyer’s solicitor
What priority period for protection against registration of charges against registered land does an official search with priority (OS1 or OS2) give you?
30 working days
When must a landlord serve a S25 notice to end a tenancy?
The landlord must serve the section 25 notice between six and 12 months before they wish to bring the tenancy to an end
