Freehold transactions Flashcards

Question

Can u act for lender and buyer? What conflict rule? What must u do?

Answer 1

Yes - unless conflict rules prevent. Substantially **common interest**; Both clients given **informed consent**; Appropriate **safeguards** to protect confidential info; AND Satisfied **reasonable** to act

Answer 2

Only in exceptional circumstances. High risk of conflict. Must be **competing** for **same objective**. Must be in **best interests** and be able to justify to SRA. Careful of **bargaining power.**

Answer 3

- Mortgage is NOT a **standard** mortgage (i.e.normal part of lender's activities and standard terms) - Mortgage is standard but you do not use the **approved cert of title** (ahh yes because mortgagee could argue about it) (both usually not an issue in resi, large comm prop often not standard)

Answer 4

Yes Saves duplication of time **Substantially common interest** in borrower obtaining good title / nothing impacting property's value

Answer 5

Where property is being charged (i.e. security/loan over it) in return for a loan which all joint owners don't benefit from. (Puts lenders on inquiry of risk of undue influence) (e.g. jointly own matrimonial home. One uses mortgage as security for business loan. Business then fails - bank will enforce security against the home. Spouse may want it set aside due to undue influence.)

Answer 6

With husband's consent, provide solicitor with the following info: 1. **Purpose** for which loan is being made available; 2. Current amount of husband's **indebtedness**; 3. Amount of current **overdraft** facility; 4. Amount and **terms** of the new loan; and 5. Copy of any **written application** by husband for the loan

Answer 7

On receipt of info from lender, provide to other party 1. **Purpose** of involvement 2. Explain that** lender will rely **on solicitor's involvement to counter a suggestion that she's been unduly influenced/not fully **understood** nature of transaction; and 3. Obtain **confirmation** that wishes for solicitor **act on their behalf** in the transaction and advise on the legal/practical implications of this

Answer 8

Explain: - docs - practical **consequences** of signing - **seriousness** of risks Tell has choice - does she wish to proceed? If so, ask whether want us to **write to lender** **confirming** matters explained Must only write to lender if received relevant docs FROM lender Face-to-face Absence of husband Non-technical language

Answer 9

give reasoned advice to that effect. if v clear being v wronged, decline to act

Answer 10

No, as long as followed Etridge and Code of Conduct issues not apply.

Answer 11

Royal Bank of Scotland v Etridge (no 2) and others 2001 To consider potential undue influence.

Answer 12

Seller sending contract package to multiple buyers, who then compete so ready to exchange quickest

Answer 13

Yes, as long as ALL buyers know they are engaged in it (inc if already sent it to them) But cannot instruct solicitor that don't want them to know - misleading buyers (prof conduct reqs). Must tell them immediately that intend deal more than one buyers. If seller refuses to agree, cease acting.

Answer 14

Make clear that will be paid only if it is received from buyer.

Answer 15

No guess its diff to a lender since won't be on standard terms etc

Answer 16

Stamp Duty/Land Transaction Tax Land Registry fees Searches fees

Answer 17

Usually over the property (against a valuable asset) And usually via a mortgage

Answer 18

Can always advise (as not regulated activity): 1. generic advice - eg diffs between types of mortgage 2. arrange / execute mortgage chosen: 1. indep by client; or 2. on advice of authorised person Can't do reg act on reg mortg. regulated mortgage inc: 1. borrower individual 2. lender **first legal charge** 3. 40% intend occupation them or immed fam regulated activity = advising or arranging (except the above) If reg activity can still arrange and advise under s 327 exemption if **incidental** to provision of professional services Must still follow COB rules meaning: - can't recommend enter reg mortg unless that advice is an **endorsement** of a recommendation made TO CLIENT by authorised person

Answer 19

recommend a client to enter a REGULATED mortgage contract except where the advice is endorsed by a recommendation to the client by an authorised person

Answer 20

Refer to FCA-authorised person

Answer 21

Borrower is an individual Borrower or member of their immediate family intend occupy at least 40% property Lender will have first legal charge over it

Answer 22

ARRANGING or ADVISING on a regulated mortgage contract Doesn't include generic advice (e.g. diffs types of mortgage) or arranging the execution of a mortgage chosen independently of the client on advice FCA authorised person

Answer 23

allows a non-FCA authorised firm to arrange or advise on a regulated mortgage contract, if doing so relates to SRA-regulated services

Answer 24

Repayment and interest-only mortgages

Answer 25

Where borrower pays monthly payments, made up: - partly of instalments of the original amount borrowed - partly of interest chargeable on the loan

Answer 26

Either: - At lender's standard variable rate - Can fix interest for a set period - Can agree a tracker rate of a certain percentage above UK base rate set by Bank of England (fixed or tracker rates, interest reverts to SVR at end of agreed period)

Answer 27

End of mortgage term, paid off everything owed

Answer 28

Borrower makes monthly payments to lender which comprise only of interest chargeable on the loan

Answer 29

Monthly repayments lower than repayment mortgage But by the end they will owe the whole original amount borrowed - so need another way (eg savings) to pay off the mortgage if want to be free of it by end of the term

Answer 30

Where part of the loan is interest only and part is repayment. Evidence as to how will repay the rest at the end of the term

Answer 31

Financial schemes that are Sharia complaint and avoid paying interest Examples: 1. Bank buys property and resells at higher price. Buyer pays excess by instalments over number of years. 2. Bank buys it and leases to buyer in return for rent. At end of lease, bank transfers to buyer.

Answer 32

Yes. But no special concession for first-time buyers and may have to pay VAT. (genuinely true i checked this)

Answer 33

Generally not if used as only or main residence.

Answer 34

Corporation Tax - On its rent - and on CGT (charged as corp tax

Answer 35

Seperate rate of tax per portion of the purchase price. Depends on value of transaction and whether resi or comm prop

Answer 36

First-time resi buyers if: - Intend main residence - Purchase price under £625k

Answer 37

Nothing up to 425k and 5% on portion from 425,001 to 625k (can't claim if over 625k) (think of it as g bev was 25 when bought)

Answer 38

250k to 925k - 5% 925.001 - 1.5m - 10% Above that - 12% (think of ldn non-first time buyer) (start at 25 like g bev) (then have a 5,10 and 12 y/o) (and most have house over 925k)

Answer 39

Chattels (e.g. curtains, carpets)

Answer 40

(esp if valuable chattels) Apportioning part of purchase price to chattels Apportionment must be a fair value or else fraud (apportionment is key word here - it is not a seperate price)

Answer 41

Buying additional property Not a UK resident

Answer 42

up to 150k = 0% Over 150k - 250k = 2% Over 250k = 5% v neat / lots of 2s lots of 5s

Answer 43

Within 14 days of completion If not, not registered with LR and brings penalties

Answer 44

No relief for first-time buyers Diff tax rates

Answer 45

0% until 225k (wana be diff?) 6% 225k - 400k (2+4 = 6, and a clear 0000) 7.5% 400k to 750k (7.5 / 75) 10% 750k to 1.5m 12% above 1.5m (1.5m like eng) (ignore the brackets unless helps remember 😀)

Answer 46

0% until 225k 1% 225 - 250k 5% 250k - 1 m 6% over 1 m

Answer 47

Yes (remember only in mixed use or non resi freeholds)

Answer 48

Land transaction return sent to Welsh Revenue Authority within 30 days of completion

Answer 49

Freeholds/leaseholds Interests of co-owners in jointly-owned property Gifts Sometimes transactions which are incidental to sale of land (e.g. seperate payment for release of easement)

Answer 50

Costs in acquiring or improving the property in set circumstances

Answer 51

Rate set by gov after allowing for an individual's annual exemption

Answer 52

No - choose which by electing to HMRC

Answer 53

Yes. e.g. employee required to live abroad - still certain circumstances.

Answer 54

Only on the part of the home that was used for business

Answer 55

CGT chargeable on excess of 0.5 hectacres Unless can demonstrate extra garden needed for reasonable enjoyment of house

Answer 56

SUPPLIER of goods or services whose turnover in past year is over registration limit (currently £85k), and therefore can charge and collect VAT (nb supplier - not just someone who earns more than 85k)

Answer 57

The VAT charged by a supplier on its goods or services (specify this on invoices)

Answer 58

VAT incurred on PURCHASE (instead of sale) of goods/services (i.e. what you are charged when buying something) infuriating incurring input tax !

Answer 59

Input tax Output tax Net amount

Answer 60

Immediate and direct link to output tax

Answer 61

Cannot register for VAT and therefore recover any input tax (not an issue that not paying VAT on output tax but can't claim back anything that you do have to pay e.g. to other providers)

Answer 62

1. VAT payable standard rate - 20% reduced rate - 5% (domestic fuel supplies and certain construction, conversion and renovation services) 2. Zero-rated supplies - still taxable but at 0% 3. Exempt supplies - non-VATable (but sometimes a supplier of land has an option to tax)

Answer 63

Generally not: - New builds sold by developer - zero rated - Resi property private individual to private individual - exempt

Answer 64

If property is less than 3 years old at date sold. (lily im only 3 !!!)

Answer 65

Exempt (nb selling and leasing usually exempt)

Answer 66

1. Sale of greenfield site (not been built on before) 2. Sale of an OLD (!) freehold building 3. Grant of a lease

Answer 67

1. Professional services (e.g. architect/surveyor) 2. Supply of construction services 3. Sale of new freehold building

Answer 68

Recover input tax Adds VAT to purchase price - unattractive if buyer cannot fully recover

Answer 69

Insurance companies, building societies and banks Bcos they don't make taxable supplies as part of their business (can't recover input tax)

Answer 70

Seek compensatory reduction in purchase price or resist option to tax

Answer 71

- Check what has been agreed at marketing stage - Check buyer has received Energy Performance Certificate (free) within 7 days of marketing (or in any event within 28 days) (before it goes to anyone it goes to megan!)

Answer 72

- degree of consensus with seller - any issues which anticipate may arise and cause additional costs, delay or frustration

Answer 73

1. Details of buyers/sellers, estate agent, other side's solicitors 2. Address of property 3. If any fixtures and fittings being bought 4. Tenure 5. price 6. Deposit agreed? 7. Mortgage (does the seller still have one and how is buyer paying) 8. Anticipated completion date? 9. **Synchronisation** of a related sale? 10. Present and intended use of property? 11. Any recent **alterations** to the property? 12. **Situation** of property (near to railway, industrial premises, river, open land) 13. **Survey** done? 14. **Anyone other than seller** occupying property? 15. Any **terms other than price **agreed by property? 16. **Viewed** it? 17. Joint buyers/equitable interest?

Answer 74

Once a sale is agreed and at early stage

Answer 75

Incumbrances (ie third party rights binding property) Unless stated otherwise

Answer 76

Of whether seller is legal owner; and Whether any rights or rules which could affect its use and enjoyment

Answer 77

Register of title (i.e. official copies) Land Registry plan (i.e. title plan) Usually firms have an account with Land Registry so can order via phone/online and receive next day

Answer 78

Seller's obligation to prove they own the property they are trying to sell Providing documentary evidence to buyer

Answer 79

Provided before exchange of contracts Official copies under 6 months old provided by seller at their own expenses Buyer no right to object title after this **Copies is 6 letters. Provide from last 6 months.**

Answer 80

- Title number - Edition date (ie when LR last updated title) - Search from date (date official copy was provided)

Answer 81

Property Register Proprietorship Register Charges Register

Answer 82

- address - title plan - whether ** freehold or leasehold** May also indicate: 1. Easements or rights and if they are subject to **obligations** ^ imp: would only contain easements if they benefit the property 2. Certain things might **expect** to come with land which have been **excluded** from title

Answer 83

Will contain: - Current owners and their address - **Class** of title (absolute, possessory or qualified) - **Restrictions** on owners' ability to sell May contain: - Price paid by current owners (if sold after 1 April 2000) - If owners gave **indemnity** covenant when bought the land (evi of chain of indemnity covenants)

Answer 84

State compensates in certain circumstances Because state guarantees the title

Answer 85

1. Absolute - Legal estate fully vested - Subject to: rights on the **register**, **overriding** interests and if trustee, **minor** interests which they have notice of 2. Possessory - In possession of property but lost **title deeds** or claiming through **adverse possession** - as a result, will be** subject to all adverse interests in it existing from date of first registration** 3. Qualified - Specific identified defect which Registrar feels **can't overlook** or cured by granting absolute title

Answer 86

1. Restriction - ability deal with property is limited (conditional) or need to satisfy condition (absolute) to register sale - may be absolute (eg if they can sell) or conditional 2. Notice

Answer 87

Charges and other notices burdening the land Will be third party rights (minor interests) and any registrable leases Look out for: 1. Covenants (r or p) 2. Charges (usually mortgages) 3. Leases 4. Notices by TPs claiming interest 5. Easements (ONLY of the SERVIENT land)

Answer 88

1. Sufficient rights benefitting property to allow INTENDED use 2. Whether CONTRIBUTION required for upkeep of benefitting rights (if so, whether seller been contributing/how much) 3. Any TP rights BURDENING the property

Answer 89

Charges usually. Property if LR copied and pasted lol. Also property if easements benefit the land.

Answer 90

Re easements If receive a benefit of a right must also take a burden i.e. contribute costs of maintenance (e.g. right to driveway, you pay a bit) (can't pay Hazel we'll take it away!) Should enquire if have been contributing and if so how much

Answer 91

- inform that means seller does not own so cannot transfer the mines and minerals / risk trespass - who has right and has it ever been exercised? (coal mining search) - Index Map search at Land Registry to check if mines and minerals registered separately (if so, help find owner) - Enquiries re ground stability (indicates mining in past)

Answer 92

Declarations of light and air Proprietorship register If seller is selling part and retaining some land May indicate intend to build on their retained land, and block out light to buyer. Check extent and location of adjoining land. Ask buyer if impacts their intended use of property "IT IS HEREBY AGREED AND DECLARED that the Purchaser shall not acquire any right of light or air or other easement which would interfere with, restrict or prejudicially affect the use of any part of the adjoining land of the Vendor for building or other purposes."

Answer 93

Equitable estate as joint tenants Unless restriction on Proprietorship register: "No disposition by a sole proprietor of the registered estate" etc.

Answer 94

Enquire as to the whereabouts of the other co-owner as if they are alive, they must be a party to the contract. If they are dead, need death certificate. (NB this is even as JTs)

Answer 95

Another legal owner (second trustee) needs to be appointed to overreach the equitable interest of the deceased

Answer 96

Yes - as long as paid to at least trustees on completion

Answer 97

Prevent land being used in particular ways and usually bind buyers

Answer 98

1. Ask seller if know who owns the property which benefits. 2. If apt, ask if can reach arrangement re proposed use 3. Obtain restrictive covenant insurance policy 4. Apply Upper Tribunal (Lands Chamber) for modification or discharge on grounds obsolete/no practical benefit (may be mutually exclusive)

Answer 99

- Does the person with the right know about it? - Insurance not available if approached person with benefit of it alerting them of rights

Answer 100

Obliges to carry out works or spend money Charges (if seller gave an indemnity, that will be shown in proprietorship)

Answer 101

Technically no. But seller can require buyer to give indemnity covenant so if they breached it, pay their losses Often chain of this and can check if seller is bound by one as stated in proprietorship register

Answer 102

Subject to covenants but unknown if restrictive or positive and what relate to. Charges register would show (and state that details not available when first registered)

Answer 103

(Treat as if restrictive - indemnity, tribunals, approach) Most cost-effective would be **indemnity** insurance Ensure **disclose defect in title** so buyer can't object and use as reason not to complete (if seller)

Answer 104

Charges register. Two notices - one giving date and purpose of the mortgage - other states who lender is

Answer 105

Proprietorship Lender has prevented borrower from selling without their consent

Answer 106

That seller's solicitor will discharge mortgage immediately on completion

Answer 107

- Granted for over 7 years; - Previously unregistered but sold and over 7 years left.

Answer 108

As notices On Charges register of landlord's title

Answer 109

If granted OVER 7 yrs or disposition of prev unreg lease w OVER 7 years left to run ^ binds if registered as NOTICE on CHARGES If for over 7 years but not on charges won't bind but may be overriding interest if actual occupation Parol lease binding regardless of if buyer knows or not. *In registered land, the grant of a lease for a term of more than seven years, or the disposition of a (previously unregistered) lease with more than seven years to run, requires registration in its own right with a separate title number, but such leases are also regarded as third party interests that should be registered against the landlord’s title. Such leases are protected and will appear as notices in the Charges register of the landlord’s title.*

Answer 110

No But they could be enforceable as overriding interests (nb parol lease will bind buyer whether know about it or not)

Answer 111

Entry in Charges register of the burden of an interest impacting the registered estate or charge

Answer 112

Agreed - where registered proprietor agrees for it to be on register Unilateral - can be entered without registered proprietor's consent or knowledge. may not be valid or exist (not LR-approved yet).

Answer 113

No, may not be valid or even exist.

Answer 114

1. Ask seller's solicitors to find out what it relates to Then either: a) walk away b) refuse to proceed further until seller gets notice cancelled by LR before exchange of contracts (bcos if is for a valid interest, won't be able to cancel)

Answer 115

Statutory right created under Family Law Act Allows non-owning spouse or civil partner to occupy matrimonial home

Answer 116

Only if registered as a notice on date when transfer is registered or if unregistered land - must be class F land charge (f for francois)

Answer 117

Obtain from non-owning occupier a release of all rights in the property and agreement to vacate on/prior to completion Deal with in contract

Answer 118

Joint tenants (meaning survivorship)

Answer 119

Obtain an investment policy or use savings at end to pay off original loan

Answer 120

Substantially common interest (of having land free from rubbish) Less applicable comm prop as negotiation instead of standard terms more likely.

Answer 121

1. Garden over 0.5 hectacres 2. Anything used for business 3. Not lived in property for a period? 4. UK residents?

Answer 122

Generic. Not what most suitable for client.

Answer 123

recommending entering if that is an endorsement of recommendation made TO CLIENT by FCA authorised person

Answer 124

New freehold owner or original covenanter. Usually go for one with deepest pockets or one who can find.

Answer 125

Can't recover losses if other party can't be found or no money (Might be being sued bcos that party can't be found/pay)

Answer 126

Forever (but restrictive passes with land and positive does not)

Answer 127

Bind you as owner but are not on register

Answer 128

JOINT tenants

Answer 129

Yes (generally)

Answer 130

Under statute (town and country planning act) yes But exceptions and definition makes mean not so much in praxtice teheeee

Answer 131

s55 town and country planning act (may need to know for sqe1) the carrying out of building, engineering, mining or other operations (BEMO) OR material change of use (either a BEMO or a material gorl) (down the mines)

Answer 132

A) Only affect interior B) Don't **materially** affect external C) Changes to use within same class

Answer 133

Statutory reference Excludes change of use of a building within same class of use in Town and Country Planning (Use Classes Order) from definition of planning

Answer 134

Town and Country Planning (Uses Classes) Order 1987 (the 'Use Classes Order')

Answer 135

Different number = different class Different letter = same class) e.g. E1 and E2 = different, E(a) and E(b) = same

Answer 136

B2 - General industrial B3 - Storage and distribution C - **Residential** uses: hotels, dwelling houses, houses in multiple occupation (checked hotels it is true) E - commercial, business and service (sale of **food** for consumption on **premises**) (financial and professional services) (retail other than of hot food) F - local community and learning: learning and non-residential institutions and local community (inc shops selling essential goods in small premises)

Answer 137

i.e. in a class of its own Yes when changing from/to (unless GDPO) Not if changing within class (i dont think) Uses with potential adverse impact on community Include pubs/bars, hot food takeaways, entertainment (eg cinemas) e.g. bart grang, that chippy, the roebck

Answer 138

Not if same use class (eg both in class E) But changes to and from sui g always require (check) But even if different classes, may grant automatically if GDPO applies

Answer 139

(Wales a bit neater - shops, professional, food/drink and business separate) A1 - Shops A2 - Financial and professional services A3 - Food and drink B1 - Business B2 - General industrial B8 - Storage and distribution C - Residential uses D - Non-residential institutions, assembly and leisure

Answer 140

Usually three years in England and five years in Wales. Specified in the PP. If don't, lapses.

Answer 141

**nb diff to 3 yrs to implement** Generally no time limit and runs with the land once implemented Rare - LPA can serve **completion notice** if not think take place within **reasonable time ** (no further permission if not complete by expiration date)

Answer 142

Breach of enforceable covenant or need for other types of necessary approval

Answer 143

GDPO 2015 (England) GDPO 1995 (Wales)

Answer 144

- On area attached to (curtilage of) house e.g. extension below certain size - Minor operations (e.g. painting exterior or CCTV) - Specified changes between use classes - Changes from certain sui generis uses

Answer 145

Allows relevant Secretary of State or LPA to prevent GDPO from granting PP automatically Solicitor - check relevant version of the GDPO to check if A4 there (enquiries of LPA which do as part of search will tell you) ahh yes i get it so in avenham there are restrictions from GDPO applyinh

Answer 146

1. Exercise right to **enter** property; OR 2. Serve **PLANNING CONTRAVENTION NOTICE** - Requires to provide **info** re operations, use or activities (/ any matter relating to PP conditions)

Answer 147

1. Enforcement notice 2. Stop notice 3. Breach of condition notice 4. Injunction (ESBI) (Every Shop But Iceland)

Answer 148

England: - appears **breach** to planning control; and - **expedient** to issue given LPA's planning **policies** for that **area**. Wales appears breach planning control ; and reasonable prospect PP would be **granted** if application made (tbh i think expedient too)

Answer 149

**main diff is in wales they have to warn that the action would come if don't apply for the PP** England - On owner, occupier or interest-holder (e.g. mortgagee) - Becomes effective 28 days after service - Must specify alleged breach and steps to take / activities to discontinue + timeframe Wales - Details of breach - Warn further action may be taken if don't APPLY for PP within timeframe (usually also becomes 28 days after)

Answer 150

- Only if laready served enforcement notice - Would use because: 1. EN only effective **28 days **after served; **and** 2. its effect suspended if **appealed** So stops breach **UNTIL** EN takes effect. Temporary stop notice - lasts 28 days - gives time further investigation.

Answer 151

SImilar to EN But breach must be of a condition attached to the PP No right to appeal

Answer 152

apply court prevents actual or apprehended breach planning control Must show - **expedient** (a means of achieving end) - **necessary** and - **appropriate**

Answer 153

Enforcement period of (from date): - 4 years: operational development without PP or change use to a single dwelling - 10 years: all other breaches (inc change use non-resi) **operational development = i.e. building works (BEMO) which were done in breach of planning control**

Answer 154

Current owner (not person who acquired - so buyer would be) Criminal offence punishable by fine

Answer 155

Anytime you are carrying out building works Even if don't need planning permission

Answer 156

Inspected by **building control officer** Sometimes multiple inspections After final inspection, **local authority **issues **certificate of compliance** BUT some professions (eg plumbing) can **self-certify **work so no need to involve apply local authority

Answer 157

Self-certification schemes for certain trades and professions (plumber) Certify yourself and relevant body notifies local authority ^ so don't need to apply to local authority who will then send out a building control officer

Answer 158

Local authority 1. **Prosecute** **2 years** of work completed (Clare and Cris 2 Ps) 2. **Enforcement** notice Require alter/remove **1 year** 3. **Injunctions** Not time limited If **unsafe** ^ carries to buyer. insurance covers cost of complying with enforcement.

Answer 159

Pre-contract searches and enquiries, inc: 1. Enquiries of buyer - any works carried out? - was consent obtained? 2. CON29 - will reveal: - details of building regs consent; and - certificates granted

Answer 160

1. Ask seller to get **REGULARISATION CERTIFICATE** from local authority - lists work required to bring to standard - (not in txtbook) but could ask them to get it up to that standard - ; or 2. **Insurance** :( not ideal - only covers **cost of compliance** with regulations if LA brings proceedings doesn't solve root cause so no protection for **personal injury** or **business disruption** caused by building issue.

Answer 161

Object/structure fixed to building or in area surrounding building (curtilage) And which has done so since 1 Jul 1948

Answer 162

Grades 1, 2 and 3. **Listed building consent** To demolish, alter or extend building May need even if PP not required Harder to get the higher the grade (NB sometimes need to apply for PP as well)

Answer 163

Certain GDPO classes of permitted developments Would need express PP from local authority required

Answer 164

LPAs designate - desirable historic interest, character or appearance LLC1 or CON29 results (LLC sounds like Lucy) (in grims lots of Ls and Cs)

Answer 165

Pretty much everything - all features, listed or otherwise (including property) (basically its harder to make changes to property if conservation area)

Answer 166

More difficult to make changes to property. Includes: - **Changes to external** may require **PP** when not elsewhere - **Demolition** or substantial demolition of building require **PP** - **Inform** LPA **6 weeks** before work planned to a tree

Answer 167

Check whether land already registered or subject of pending application for first registration

Answer 168

Caution against first registration (ie warning they have an interest (e.g. easement) in the land) Then - LR will **'warn off'** cautioner - give period to establish right If can't, they lose their rights and registration proceeds (i guess its like a notice but for **unregistered** land)

Answer 169

Title deeds Seller (usually before exchange) - hands over original on completion

Answer 170

On completion, buyer's solicitor examines originals against copies they received prior to exchange to check if same (verification of title) Seller keeps the originals and buyer keeps copies

Answer 171

Memorandum of sale of part marked on original deed

Answer 172

Usually conveyances, mortgages, assents, deeds of gift and land charge searches

Answer 173

Check if any of the past transactions should have triggered first registration (don't need to know what transactions) If yes, register (buyer's lender require before purchase)

Answer 174

Find the document which would be a good root of title (could be multiple capable docs but pick most recent) Can then ignore all other docs - unless it refers to TP right in other doc

Answer 175

Unregistered land Seller's solicitor After deduced title, prepare epitome of title - ie schedule all docs from root to present day, with the docs attached

Answer 176

s44 LPA 1925

Answer 177

1. Over 15 y/o; 2. Deals with legal AND equitable estate; 2. Recognisable description of the land; 3. Nothing to doubt seller's title (e.g. stamping defect or invalid execution - signed, sealed, delivered). (s44 LPA)

Answer 178

Conveyance (preferable) or legal mortgage If neither, then deed of gift or assent

Answer 179

Para beginning "**WHEREAS**" "for an **estate in the fee simple** and is selling the same to the purchaser"; AND Conveyed as "**beneficial owne**r...unto the purchaser"

Answer 180

- UNBROKEN CHAIN of ownership - Stamp duty paid if pre December 2003 - Incumbrances - covs/easements - Each doc properly EXECUTED - Land charge searches to check if incumbrances are actually binding (some, inc restrictive covs, only bind unreg if registered as land charge) - Root of title - Recognisable DESCRIPTION of land

Answer 181

**if in doubt, textbook says v complicated so practitioner's text should be consulted** pre-Dec 2003 (then SDLT) i.e. ad valorem stamp duty - varried according to price check correctly paid Would be stamped to say paid or if below certain value, **certificate of value** inc in conveyance (to show reduced rate or didn't neeed paying) Not payable on mortgages after and deeds of assent from certain dates, provided deed contained **certificate** also, certain docs which had to go to Inland Revenue, got particulars delivered PD stamp on them - without, not propertly executed

Answer 182

EXCEPTING AND RESERVING SUBJECT TO If incumbrance referred to, allowed to ask for it (even if pre-dates title)

Answer 183

Check executed as deed s1(2) LPMPA 1925 - in writing - clear it's a deed - signed by grantor of interest - witness attesting the signature - delivered as a deed Before 31 Jul 1990, had to be SEALED by maker (used to be signed sealed delivered pre 90s lol)

Answer 184

- Holding on trust; or - Giving a new covenant over the land cos of trust, co-owning buyers should sign

Answer 185

A) Recorded at Land Charges Department (Central Land Charges) *only some incumbrances but always restrictive, easement, estate and home right) B) Registered in title to property with Land Registry

Answer 186

- Search against **EACH estate owner** named in epitome (even if their ownership pre-dates root of title) - Search on **K15** form for period owned land for - Can rely on searches done by others previously (good practice cos fees!) - Check names spelt right via accompanying docs

Answer 187

First main paragraph of conveyance

Answer 188

Conveyance (near the start)

Answer 189

Conveyance near the start where conveying to buyer

Answer 190

May be apparent on the conveyance

Answer 191

Would be one of the title deeds in epitome of title

Answer 192

The deed for the lease should be one of the title deeds

Answer 193

Not made by deed but orally/in writing and certain conditions Binding whether know about it or not

Answer 194

That the title has been investigated for at least 30 years (ahh yes i get it so if the person before u has looked back for 15 years and u looked back for 15 years!)

Answer 195

if had planning permission for extension problems with neighbour re who owns and maintains fences physical defects in property

Answer 196

Not done relevant enquiries and searches AND SUFFERED LOSS

Answer 197

1. Survey and personal inspection (d and l will help!) 2. Local search (nisa local) 3. Water and drainage search (plumber) 4. Pre-contract enquiries of seller 5. Environmental searches (c is at env agency) 6. Flood search (plumber again)

Answer 198

Homebuyers' valuation and survey - cheaper but less detailed. If concerns/intend alter, full structural survey (don't do homebuyers first, straight into full structural) Personal inspection by solicitor - but client may not want to pay - rare in resi Lenders require valuation survey

Answer 199

1. Local land charge search (compulsory on sale/purchase) (LLC1) 2. Standard enquiries of the local authorities (compulsory) (CON29) 3. Optional enquiries of local authority (CON29O) (nb can also raise specific Qs eg re proposed view)

Answer 200

LLC1 form Financial charges Restrictions on land imposed by public authorities under statute e.g. - Planning permissions (same as CON29)📝 - Tree preservation orders 🎄 - Smoke control orders (issue if open fireplace) 🔥 llc1 lucy. smokey. <3 the trees. <3 consent!

Answer 201

LLC1 = burdens/breaches mainly CON29 = certificates/permissions - future, past, present CON29 form (con back again - standard 29 y/o ) building regulations consents and certificates granted Planning permissions, ☑️ Permitted development restrictions, inc article 4 ❌ Contaminated land 🤮 Liability for road repair (hopefully LA!)🚧 (does pp as the day job) (probs is contaminated) (and repairs roads)

Answer 202

Local area dependent e.g. environmental and pollution notices common land CON290 form younger. v common 69. youth = env't and pollution concern! NB, for ALL the common searches: - only cover land itself - so if buyer is attracted to house due to view - make specific enquiries

Answer 203

Specific enquiries (since other searches only cover the land itself) e.g. if attraction is view, specific enquiries re whether intent to build

Answer 204

Statutory undertaker - usually water company CON29DW - residential Commercial DW - comm (con 29 said don't worry about the water bbe x) (comm said DO worry)

Answer 205

If statutory undertaker 'adopts' them and therefore responsible If connected to public sewer for drainage / public water supply. If not, liable costs maintaining and bringing up to adoption standard if water authority decides to adopts (same for highways)

Answer 206

Had disputes regarding property Any **TPs occupying**? **Compliance** any covenants Planning **permission**? **Boundary** maintenance issues **VAT** payable (if commercial)

Answer 207

Desktop search (standard/online - looks at plans of area, info published by LAs and the EA) Mainly cos can be liable for clean up costs Do specialist environmental survey by surveyor if identify contamination risk (or consider insurance)

Answer 208

Specialist environmental surveyor survey They can suggest how to clean up land Or consider insurance against environmental liability instead

Answer 209

Every purchase good practice Residential can usually get flooding insurance but not commercial Caveat emptor = most sellers won't reply

Answer 210

Environment Agency free screening search and flood indicator on LR website For property-specific go to commercial providers - surveyor and/or consultant who produced report should interpret Solicitor look out for insurance rates (rib floods and c used live now at ea)

Answer 211

1. Chancel repairs search⛪️🔔 2. Mining searches ⛏️ 3. Canal and river trust search 🛶💧 4. Commons search 🚶 5. Railways 🚂 6. Highways 🛣️ 7. Unregistered land searches 👵 8. Company search 🧐 9. Bankruptcy search 💰

Answer 212

If a C of E parish; and - Property unregistered; OR - Registered but previously sold for value before 13 October 2013 Note: may be cheaper to just get insurance against liability

Answer 213

Identify potential liability to pay repairs to the chancel of a Church of England Parish Church

Answer 214

Get a commercial provider to do it

Answer 215

Establish whether property in coal mining area and if there has been a **claim for subsidence** i.e. ground under building sinks or collapses If claim already paid off may prevent future claims being made (not ideal for client if wants to bring one)

Answer 216

Every property in coal mining area Mines and minerals reservations in title

Answer 217

CON29M form to Coal Mining authority (mostseem to be con but just pop an m on for mining)

Answer 218

Est liability for maintenance of waterways banks and towpaths

Answer 219

Adjacent to canal or river

Answer 220

Check property is not subject to common rights - ie rights of third parties e.g. rights to pasture Which also prevent what you can do with the land

Answer 221

Where property adjacent to open land eg greenfield site or adjoining village green May prevent current enjoyment or intended future use/development

Answer 222

Raise enquiry 22 in CON290 form during local search

Answer 223

Establish liability for **boundary maintenance** (separating property from line) and any **restrictions** on use

Answer 224

No specific search 1. Ask **seller** 2. Advise client to** approach Network Rail** for any specific proposal 3. Search **existing and proposed railway undertaking**s to see if impacted (e.g. HS2) and tell buyer

Answer 225

Establish whether **verges and pavements** are** publicly maintainable**. If not, enquire seller re maintenance costs. Also to establish third party ownership of land between road and property - to check if need an easement to get to land

Answer 226

Send plan to relevant highways authority and ask them to mark the publicly maintainable highways (which includes pavements and verges) onto it

Answer 227

ALWAYS **unregistered** Confirms it is all unregistered, not **pending** registration or **caution** against first registration. Also may help find owner of TP rights.

Answer 228

Index Map Search (SIM) Land Charges Department search against: - seller; and - all previous estate owners

Answer 229

Property appears unregistered; and/or Mines and minerals reservation in title

Answer 230

Identify if certain types of incumbrance (TP rights) been protected by registration so binding on buyer

Answer 231

K15 form to Land Charges department

Answer 232

Online app to CH To check any fixed/floating over property Seller is a company Before exchange and another before completion As close to completion day as possible - as will be bound by any charges over land on completion day because no priority period

Answer 233

Check capacity, signatories and charges against the company before buying inc fixed and floating charges secured over property

Answer 234

Whenever acting for lender Always pre-completion Some firms do before excahnge

Answer 235

Individuals: Registered title - K16 to Land Charges dept Unregistered - K15 (already making search against seller - so just add buyer's name to it) Companies: Company Search on CH (check any charges)

Answer 236

SIM form to Land Registry

Answer 237

Register with a channel NLIS searches with its providers (Land Registry etc) and **consolidates** results Alternative to doing all the various searches

Answer 238

Title investigation Obtain release of all rights in property and agree in contract to vacate on completion

Answer 239

Request Certificate of Lawfulness of Proposed Use

Answer 240

Unregistered land. K15. Previous estate owners (revealed in epitome) Search for years that they owned the land. **Search from 1926 **if any doubt over years of ownership

Answer 241

Page 1: - Description of property - Terms of sale Page 2: - SCs/SCPCs - SCPCs can be Part 1 or Part 2 - Part 1 is longer and applies unless excluded Page 3: - Special conditions - Pre-printed suggested at top - Blank space to draft own

Answer 242

Deed - transfers the land Contract - promise to transfer land at later date

Answer 243

Delay before completion will take place (usually practical e.g. booking removal company) Fix obligations e.g. on seller to do certain work before completion

Answer 244

Seller Whether to use a pre-printed form or draft in firm's preferred style? (e.g. Westlaw or own precedent)

Answer 245

- standard conditions (SC or SCPC) - details of property - financial terms - any special conditions - any specified encumbrances

Answer 246

Standard Conditions of Sale (SC) Standard Commercial Property Conditions (SCPC) some v simple Comm Prop use SC e.g. empty, straightforward title and low price

Answer 247

Title number and class of title

Answer 248

Refer to root of title

Answer 249

Any TP rights which will pass on transfer and not covered by SCs or SCPCs Inc: - obligations contribute shared facilities - restrictive covenants - easements - positive: technically don't need since don't pass but many inc anyway. Don't include mortgage unless will pass on completion. In practice - usually include all (even if covered by SCs/SCPCs).

Answer 250

Rescind contract and/or bring damages

Answer 251

Both say property subject to following incumbrances: - specified in *contract* - discoverable by *inspection* before contract date - seller does not AND could not *reasonably know* - *Public requirements* (just state public requirements) SC only: - those, other than mortgage, which buyer *knows* about - entries made before in *public register* before contract in public register, other than CH, LR and Land Charges Dept SCPC: (same concept but state differently) - matters other than mortgages, disclosed or would have been by searches and enquiries which *prudent* buyer would have made before entering (prudent comm)

Answer 252

technically bcos don't run (so some solicitors don't) but most do - defo should if mixed with the entry for restrictive covenant in charges register

Answer 253

FULL title guarantee if own entire legal and equitable LIMITED if limited knowledge of proeprty (e.g. trustee) Or give NO title guarantee e.g. appointed following insolvency/second trustee

Answer 254

For full AND limited IMPLIEDLY covenant that: 1. **Right** to **dispose** land 2. Do all reasonably can to transfer title 3. If selling leasehold - **lease** continues after transfer and no breach making liable to forfeiture

Answer 255

Rate of interest if either party late in completing Law Society Interest Rate from Time to Time Enforced: 4% above Barclay's base rate (this is in standard conditions) Of the PP minus any deposit paid if buyer's fault (2-4% normal range - can't be too high cos then penalty clause)

Answer 256

FULL: Free from incumbrances other than: - those did not and could not reas know about AND - those which disposition (contract?) made subject - buyer knows about at time of disposition - on registers at time of disposal LIMITED: Not incumbered property since last disposition for value and not aware that anyone else has

Answer 257

Yes - if they fail to complete

Answer 258

Solicitor's seller as STAKEHOLDER Between exchange of contracts and completion Means seller's solicitor can't hand to seller until completion. BUT under SC - seller can use for deposit on related house purchase

Answer 259

1. Reduced deposit e.g. 5% (risk for seller if delay bcos less to retain - should probs require buyer to top up to 10% if delay) 2. Deposit held by solicitor as AGENT instead of stakeholder = can release immediately (risk not complete that not return it)

Answer 260

On exchange of contracts (if exchanging) SC - electronic means or cheque (think of all the resi 👵 ) SCPC - electronic only Both need to be from and into name of conveyancer (or if deposit related purchase, nominated conveyancer)

Answer 261

1. Does sale includes any **contents** or exclude any **fixtures**? 2. Vacant possession OR any **leases**? 3. If agreed to **alter completion time** (usually happens at 2pm on the agreed day) 4. Will not rely on **representations** other than those that are **written** (eg something said at marketing stage) 5. If non-owning adult occupier who agrees to **leave** on sale and **release their rights**

Answer 262

- Appointing **second trustee** - Seller obtain/pay for **restrictive covenant insurance** - Disclose title **defect** - Selling with **limited or no title** guarantee - **Deposit** less than 10% or to agent - **VAT** payment - Removing **fixtures** e.g. seller responsible for damage and timing - Including **indemnity** covenant

Answer 263

POSITIVE covenant And u are either original covenantor or have signed one to previous seller Indemnity = positive Insurance = restrictive

Answer 264

SC and SCPC state: if seller ongoing liability of positive covenant then buyer must give personal indemnity covenant So no need express special provision (but sometimes do anyway)

Answer 265

Buyer So should get insurance in place from this point

Answer 266

Buyer ***and lender*** satisfied insurance adequate If mortgage, lender may insure on solicitor request

Answer 267

If parties agree. If so, maintain insurance until completion. Any damage - pay insurance proceeds to buyer or assign the buyer their rights under policy

Answer 268

Danger one claim made then buyer's insurer reduce proceeds because another policy exists When this happens, under standard conditions the purchase price is reduced according to amount that they won't pay out to buyer

Answer 269

Purchase price and contents price is inclusive of VAT (since expected is not)

Answer 270

1. VAT chargeable on sale and will be added to purchase price (new or old but opting) 2. PP includes if any VAT and won't add any on 3. PP includes VAT but can add if law change between exc and comp - ie exempt supply becomes standard rated (would need to pay on top of PP between exchange/completion)

Answer 271

Has to take the VAT out of the agreed purchase price :(

Answer 272

SCPCs = VAT excluded Can amend: 1. VAT included - use SC (usually only if not that complex); or - special condition 3. VAT exc so can add only if law change - SCPC but incorporate one of standard conditions

Answer 273

- First legal mortgage over property - Valuation usually - General conditions for loan (sent via mortgage offer etc) - Certificate title

Answer 274

- Mortgage offer (resi and simple comm prop); or - **Commitment letter** and **term sheet **followed by detailed **facility agreement ** (complex agreements)

Answer 275

Loan amount Interest rate Term Initial repayments Any other conditions e.g. must carry out repairs

Answer 276

Lender can retain mortgage advance until works done Means may need to find sum for advance elsewehere

Answer 277

Yes - as long as mortgage offer specifies this

Answer 278

Mortgage must have made by deed (so legal) and completed by registration

Answer 279

UK Finance Mortgage Lenders' Handbook Instructions for individual lenders (usually resi) (inc matters a specific lender will lend for, required searches)

Answer 280

Can't continue and release lender's funds until resolved to lender's satisfaction (makes sense cos is their money!)

Answer 281

1. No legal probs so can safely lend against (good marketable title) 2. Who will own after sale 3. Completion date when funds required for Form approved by Law Society and UK Finance

Answer 282

Produced by City of London Law Society Prepared by buyer's solicitor (nb prepared by buyer because buyer gives to lender) (think of it as commercial - lond0n)

Answer 283

**Immediately** prior to completion ***of loan*** However will do drafts at earlier stages and buyer's solicitors not exchange until lender satisfied

Answer 284

- report about property - info obtained by: A) title investigation; and B) pre-contract searches and enquiries (as well as resi stuff - ie good/marketable title, who will own, completion date)

Answer 285

Sue cos warranties for correctness of info "Subject to any *disclosures*, in our opinion, subject to due *REGISTRATION* at the Land Registry of the transfer of the Property from the seller to the Company, the Company has a GOOD AND MARKETABLE title to the Property." (not will have. has.)

Answer 286

**Pre-contract report, which inc:** - results of title investigation and searches and enquiries - explains terms of a) contract; and b) mortgage offer - Disclaimers e.g. can't advise on value or structure

Answer 287

Special condition included Can use the pre-printed special conditions contained in the standard conditions

Answer 288

series of statements which either: (i) solicitor does not change/disclose against and so warranting to be true (e.g. example, there are no rights of way crossing the property); or (ii) are not true so the solicitor discloses (e.g. is right of way crossing the property) against the statement. Showing title good and marketable subject to disclosures. Statements can't be altered.

Answer 289

1. Pre-contract **report** to **buyer** 2. Report to **lender** (Law Soc / UK Finance) 3. **Deposit** in cleared funds 4. Mortgage offer accepted and conditions complied and buyer sufficient funds **completion** 5. **Insurance** in place 6. Contracts **signed** - if u are signing, need client authority to sign - client often signs (usually wet ink but can electronically) 7. **Completion** date decided

Answer 290

Good and marketable title

Answer 291

1. In writing 2. Incorporates all agreed terms 3. In ONE document or each copy if exchange (usually exchange) 4. Signed (writing, one, signed, terms) WOST

Answer 292

Over phone. Quick, reliable, cheap. kmthrutheph u are the best form 📞

Answer 293

Law Society Formulas A, B and C followed All involve undertakings and disciplinary action if breach.

Answer 294

- ONE solicitor holds BOTH signed contract copies - **Same day**, send their client's signed part o/s via FC post/doc exchange/hand 📩🤝👋 - Buyer's solicitor pays deposit via banker's **draft** or client account **cheque** - If sending **electronically**, need to **amend** formula and make note (BOTH - heady ONE) (same day flyin out) (told my gyl its a draft or its a cheque)

Answer 295

- One solicitor holds THEIR client's signed part (as for A:) - Both undertake **same day** to send signed dated to o/s by FC post/doc exc/hand - Buyer's solicitor pays deposit via banker's draft or client account cheque - If sending electronically, need to amend formula and make note **Quickest** - nell quick on le runs (nel and B - b holds his client) (undertake to look after by fc post, doc exchange and hand)

Answer 296

Synchronises all exchanges where residential chain File note recording fact of exchange: - Date and time - Formula used - Completion date - Deposit - **Identities** of solicitors Complex so rare (C for Chunkz/C for Chain) (chunkz in sync)

Answer 297

Legal - seller Beneficial - seller on behalf of buyer

Answer 298

Inform respective clients and TPs (e.g. lender and estate agents) Send signed/dated contracts with completion date inserted to o/s

Answer 299

Once fully exchanged like we are exchanged (so like the solicitors on the video) So do not date the draft contract !!!

Answer 300

1. PP exc VAT and VAT added on top (SCPC Part 1 Condition 2) 2. PP inc VAT and can't add (same as resi) (SC Part 1 Condition 1.4.1) 3. PP exc VAT - add only if law change make exempt supply standard rate (SCPC Part 2 Condition A1).

Answer 301

Changing completion date Sending electronically Not sending by FC post or DX nb if states using SCPC (comm prop even tho resi), then will be sending electronically

Answer 302

Resi - approved by Law Soc and UK Finance - just show GOOD and MARKETABLE title CP - City of London Society Cert of Title - contains pre-contract searches, enquiries AND g/m title

Answer 303

Buyer's solicitor Deed If registered, must comply with LR. requirements (ie TR1) (also use TR1 if first registration) (think maybe we are at final hurdle and I want to go through so I prepare)

Answer 304

Seller And buyer as well if enters obligation or makes declaration Inc: - entering indemnity - holding on trust (e.g. co-owners)

Answer 305

Check nothing adverse to property (encumbered e.g. covenants) or seller (bankrupt) since exchange And protect buyer if has

Answer 306

Registered - Land Registry search against title number - OS1 (whoel) or OS2 (part) Unregistered - central land charges search - K15 (not K16 - that is reg bankruptcy individual).

Answer 307

Priority period during which no other entires may be registered. Except CH search.

Answer 308

Close to date of completion as possible (because provide a priority period) (If v high value, can ring Registry of Winding Up Petitions on completion day)

Answer 309

**Buyer's sends** to seller's solicitor Seller's solicitor **completes** Confirm practical arrangements, inc: - arrangements for keys 🔑 - place and method completion 🏫 - amount payable on completion 💸 - docs to be handed over on completion 📜 Form **TA13** for resi usually.

Answer 310

Lender: **Certificate of title** and **request** for funds Buyer: **Completion statement** (essentially the bill you need to pay for various aspects of the sale)

Answer 311

HP. The day I complete i might even have HP. Hand 🖐️ (office - already been executed, checking and handing over docs/arrange release keys) Or post - quicker 📬 (using Law Soc Code for Completing by Post)

Answer 312

Within 14-30 days of completion

Answer 313

Lender's solicitor 21 days post completion

Answer 314

Registered - **priority period** (from pre-completion search) **First** registration - within **2 months** If BORROWER is company - lender CH in **21 days**

Answer 315

- Prep transfer deed - Pre-completion searches - Practical arrangements - Ensuring finances in order

Answer 316

On execution (i.e. signed/formalities complied - guessing even tho not dated) provided clear that intends to be a deed Can rebut via contrary intention (state in covering letter that not intend come into force yet)

Answer 317

Usually buyer immediately after exchange Straightforward resi - seller may prepare and send in pre-exchange package

Answer 318

Registered (or first reg) - TR1 Unregistered - Land Registry Transfer form usually (can also use conveyance)

Answer 319

- SIGNED by parties - makes CLEAR is a deed - DELIVERED -witnessed (SCD) - signed, cleared, delivered I'm deed.

Answer 320

Individual - signed and INDEPENDENTLY witnessed Company (in co name): 1. Company seal according to articles "Executed as a deed by affixing the common seal of [] in the presence of: " 2. D and Sec or 2 Ds, provided states "by company" "Executed as a deed by [name of company] acting by a [director and its secretary]" 3. 1D + W "Executed as a deed by [name of company] acting by a director in the presence of: ___ Name Address

Answer 321

Terms of contract and title deeds (e.g. use to check title number, completion date, correct names) -title number - completion date - buyer's address for service - purchase price in figures AND words, and any vat - full or limited title - joint tenants/TiC/trust? - any additional provisions (eg indemnity) - signature of seller - signature of buyer if indemnity

Answer 322

Figures as well as words State any VAT

Answer 323

30 working (!!) days from search result Protected any subsequent entries provided submit registration application by 12 noon on last day

Answer 324

LENDER if is one

Answer 325

15 WORKING (!) days from date of result Free of any other entries provided takes place during final 15th day (and on a K15!)

Answer 326

Completion happens within 15 working days of last search (still got priority period from pre-exchange search)

Answer 327

Registered: send on OS1 or OS2 (if part of land) Result on OSR1 (or OSR2) Unregistered: send on K15 Result on K18

Answer 328

seller is individual with title to **unregistered** land K15 NB if individual and registered usually no point cos statute means still get good title But can if high value or solvency concern

Answer 329

Arrangements handing over keys🔑 Place and method of completion 🏢 Docs to be handed over 📑 Exact amount payable 💸

Answer 330

Seller undertakes to discharge mortgage using completion money. Buyer usually asks to do and send evidence soon as received from lender (cos hard to discharge immediately) (just tick the box on form saying yes)

Answer 331

- Certificate of title (good security) - Solvency search against borrower - OS1R (reg land search result) - Executed but not completed mortgage deed

Answer 332

Send client **Financial Statement** (shows anything due - balance of PP, SDLT/LTT, legal fees, LR fees etc) Check received mortgage money from lender and PP money from buyer Then send balance PP to seller's solicitor and let them know On my way! (once received, seller will contact and completion take place)

Answer 333

Balance of purchase price USUALLY electronically into cleared funds from named conveyancer at clearing bank

Answer 334

Seller's solicitor On receipt completion money Complete transaction by dating TR1

Answer 335

Lender's solicitor will date the MORTGAGE deed (not the TR1)

Answer 336

Seller acts as agent of buyer's solicitor Buyer's solicitor says in writing what seller's sol do on their behalf Implied undertaking to carry out ^ instructions Once receive completion money, seller's sol carries out instructions and completes Informs completion taken place Send docs would have handed over via FC post or document exchange.

Answer 337

Registered - once buyer registered as registered proprietor at LR Unregistered - on completion (why priority gap imp)

Answer 338

1. Discharge mortgage (seller) 2. Pay SDLT/LTT (buyer) 3. Register new charge at Companies House (lender) 4. Land Registry Application (buyer)

Answer 339

seller asks buyer to send amount required to discharge mortgage direct to lender and send them the balance.

Answer 340

Always lender by any of below: 1. Complete LR **DS1** form and send to seller's solicitor for onward transmittion to buyer; or *not electronic old school long* 2. e-DS1 electronic discharge via LR portal; or *not quite ED yet cos still dschange but in the portal* 3. use Electronic Discharge (ED) System (i.e. lender sends electronic message to LR which automatically removes charge from register) *ED no engy so do the automatic removal* last 2 - no DS1 form required (progression into ED) (DS1, e-DS1, ED)

Answer 341

If by DS1 form, seller's solicitor sends the form Any others - seller's solicitor just sends confirmation that notice for release / discharge in electronic format been given to LR Either way for all of them it is se ----I------I-----I----- L. S. B. ^ for all of them

Answer 342

SDLT/LTT (and then register proprietor and register charge if lender)

Answer 343

registered ladn only AP1 (ap-py days im new proprietor 111!!!11) Goes to LR Can use to: 1. register self as new proprietor of LAND at LR 2. register self as new charge holder at LR 3. if lender and ds1 form used, apply mortgage charged

Answer 344

Nothing if electronically discharged - automatically removes from charges register If DS1 form used, buyer must apply for it to be removed from charges register (using AP1 form) (so i bet buyer's hope that they do electronic !)

Answer 345

- AP1 - Certified copy of transfer document - SDLT/LTT certificate (SDLT5) - fee - form DI of any overriding interests - DS1 if used - Death cert if applicable

Answer 346

- Certified COPY of mortgage deed (original if unregistered) - If company, certification of charge at CH - Written confirmation from solicitor or lender that mortgage deed copy is same as CH copy (nb: in addition to usual: AP1, copy of transfer, fee, SDLT/LTT, overriding interests DI, DS1, death cert)

Answer 347

FR1 form Fee DL form listing below docs (if relevant) chronologically: 1. Docs forming **epitome of title** 2. Pre-contract **searches/enquiries** and responses 3. **Contract** 4. **Requisitons** and replies 5. **Pre-completion** search certificates 6. **Transfer** deed 7. Seller's receipted **mortgage** 8. **SDLT/LTT** cert 9. Form **DI** (overriding) AND if mortgage - same stuff required as if mortgage in reg land (mortgage deed/CH/confirmation) (FR = first reg, DL = don't laugh, DI = overriding can di)

Answer 348

Overriding - so can enter on register

Answer 349

If sent by non-conveyancer

Answer 350

TID to buyer's solicitor confirming now registered (not cert of title)

Answer 351

20 working days after date of contract

Answer 352

2pm on day of completion. Later, deemed as next day and buyer's fault. (can vary the time in contract)

Answer 353

SCs - both parties SCPC - just buyer (if not used standard conditions, just if permitted in contract) *SCPCs. Property below. if D bought they oculd say bye bye. MAkes aggy. *

Answer 354

Minus deposit PAID (if defaulting party is buyer) from purchase price Multiple that by contract rate (usually barclays base rate) Divide by 365 (to get daily rate) Multiple by number of days in default e.g. contract rate = 8.5% PP = £300K Buyer: paid 10% (30k) £300k - £30k = £270,000 270,000 x 0.85 = 22,950 22,950 / 365 = £62.88 £62.88 x 3 days = £188.64

Answer 355

put in the position would have been in if properly performed and any reas foreseeable consequential loss (Hadley v B) e.g. legal costs, renting another property **YES** (whereas for contractual compensation/contract rate - buyer only if SCPC can be required to pay)

Answer 356

Yes but if going for normal breach it will be reduced by amount got under contractual compensation

Answer 357

Contractual completion date passed (usually 2pm on completion day) Would do if one party failed to complete on time and appears delay not likely to be resolved soon And other party wants to complete

Answer 358

Makes time of the essence Meaning if don't complete within **10 working days** of service, entitled to **terminate** contract. (voidable) If buyer is at fault, their **deposit** will be **forfeited**. If seller at fault, must **repay** deposit to buyer. (and can still claim damages)

Answer 359

Under SCs/SCPCs: 1. Failed comply with notice to complete 2. **Misrep** in plan, contract or negotiations. AND due to: - fraud; - reckless; OR - property would be substantially diff from what led to expect in quantity/quality/tenure less serious misrep only enable damages

Answer 360

Can appoint on transfer or by deed of appointment but MUST appoint by completion Contract should refer to appointment of second trustee

Answer 361

seller's solicitor once received purchase price completed once dated. (execute before date)

Answer 362

Full purchase price In words and number

Answer 363

Rescind or notice to complete (resulting in rescind) Not compensation or damages

Answer 364

Time is NOT of the essence (becomes of essence if serve notice)

Answer 365

Penalties And reject applications register title

Answer 366

no can still bring breach of contract.