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Property practice > Initial advice > Flashcards

Initial advice Flashcards

1
Q

What is the average timescale for a residential sale?

A

6 to 8 weeks

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2
Q

What is the likely timescale for some commercial sales?

A

4 weeks

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3
Q

What are the forms of legal ownership?

A
  • Sole tenancy
  • Joint tenancy
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4
Q

What is the maximum number of adults allowed in legal co-ownership?

A

4 adults

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5
Q

What must a declaration of trusts of land be?

A

In writing and signed by the declarants

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6
Q

What two forms of ownership must be considered when buying/selling property?

A
  • Legal ownership
  • Beneficial ownership
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7
Q

Which form can be used for the declaration of trusts of land?

A

Standard Land Registry form transfer deed (TR1)

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8
Q

Why should buyers instruct surveyors?

A
  • To identify physical defects
  • To renegotiate price/get fixed/pull out

Lender may not lend until defects are put right

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9
Q

What type of survey does a lender insist on at a minimum?

A

Basic Valuation

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10
Q

What is a Homebuyer Report suitable for?

A

Most properties in reasonable condition (<150 years old)

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11
Q

What is a Full Structural Survey suitable for?

A
  • All property
  • Especially listed property or those with extensive alterations
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12
Q

What taxes must be considered?

A
  • SDLT/LTT (check the threshold)
  • VAT
  • CGT
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13
Q

When is no SDLT payable?

A

If the property does not exceed threshold figures

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14
Q

What is the VAT status of existing residential properties?

A

VAT exempt

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15
Q

What details are required in all property transactions?

A
  • Full details of buyer and seller
  • Estate agent details
  • Agreed price and tenure
  • Completion date
  • Related sale
  • Energy performance certificate
  • Verify client’s identity
  • Who is in occupation
  • Fixtures/fittings/alterations
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16
Q

What are the sources of finance for residential properties?

A
  • Client’s own resources
  • Proceeds of a related sale
  • Mortgage Loan
17
Q

What are the two main types of mortgage loans?

A
  • Capital Repayment Mortgage
  • Interest Only Mortgage
18
Q

What happens at the end of a Capital Repayment Mortgage term?

A

Loan paid off

19
Q

What remains outstanding in an Interest Only Mortgage?

20
Q

What are the sources of finance for commercial properties?

A
  • Syndicate
  • Equity
  • Development Loan

Property practice (27 decks)

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