Interview Flashcards
What are the main things you should ask about in a sale interview?
- Property Details
- Buyer, Seller, Agent, Bank, Other Solicitor’s details, Management company details
- Price of sale
- Amounts outstanding on mortgage and Mortgage Account number
- Deposit amount
- 3 years of service charge accounts
- Insurance details
- How long he/she has lived in the property
- EPC
- Related sales
What are you doing if you are acting for the seller?
Preparing the contract pack
What forms should you request that the seller fills out for you?
Property Information Form
Fittings and contents form
Leasehold form (if applicable)
What is important to check when selling leasehold?
The lease to check if the owner approval is required
What should you ask a Management Company about?
- Sinking fund
- Service charges
- Insurance
- details of any upcoming expenditure
Who should you contact?
- Other solicitors
- Management company
- Estate agent
- Bank
Tell them you are acting on behalf of seller to move things along
what is the timescale for searches?
4 to 6 weeks
What is an important next step?
apply to the Land Registry for an up-to-date Official Copy of the Register of Title.
What are solutions for a client if there is a mismatch between the registered title map and her expectations?
- Could be registered under a separate title in the name of the seller. If so, you need to see official copies of the register and title plan for the title. The contract would need to be amended, and the transfer would need to include both titles.
- Could be registered under a separate title number in the name of someone else. Find out if prepared to sell to them or seller.
- Seller could have unregistered title to the area. Seller solicitor would have to deduce title. Would have to be separately conveyed and would need to be registered.
- If seller has occupied land for 12 years if title was unregistered or ten years if registered, adverse possession would apply. could ask seller to apply.
Action: do a search of the index map at the land registry.
Notify lender of such an issue.
What questions should you ask if a tenant is coming in about a section 25 notice?
- Check the time left on the lease (Notice within 6-12 months)
- Check the ground (to advise on whether it is mandatory or not)
- Ask whether they would like to stay at the location and whether they have spoken to the Landlord
- Ask whether the landlord complained about the tenant (Lease of commercial space would normally continue. It would not automatically continue unless both party agree. Exception is section 25 notice)
- Check whether notice is properly completed
- If the Tenant has done nothing wrong advise that they have a right to be compensated (if ground entitles) - unless both parties have agreed against the right to compensation.
- Check if the parties agreed to exclude the right to compensation.
- Advise that you will calculate the compensation at a later stage.
- Mention that you can write to landlord asking for compensation but process can be costly, and it may be best for client to contact the landlord informally.
