Interviewing - PP Flashcards
Why might a LL want to opt to tax?
So they can recover VAT which they incur on their own property-related costs.
Especially makes sense if a rental property.
Title defect
Legal ownership not as clear as it should be.
E.g. missing / incorrect info on title deeds, outstanding liens or mortgages, unresolved disputes, missing / unrecorded easements
Questions to ask re right of way
- Who has access?
- Who maintains?
- How frequently is it used?
Sanctions for not complying with enforcement notice or stop order
Criminal offence incl. fines
What must a seller disclose and what do they need not disclose?
Must disclose defects that would not be apparent upon inspection
Need not disclose defects that should and could be discovered upon reasonable inspection
What if a point comes up about e.g. a will / intestacy
Advise that it is outside your expertise and this is a matter for the private client team.
Next steps would include setting up a meeting with the PC team
