Introduction

Question 1

What are the three stages of the conveyancing timeline ?

Answer 1

1.Pre-exchange
2. Exchange and pre-completion
3. Completion and post completion

Question 2

What are the 5 stages of the pre-exchange phase of the conveyancing timeline ?

Answer 2

Stage 1: taking instruction + Advising client
Stage 2: draft contracts
Stage 3: pre-contract searches, enquiries & planning
Stage 4: Title
Stage 5: Mortgage

Question 3

What are the 4 stages of exchange and pre-completion ?

Answer 3

Stage 6: exchange of contracts
Stage 7: purchase deed
Stage 8: pre-completion searches and requisitions
Stage 9: financial statements

Question 4

What are the 3 stages of completion and post completion in the conveyancing timeline?

Answer 4

Stage 10: Completion
Stage 11: SDLT and registration
Stage 12: Delays and remedies

Question 5

What does the term “qualifying estate” mean ?

Answer 5

A qualifying estate is either a legal freehold estate in land or an existing legal lease that has more than 7 years to run.

Question 6

What are the 4 reasons a registration is compulsory when a transfer is made?

Answer 6

1) For valuable or other considerations
2)By way of gift
3) In pursuance of an order of any court
4) By means of an assent (including a vesting assent)

Question 7

What does assent of property mean ?

Answer 7

The transfer of legal ownership of property or land from the estate of someone who has died into the name of the new owner

Question 8

What 3 events do not induce a compulsory registration

Answer 8

1. Transfer by operation of law e.g where a deceased’s property vests in his personal representatives
2. Assignment of a mortgage term e.g the mortgage is by demise or sub demise ( very rare 2002 Act prohibits any more being created that affect registered property)
3. Lease merger I.e assignment or surrender of a lease to the immediate reversion where the term is to merge in that reversion