Land Flashcards
What are different Formulas for contract exchange?
A- one solicitor holds both parts and sends to the other
B- each send theirs
C- complex chains
What step makes property transaction legally binding?
Exchange of contracts
What is charge if late to completions?
4%
When does risk of damage to property burden pass to buyer?
On exchange of contracts
How long can a lease be before it needs registering?
7 years
Where are restrictive/ positive covenants found on what register (reg and unreg)
Registered land - charges register
Unregistered land - conveyance
How long before tenancy end can a landlord terminate
12-6 months before
Remedies for breach of leasehold covenant?
Lease before 1 jan 1996 - sue current tenant for privity of estate and previous for privity of contract
Post 1996 - AGA OR T released from liability as soon as assigns to another
Remedies for breach of covenant to pay rent
- Debt action - 6 year limitation (HC/CC)
- Commercial rent arrears recovery - enter property
- Pursue guarantor
- Forfeiture
Requirements for forfeiture
21 days non payment or breach of term
When can overreaching occur?
2 trustees - buyer takes free of any interest
When will an easement be binding?
UN REGISTERED LAND
Legal easement - binds world
Equitable - binds buyer if on land charges
Equitable (pre 1926) protected by doctrine of notice
REGISTERED LAND
before Oct 2003 - all legal/ equitable have overriding interest
After oct 2003- if express must be registered // if implied (actual notice, apparent on inspection, 1 year)
What is on each of the registers?
Property - description
Proprietorship - title
Charges - rights
When is a lease capable of being legal?
If done by deed
How old must be to be a good root title?
15 years old
Who must register equitable interest?
Person with equitable interest
3 types of notice to a right over land?
- Actual
- Constructive - via inspection
- Imputed - agent has knowledge
Types of remedy if breach legal mortgage?
- Possession
- Power of sale
- Debt
- Appoint receiver
- Foreclosure