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
Who can bring about forfeiture
Landlord (not a lender)
When can mortgage lender bring about power of sale?
Breach of term / not pay rent for 3 months
How can mortgage lender bring about foreclosure?
Not make 2 payments - must apply yo HC once legal date of redemption passed
What is an Authorised Guarantee Agreement?
Released outgoing tenant from any liability from lease upon assignment
When is a deed required for a lease
3years+
When can you register a lease?
7 years +
Before releasing mortgage what will lender receive?
- Cert of title
- Solvency search
- Clear OSIR in lender name
- Executed (not complete) mortgage deed
What is a form TA13?
Lists mortgages, undertakings and whether they have been discharged
Whose name id pre completion search done on?
Reg land - mortgage lender
Unreg land - owners name
What time must money be given on day of completion?
2pm - if not next day - or pay comp
How long to register new charge at CH?
21 days
How long after purchase of property to pay tax?
14 days
What forms are used to register land application?
Reg - AP1
Unreg - FR1
What is rule in Tulk v Moxhay?
Burden can run with the land if
A. Negative covenant
B. Time of creation benefits dominant land
C. Touches and concerns the land
D. Intend to burden servient land
E. Owners of servient land have notice to bind them
Methods if enforcing positive covenants?
- Lease
- Indemnity covenant
- Doctrine of mutual benefit and burden
What form for pre contract enquiries?
TA06
Can solicitor act for buyer and seller?
Never - even if common interest
What stamp duty land tax relief is there for first time buyer?
500k or less purchase - no tax on first 300k then 5% on £300-500k
What is the etridge principle?
If business loan on matrimonial home then must meet face to face with wife and explain risk
Do changes within a class require permission?(planning permission)
No
Who drafts contract in sale
Seller
Who prepares pre exchange report on sale?
Buyer
Who drafts transfer deed on sale
Buyer
What is usually most acceptable form of root title for unregistered land
Conveyance (15years old+)
What phrase evidences an easement
“Accepting and reserving”
What is rule in Halsall v Bryell
If buyer receives a benefit then must contribute to maintenance
Difference between joint tenancy and tenancy in common
Joint tenancy - survivorship
Tenancy in common - pass by estate (each share)
Assumption of tenancy in common unless restriction
What happens if tenancy in common one passes away?
Another legal owner needs to be appointed to overreach equitable interest - pay to 2 trustees
