Last bits Flashcards
What are the two definitions of assignment?
- the transfer of part of existing lease to an assignee
- the name of the document that transfers the leasehold itself.
How should you change terms of lease in assignment?
The outgoing tenant should negotiate with the landlord/ enter deed of variation
What duration of lease will mortgage lender usually not accept?
Any lease shorter than 80 years.
When is CGT payable after transfer of property?
60 days!! Has changed!
When is Private Residence Relief available for CGT purposes?
- Primary residence
- No part exclusively used for business
- not more than .5 hectare of land
- No relevant absences (or otherwise subtracted from the relevant absences)
What is the memorandum of sale?
In residential property transactions the estate agent sends this to all parties. Includes the agreed price and details of the property
What is the heads of term?
Equivalent of the memorandum of sale for commercial properties.
What 7 terms are included in the Code for Leasing Business Premises?
- Rent
- Length of terms
- Whether VAT applicable
- Whether rent review
- right to assign
- security of tenure
- repair obligations
What is the Title Plan? When is it relevant?
Seller sol should send title plan to buyer sol - shows location of the property on map and outline of the land.
When would seller solicitor/seller be liable for willful deceit?
By trying to cover up patent defects. Claim in tort.
eg painting over cracks in the wall.
When can assignee rescind the contract if landlord fails to provide consent for assignment?
If landlord fails to provide consent three days before completion.
In what circumstances can buyers adn sellers in a chain NOT use deposit for related pruchase?
When the seller wants to use it exclusively to rent out, buy to let. Then it is not related residential purchase.
What year did registration become compulsory?
1 December 1990
What is the local search, and when should this be done?
Pre-contract.
Local land charges
- planning charges
- listed building charges
queries for local authorities -
- roads
- public rights of way
- planning
optional enquiries for local authority
- major pipelines
- house in multiple occupation
- common land
- village green
What are the pre-contract searches that must be done in EVERY case
- Local search
- Drainage + water search
- Environmental search
What pre-contract search is specific for unregistered land?
Index map serach
What pre-contract search is specific for people applyng for mortgage
Bankruptcy
What pre-contract search is specific for clietn that is company?
Company search
What are location specific pre-contract searched?
- coal mining search
- chancel liability search
What is included in listed building status?
The building itself and the surrounding area, garden etc. This is called curtilage.
What does it mean to perfect a mortgage?
To register the mortgage on the charges register on HMLR
How can parties vary contract post exchange of contracts?
Could vary contract only my exchanging varied contracts again AND ensuring that this complies with s2 Law of Properyt Act - in writing and signed
What should buyer sol place on register between exchange and completion to protect buyer’s position?
Unilateral notice on the charges register (UN1?)
When does buyer sol issue Certificate of Title?
After exchange to request draw dawn of the mortgage advance prior to completion
What are relevant Purchase Deeds for sale of land?
- TR1 Form - where whole of land is transferred
- TP1 Form - where part of the land in title is being transferred
When is SDLT due after purchase?
14 days! Form must be sent regardless of whether payable.
What is the measurement for no fault damages for s26 notice?
- more than 14 years - 2 times rateable value of holding
- less than 14 years - 1 time rateable value of holding
