Legal & regulatory compliance Flashcards
Why was the Law of Property Act 1925 introduced?
This is a key piece of UK legislation that significantly reformed property law.
It was introduced to streamline property transactions.
When does a lease need to be registered?
When the term is for 7 or more years.
This is in line with section 27 of the Land Registration Act 2002.
Why is some land still unregistered?
Land registration was made compulsory in 1925 in some areas but has been implemented progressively. If the land hasn’t been sold, mortgaged, or transferred recently, it might not have been registered.
When does land or property need to be registered?
when it is sold, transferred or gifted
What are the statutory grounds a landlord could oppose a new lease on under the LTA 1954?
Failure to maintain the property
Significant tenant breaches
Persistent delay in paying rent
Landlord wants to occupy property themselves
Landlord wants to redevelop property
Landlord has offered alternative accommodation
as a result of uneconomic sub tenancies
Tell me about 11b Harewood Yard
This was a lease renewal for an office in Harewood Yard.
My client has all his tenancies contracted outside the Act to give himself future flexibility.
I options were to negotiate the new lease prior to lease end or once the lease did come to an end I could tell management to stop collecting rent. if rent is to continue being collected then this would become a periodic tenancy which would mean the tenant would benefit from security of tenure.
I negotiated the lease prior to lease end and saved my client from losing his control over the lease terms.
What would you do for the lease renewal if 11b Harewood Yard was contracted inside the act?
I would have 2 options, i could either speak to the tenant and see if they wanted to renew or i could serve a non hostile section 25 notice outlining the new terms of the lease.
What is the Money Laundering Regulations 2017?
UK law that aims to prevent money laundering and financial crime by imposing obligations on businesses.
Tell me about the requirements of businesses under Money Laundering Regulations 2017…
Customer Due Diligence (CDD) - verify identity of the client and proof of address (eg passport and bank statement)
Maintain records of customer transactions and identity checks for at least 5 years.
