Misc Flashcards
A proprietor owns a property that has been registered with absolute title. The proprietor confirms that he holds the property on trust for himself and his two sisters.
What is the best description of the proprietor’s ownership of the property?
The proprietor owns the legal estate subject only to all entries in the register, overriding interests and where the proprietor is a trustee, minor interests (third party rights) of which he has notice.
The proprietor takes subject to all entries on the register/overriding interests, irrespective of his actual knowledge of them.
In what circumstances is a buyer entitled to assume that a joint tenancy has not been severed?
If the 3 conditions are met:
1. There is no memo of severance;
2. There are no bankruptcy proceedings registered against the joint tenants;
3. The transfer to the buyer contains a statement by the seller that he is legally and beneficially entitled to the property.
What are the requirements for a good root of title?
A document that is:
At least 15 years old;
Deals with the whole of the legal and equitable interest of the property;
Provides an adequate and identifiable description;
Does not cast doubt on the title.
Does a company search have a priority period?
No. Should be carried out pre-exchange and again as close as possible to the day of completion.
What is the purpose/purposes of an OS1 search?
The purpose of the OS1 is to obtain a priority period within which the solicitor can make the necessary apps to the land registry.
The priority period provides protection against any subsequent entries which may be placed on the register after the date of the search but before the buyer is registered as proprietor.
The OS1 search result will also reveal if any adverse entries have been made on the title since the ‘search from date’.
When is a company search required against the buyer?
If the buyer is a company and taking out a mortgage.
To whom must the solicitor submit the certificate of title?
To the lender.
Residential: the Law Society and UK Finance COT
Commercial: the City of London Law Society COT
Under the Law Society’s Code for Completion by Post when should the seller’s solicitor inform the buyer’s solicitor that completion has taken place?
Immediately.
Under the Law Society’s Code for Completion by Post when should the seller’s solicitor inform the buyer’s solicitor that completion has taken place?
Immediately.
Under the SCs, either the buyer/seller may be required to pay contractual compensation for late completion. What is the case under the SCPCs?
Only the buyer may be required to pay it under the SCPCs - important distinction.
What does it mean if a buyer and seller agree that a deposit will be held by a solicitor as agent?
The buyer’s deposit will be held by the seller’s solicitor and may be paid over to the seller immediately after exchange - as opposed to as a stakeholder, meaning the deposit will be paid to the seller only on completion.
