Post-completion of grant of lease Flashcards
What is the basis of calculation of SDLT/LTT for Residential Long Leases?
Similar to purchasing a freehold
What needs to be calculated for a short lease with market rent payable?
Net Present Value
What information is required to use the online calculator for short leases?
Start date of lease, lease term, and rent payable for the first five years (including VAT)
What is the SDLT payable for commercial leases up to £150,000?
No SDLT payable
What is the SDLT rate for commercial leases over £150,000 up to £5 million?
1%
What is the SDLT rate for commercial leases over £5 million?
2%
How is SDLT rounded?
Rounded down to the nearest pound
What is the LTT payable for commercial leases up to £225,000?
No LTT payable
What is the LTT rate for commercial leases over £225,000 up to £2 million?
1%
What is the LTT rate for commercial leases over £2 million?
2%
How is LTT rounded?
Not rounded to the nearest pound
What is the registration requirement for leases up to 3 years?
Do not need to be registered, cannot be noted against landlord’s title
What is the registration requirement for leases over 3 years and up to 7 years?
Do not need to be registered but can be registered against the landlord’s title
What is required for leases over 7 years?
Must be registered at the Land Registry and will be given its own title number
What searches should be carried out before completion for registrable leases?
OS1 or OS2 search to give priority
What form does a tenant use to register a lease for a registered title?
Form AP1
What form does a tenant use to register a lease for an unregistered title?
Form FR1
What document must be submitted when applying to register a lease?
Certified copy of lease
What is required on registration if the landlord’s title is charged?
Letter of consent from lender
What does the tenant’s solicitor receive upon completion of the lease registration application?
Two official copies: New leasehold title and updated landlord’s title
If the tenant is a company, what is usually the status of the lease regarding companies’ house registration?
Usually not charged, no need to register transaction at companies’ house
