PROPERTY

Question 1

Can a first time buyer claim relief on LTT?

Answer 1

No.
There is no relief on LTT

Question 2

What reliefs can you claim for SDLT?

Answer 2

• reliefs on first time property

Question 3

Who can claim SDLT relief

Answer 3

Only a first time property buyer

Question 4

In what circumstance might someone not have to pay SDLT at all?

Answer 4

Must be a
- 1st time buyer
- property under £425,000
- must return the SDLT form to claim the relief

Question 5

How can a landlord contract out of security of tenure ?

Answer 5

(Wording of the lease excludes security of tenure)
1. LL must serve warning notice on T at least 14 days before lease starts
2. LL gets T to sign a simple declaration that they have recieved and understood
OR if on short notice
- T makes statutory declaration in front of a solicitor that they have received the warning and understood the consequences

Question 6

Can a business have security of tenure if it sublets part of its premises?

Answer 6

No,
To qualify the commercial tenant must have full occupation

Question 7

Will a Sunday school be classed as a business when considering security of tenure?

Answer 7

No

Question 8

What types of lease are excluded by LTA for security of tenure?

Answer 8

Agricultural holdings
Mining leases

Question 9

What are the methods of service to give notice or request of terminating a security of tenure?

Answer 9

1. Served personally
2. Left at others place of business
3. Left at other party last known abode

Question 10

How does a landlord terminate a commercial tenants lease with security of tenure?

Answer 10

1. Serve s 25 notice under LTA
   - states tenancy will end on specified date
   - LL will not oppose T application for new tenancy but might wish old lease brought to end
2. Serve s 27 under LTA

Question 11

How does a tenant serve a s26 notice to a landlord?

Answer 11

Security of tenure. - T requests to terminate lease and give them a new one
1. Must send a commencement date for new lease
2. New lease terms
3. 6-12 months before commencement of new lease
(Before or after contractual expiry date)

Question 12

Does a buyer need to disclose physical defects of a property?

Answer 12

No
Caveat emptor (buyer beware)

Question 13

Will a company have to pay SDLT on a commercial freehold property?

Answer 13

Yes
- will have to pay SDLT on the purchase price + VAT
- within 14 days