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SQE 2 (MINE) > Property > Flashcards

Property Flashcards

1
Q

What are the exceptions to a buyer taking property free of interests

A

1) registered charges
2) interest registered as a notice
3) overriding interests

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2
Q

What are etridge principle

A

If joint buyers and house as security - talk to wife alone and explain:
1) consequence
2) seriousness
3) choice
4) express instruction to proceed

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3
Q

Stages of a conveyance transaction?

A

1) pre contract
- seller send contract package
- buyer does searches
2) pre completion
- buyer prepares TR1 land transfer deed
- searches
3) post completion
- buyer sol reg mortgage and pys SDLT
- seller sol relieves mortgage

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4
Q

What to do if unsure whether planning permission is legal?

A

Obtain a certificate of lawfulness

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5
Q

What is the phrase for an easement

A

“Excepting and reserving”

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6
Q

Requirements for root of title for unregistered land

A

At least 15 years old, recognisable description of land, unbroken chain of ownership

-conveyance usually

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7
Q

Requirements of a deed

A

1) on the face a deed
2) in writing
3) signed in presence of witness who attests
4) delivered as a deed

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8
Q

What is phrase for tenants in common?

A

No disposition by sole proprietor

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9
Q

How quickly must SDLT be paid?

A

14 days after purchase

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10
Q

What propertys are exempt with the option to tax?

A

Old commercial (3+ years)

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11
Q

What does lender require before it will release mortgage?

A
  1. Certificate of title
  2. Solvency search
  3. Clear OSIR in lender name
  4. Executed but not complete mortgage deed
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12
Q

How to remove a charge over property?

A

Apply to land registry with CN1 form and evidence

Creditor then has 15 days to respond or it is automatically removed

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13
Q

Remedies for non payment of rent in lease?

A

1) debt action
2) surrender
3) forfeiture
4) AGA
IF COMPANY +
5) commercial rent arrears recovery
6) wind up commercial Tenancy

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14
Q

Remedies for other breaches of covenant?

A

1) damages
2) self help (Jarvis v Harris)
3) specific performance
4) surrender
5) AGA
6) forfeiture

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15
Q
A

S24(2) Landlords and Tenants Act 1954

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16
Q

What is surrender?

A

Tenant agrees to forfeit lease - unlikely get money back but depends on what agree

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17
Q

What is requirements for forfeiture?

A

Serve T a s147 notice
(If for other breach, not non payment, and is 7 yr lease with 3 yrs to go, must include that they can serve counter notice to refute)

Then court
Then either peaceful reentry or court order

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18
Q

What is commercial rent arrears recovery?

A
  1. T may enter and sell goods
  2. Rent must be outstanding for 7 days, given 7 clear days notice
  3. Enforcement agent enter and seize goods

Must leave £1350 necessary for them to do business

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19
Q

What section of landlords and tenants act landlord cant unreasonably without consent

A

S18(1a) Landlords and Tenants Act 1927

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20
Q

What section to give forfeit notice?

A

S146 notice

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21
Q

Under AGA what must be served on former T?

A

S17 Landlord and Tenant Act 1995 notice - 6 months from first missed payment limitation

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22
Q

How to release charge on land

A

CN1 form with evidence - creditor has 15 days to release otherwise automatically removed

23
Q

How can T get out of lease?

A

1) effluxion of time
2) notice to quit - written notice, if periodic then same amount of time as period
3) merger
4) surrender - agreement
5) break clause

24
Q

What is security of tenure?

A

S24-28 L and T act 1954

T has automatic security of tenure in commercial leases

6months lease + or im occupation for 12+

25
Q

What is s25 notice?

A

Notice to terminate business tenancy

26
Q

How can landlord end business tenancy with security of tenure

A
  1. Notice to quit - s25 notice 6-12 M before end of tenancy
27
Q

How can tenant end lease with security of tenure (business)?

A
  1. S26 notice - 6-12 months before end of tenancy (cannot use if given s25) // landlord respond / oppose within 2m
  2. Has lease “contracted out” of security of tenure?
  3. Vacate property on termination date
  4. Surrender
  5. Notice to quit
  6. Forfeiture
28
Q

What section states landlords cant reasonably refuse consent to assign tenancy?

A

S19(1a) Landlords and Tenants Act 1927

29
Q

Steps for assignment of lease?

A

Landlord given licence to assign - he prepares this and client AGA (same document)

Tenant pays landlord for preparing docs

30
Q

Remedies for delayed completion?

A

Must be more than 10 working days:
1. Common law damages
2. Contractual compensation
3. Notice to complete- gives 10wd
4. Recession - seller can keep deposit and interest

31
Q

What is development

A

Material change - planning, engineering NOT maintenance, improvement or anything materially impact external

32
Q

How long to pay SDLT

A

14 days to HMRC

33
Q

What tax does tenant pay

A

None unless cumulative rental exceeds £125k (unlikely)

34
Q

Tax pay in buying house?

A

Stamp duty land tax, transaction tax,
If commercial: maybe VAT (prop 3+ years)
// maybe CGT if main home

35
Q

Tax pay in buying house?

A

Stamp duty land tax, transaction tax,
If commercial: maybe VAT (prop 3+ years)
// maybe CGT if not main home

36
Q

What is s14/15 Trusts of Land and Appointment of Trustee Act

A

If coowners in dispute can apply to court for resolution

37
Q

Methods of creating easement

A

1) deed
2) statute
3) implication
4) prescription

38
Q

Can commercial tenant improvement to property?

A

S3 Landlord and Tenant Act 1927 can put notice to LL for improvement - court if no

39
Q

Can a landlord unreasonably withhold consent to assign lease?

A

S19(1) LTA 1927 - consent not unreasonably withheld

40
Q

What is actual occupation?

A

An overriding interest that does not appear on register but if conditions are met then binding on purchaser

41
Q

What unregistered interests bind and override registered interests

A

1) legal lease of 7yrs or less
2) actual occupation
3) easement

42
Q

What are 2 exceptions to actual occupation?

A
  1. Right of person in AO is not apparent
  2. Right was not disclosed on reasonable enquiry
43
Q

Limitation for adverse posession

A

12 years

44
Q

Requirements for adverse posession

A
  1. Factual possession
  2. Intention to possess
  3. Without permission
45
Q

How long reg land can apply for land in adverse possession?

A

10 years - land reg then notifies owner who has 3 months to reject

46
Q

What is deed of appropriation

A

Can give property before death (reduces CGT if given to bene before death)

47
Q

Forms for local search?

A

LLC1, CON29R, CON290(additional one for pipes, pollution land village greens)

48
Q

Form for coal and mining search?

A

CON29M

49
Q

What form gives priority period

A

OS1

50
Q

What is first time buyer SDLT relief?

A

0% on first £300k

51
Q

How to avoid security for tenure?

A
  1. License
  2. tenancy at will
  3. 6 month periodic tenancy
  4. Contract out - must explain risk, before lease give notice and T must accept via declaration, this then needs to be recorded in writing and lease in writing
52
Q

What are pre completion searches?

A

Priority searches and to ensure nothing has changed
- bankruptcy search (K16)
- OS1 search (or if part OS2)

Freezes title for 30 days

53
Q

Late completion in conveyance remedies

A
  1. Seller rescind and keep deposit
  2. Specific performance
  3. “Notice to complete”

SQE 2 (MINE) (5 decks)

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