Property Flashcards
What are the exceptions to a buyer taking property free of interests
1) registered charges
2) interest registered as a notice
3) overriding interests
What are etridge principle
If joint buyers and house as security - talk to wife alone and explain:
1) consequence
2) seriousness
3) choice
4) express instruction to proceed
Stages of a conveyance transaction?
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
What to do if unsure whether planning permission is legal?
Obtain a certificate of lawfulness
What is the phrase for an easement
“Excepting and reserving”
Requirements for root of title for unregistered land
At least 15 years old, recognisable description of land, unbroken chain of ownership
-conveyance usually
Requirements of a deed
1) on the face a deed
2) in writing
3) signed in presence of witness who attests
4) delivered as a deed
What is phrase for tenants in common?
No disposition by sole proprietor
How quickly must SDLT be paid?
14 days after purchase
What propertys are exempt with the option to tax?
Old commercial (3+ years)
What does lender require before it will release mortgage?
- Certificate of title
- Solvency search
- Clear OSIR in lender name
- Executed but not complete mortgage deed
How to remove a charge over property?
Apply to land registry with CN1 form and evidence
Creditor then has 15 days to respond or it is automatically removed
Remedies for non payment of rent in lease?
1) debt action
2) surrender
3) forfeiture
4) AGA
IF COMPANY +
5) commercial rent arrears recovery
6) wind up commercial Tenancy
Remedies for other breaches of covenant?
1) damages
2) self help (Jarvis v Harris)
3) specific performance
4) surrender
5) AGA
6) forfeiture
S24(2) Landlords and Tenants Act 1954
What is surrender?
Tenant agrees to forfeit lease - unlikely get money back but depends on what agree
What is requirements for forfeiture?
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
What is commercial rent arrears recovery?
- T may enter and sell goods
- Rent must be outstanding for 7 days, given 7 clear days notice
- Enforcement agent enter and seize goods
Must leave £1350 necessary for them to do business
What section of landlords and tenants act landlord cant unreasonably without consent
S18(1a) Landlords and Tenants Act 1927
What section to give forfeit notice?
S146 notice
Under AGA what must be served on former T?
S17 Landlord and Tenant Act 1995 notice - 6 months from first missed payment limitation
How to release charge on land
CN1 form with evidence - creditor has 15 days to release otherwise automatically removed
How can T get out of lease?
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
What is security of tenure?
S24-28 L and T act 1954
T has automatic security of tenure in commercial leases
6months lease + or im occupation for 12+
What is s25 notice?
Notice to terminate business tenancy
How can landlord end business tenancy with security of tenure
- Notice to quit - s25 notice 6-12 M before end of tenancy
How can tenant end lease with security of tenure (business)?
- S26 notice - 6-12 months before end of tenancy (cannot use if given s25) // landlord respond / oppose within 2m
- Has lease “contracted out” of security of tenure?
- Vacate property on termination date
- Surrender
- Notice to quit
- Forfeiture
What section states landlords cant reasonably refuse consent to assign tenancy?
S19(1a) Landlords and Tenants Act 1927
Steps for assignment of lease?
Landlord given licence to assign - he prepares this and client AGA (same document)
Tenant pays landlord for preparing docs
Remedies for delayed completion?
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
What is development
Material change - planning, engineering NOT maintenance, improvement or anything materially impact external
How long to pay SDLT
14 days to HMRC
What tax does tenant pay
None unless cumulative rental exceeds £125k (unlikely)
Tax pay in buying house?
Stamp duty land tax, transaction tax,
If commercial: maybe VAT (prop 3+ years)
// maybe CGT if main home
Tax pay in buying house?
Stamp duty land tax, transaction tax,
If commercial: maybe VAT (prop 3+ years)
// maybe CGT if not main home
What is s14/15 Trusts of Land and Appointment of Trustee Act
If coowners in dispute can apply to court for resolution
Methods of creating easement
1) deed
2) statute
3) implication
4) prescription
Can commercial tenant improvement to property?
S3 Landlord and Tenant Act 1927 can put notice to LL for improvement - court if no
Can a landlord unreasonably withhold consent to assign lease?
S19(1) LTA 1927 - consent not unreasonably withheld
What is actual occupation?
An overriding interest that does not appear on register but if conditions are met then binding on purchaser
What unregistered interests bind and override registered interests
1) legal lease of 7yrs or less
2) actual occupation
3) easement
What are 2 exceptions to actual occupation?
- Right of person in AO is not apparent
- Right was not disclosed on reasonable enquiry
Limitation for adverse posession
12 years
Requirements for adverse posession
- Factual possession
- Intention to possess
- Without permission
How long reg land can apply for land in adverse possession?
10 years - land reg then notifies owner who has 3 months to reject
What is deed of appropriation
Can give property before death (reduces CGT if given to bene before death)
Forms for local search?
LLC1, CON29R, CON290(additional one for pipes, pollution land village greens)
Form for coal and mining search?
CON29M
What form gives priority period
OS1
What is first time buyer SDLT relief?
0% on first £300k
How to avoid security for tenure?
- License
- tenancy at will
- 6 month periodic tenancy
- 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
What are pre completion searches?
Priority searches and to ensure nothing has changed
- bankruptcy search (K16)
- OS1 search (or if part OS2)
Freezes title for 30 days
Late completion in conveyance remedies
- Seller rescind and keep deposit
- Specific performance
- “Notice to complete”
