Property Flashcards
Options for tenant if landlord consent for alienation not forthcoming
1) Act without consent - risk damage and forfeiture
2) Court declaration to prove unreasonableness
3) Court order - seek damage and ask for injunction
Steps to contract out of security of tenure - LTA 1974
1) Warning notice from landlord to tenant - advise seek advice.
2) Declaration - simple if served 14 days prior to lease, statutory (ie signed in front of solicitor) if less than 14 days
3) Endorsement - reference in the lease to the notice and agreement to contract out.
What notice is needed for landlord to terminate lease protected by LTA ‘74?
Section 25
Process for serving section 25 notice?
Served at least 6 months but not more than 12 before termination date (can end on / after expiry date, not before)
Must contain section 30 details.
The tenancy will end on the date in the notice
Effect of section 26 request
Request for tenant to landlord for new tenancy. Landlord must reply within 2 months with s.30 grounds. After 2 months, tenant must apply to court to have lease renewed.
What is a Section 27 and what are the timings on this?
Tenant’s notice to landlord terminating the lease, served 3 months prior to expiry of tenancy.
Action for tenant / landlord after section 25 / counter notice to section 26 served
Tenant can apply to court to request new tenancy and challenging grounds
Landlord can apply to court to terminate tenancy.
If no application, will terminate on date in notice.
Conditions for qualifying for private residence relief?
1) Only or main residence during period of ownership
2) Not absent during period of ownership
3) Grounds / garden not bigger than 0.5 hectares
4) Not part of property used exclusively for business purposes
How to pay capital gains tax
Submit residential property return, submit to HMRC and pay any CGT within 60 days
Acting for buyer and lender is ok when?
There is no conflict of interest or significant risk of such conflict that makes it unreasonable for solicitor to act
Investigating title - registered v unregistered
Registered - official copies filed with land registry (showing owners, price, date purchased, tenure, class, covenants, easements, mortgages, charges, restrictions)
Unregistered - look through title deeds that make up epitome of title. Good root and then 15 years of unbroken chain of ownership
Official copies - what’s contained?
Property register - describes property and rights affecting it
Proprietorship register - class of title, seller’s name, if teld as t in c , presence of indemnity covenant
Charges register - third party rights over property
Investigating title as the buyer - t in c or Jt
T in c - must pay purchasing money to two trustees to ensure any other interest is overreached (may need to appoint a second trustee)
For JT, you need the death certificate if one died, if both just pay money to both.
Requirements for good root of title
1) Dated before December 1990
2) Contain description by which property can be identified
3) Deals with legal and beneficial interests in property
4) Casts no doubt on seller’s title
Purpose of formula C?
To allow for a chain of transactions, effectively solicitors agree to release contracts for a specific period
