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OSCE > Property basics > Flashcards

Property basics Flashcards

1
Q

What are the key unregistered overriding interests

A

Leases less than 7 years - override first registration and registered disposition
Rights of occupants (unless reasonable enquiry/no response to notice
Easements - unless registered
Public rights of way

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2
Q

Energy Performance Certificate

A

MUST be commissioned before going on market

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3
Q

Pre-contract searches

A

Pre-contract enquiries
Local land charges search and additional enquiries
Inspection
Index map search (unregistered only)
Central Land Charges search (unregistered only)

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4
Q

Pre-completion search

A

Central Land Charges (with priority) search for unregistered or if not title absolute
OS1 search with priority for registered land at HMLR
‘Bankruptcy only’ search at central land charges department

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5
Q

Completion differences: registered/unregistered

A

Unregistered: buyer receives title deeds, purchase deed and estate passes.
Registered: receives Transfer. Estate does not pass on completion

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6
Q

Post completion

A

Buyers solicitor applies for registration of title within 2 months of completion (unregistered)
Registered: buyers solicitor registers transfer within priority period of OS1 HMLR search prior to completion. Legal estate passes on registration

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7
Q

What if seller allows occupation pre-completion?

A

Risk of needing court order to gain possession
If non-completion, court is likely to allow buyer to pay damages and interest rather than giving up possession
If not contractual right, is tenancy at will and cannot evict without a court order. Standard conditions: licensee and not tenant; licence can require fee; non-assignable but household members allowed; terminates on completion, recission of contract of 5 days notice of termination. Occupier then takes on risk of damage, insurance etc.
Entry to improve is not licence. Cannot recover improvements if sale delayed.If improvements are part done, seller can sue to make habitable

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8
Q

Pre-completion occupation; structural alterations: rights to title?

A

No they are waived

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9
Q

Where are the standard conditions of sale

A

E&P - Standard conditions of sale 5th edition 2018 revision

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10
Q

What is the standard fee for pre-completion occupation

A

Standard contract rate on the balance of the purchase price - so around 1.75% of the balance of purchase price per day (balance is purchase price less deposit)

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11
Q

Letter

A

Remember to say something nice.
Address as per indication eg. their letter/supervisors note
Include practical advice eg. additional costs, who is likely to meet them, and something friendly/other queries at the end

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12
Q

Professional concerns in property

A

If acting for buyer and lender - will need to inform lender in many circumstances

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13
Q

Contract for registered land - how to describe

A

Just the address is fine, if unregistered use ‘as particularly described in the conveyance to the land attached

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14
Q

Contract for sale of land

A

If none on register should say none

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15
Q

Contract-dates

A

Leave undated, and completion date is left blank until exchange

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16
Q

How to express price if paying for chattels

A

Exclude from purchase price and have as separate item

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17
Q

Requirements for deed

A
  1. writing, signed, witnessed and delivered
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18
Q

Transfer Form TR1

A

If unregistered land, refer to address and reference to the document comprising good root of title which includes a full description. If part, must describe the part being sold and plan with red lines

Leave date blank
Company: inc. number
Leave declarations blank if bought by individual or company; only needed if 2 or more buying
Additional provisions: include new interests/covenants; if sale of part define ‘retained land’; standard to say ‘buyer will have no right of light or aid or other implied easements over the retained land

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19
Q

Execution of TR1 - transfer deed for lease

A

Joint owners must sign separately
Schedule 9 Land Registration Rules 2003
Seller must always sign
Buyer only need sign if entering into new obligations eg. covenant, including personal indemnity covenant, easement, or making a co-ownership declaration

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20
Q

Execution of deeds for transfer lease - signing

A
  1. Director and Company Secretary
  2. 2 x Directors
  3. Sole Director and witness, with addresses
  4. Common seal
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21
Q

Process for transfer deed

A

Prepared by buyer; exchange with amendments; engrossment is the final copy for signature.
Can be signed in counterpart
On completion, seller inserts the date and signed transfer deed is sent to buyer
Post completion - SLT1 for stamp duty, and buyer then sends to LR

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22
Q

How to find TR1 on Lexist

A

Search under number for TR1

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23
Q

Completing TR1

A

Use full and proper names
Use proper amount for consideration
Execution: SIGNED AS A DEED BY NAME IN THE PRESENCE OF

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24
Q

Grant of new lease - pre-exchange matters

A
  1. Ensure not ML/fraud
  2. Landlord: title/epitome of title
  3. Standard contract - Standard Conditions of Sale 5th Edition 2818 Revision clause 8 OR the Standard Commercial Property Conditions 3rd Edition 2018 Revision clause 11
  4. Send the contract/lease 2 x copies to other side (Landlord drafts)
  5. Requisitions on title (questions)
  6. Sign engrossment copies of lease and hold to be dated on completion
  7. Landlord prepares completion statement tor client to show money received after legal/disbursement and for tenants solicitor to show how much to send on completion
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25
Q

Completion - lease

A

Tenant arranges for fee to be send on the day
Tenant will send landlord signed and dated copy of lease
When money and lease received lender sends landlord’s signed counterpart and arranges for release of keys

26
Q

Post completion - lease

A

Tenant pays stamp duty land tax, registers if over 7 years, FT1 within 2 months

27
Q

Lease requirements

A

Some are compulsory

28
Q

Lease - improvements

A

Implied term s19(2) LTA - covenant Landlord may not unreasonably withhold consent to application to improve

29
Q

Lease - Consent to change of use

A

Cannot charge a fine/increased rent if no structural alterations 19(3) LTA 1927

30
Q

Date for old/new leases

A

1.1.1996. If old, could hold original tenant liable. If new, can only be held if an AGA (authorised guarantee agreement) and that only covers the incoming tenant

31
Q

If alienation close requires license/consent

A

19(1)(a) LTA 1927 - cannot be unreasonably withheld

32
Q

Landlord receives request

A

Must give within reasonable time, if not give written notice

33
Q

Forfeiture of lease

A

Only if allowed int he lease
Cannot forfeit lease within notice unless non-payment of rent
Tenant can apply for relief from forfeiture
Always need court order for possession of residential lease
Acceptance of rent / other breaches, may waive other breaches by accepting rent.

34
Q

Pre-contract package contains

A
  1. Energey Performance Certification
  2. Sale Particulars
  3. Official copies and title plan
  4. Completed seller’s property information form and supporting documents
  5. Completed fittings and contents form
  6. Draft contract in duplicate
35
Q

Letter content - top

A
  1. Header address of solicitors
  2. Full name of addressee on left
  3. FAO
  4. References
  5. Date
  6. To
  7. Heading
36
Q

Letter content - bulk

A 
Introduction
Purpose
Paragraphs/headings
Sign off ' we look forward to hearing for you / any questions'
Yours sincerely/Faithfully
37
Q

What to advice re: indemnity insurance

A

Remember to report to mortgage lender

38
Q

precedent report on title

A

Search Report on Title

39
Q

Extending commercial lease

A

LTA 1954
Counter notice 2 months
Prove intention: Board minutes; architects, finances, planning permission. Caselaw: intention means is able to do what is proposed

40
Q

Property Purchase Interview

A

Name
Disbursements - tax
Current scenario - selling? How to Fund? Currently renting?
Joint ownership
Deposit
Fixtures and Fittings
If joint - communications to only one, should be in writing
Joint mortgage?
Ask for copy of paperwork - mortgage offer
Own other property
Purpose of buying - commercial use? Renting
Client care and complaints
Must ensure authority to act on behalf of both
Joint buying - possible conflict of interest
Ask check of identity
Check survey
Check related/connected sales
Advice as to different ownership
Check if married

41
Q

What is the transfer form

A

TR1. TP1 if part of land

42
Q

TR1 - date?

A

BLANK until day of completio

43
Q

How to complete

A

Completion of mortgage deed and form TR1 - transfer of title. Register

44
Q

Full title guarantee

A

Promise NO burdens on land other than those disclosed on contract, while in property or in past

45
Q

Limited title guarantee

A

Other than those in contract, nothing in the land WHILE I’ve lived there

46
Q

Commercial contract - title guarantee?

A

Standard conditions

47
Q

Deed of sale - who signs?

A

Always seller. Remember if company, eg. 2 x directors
Buyer signs if entering into covenant, including personal indemnity covenant (IN THE PRESENCE OF witness: if individual), entering into new encumbrance, 2 x buyers making declaration of trust, or buyer applies for restriction
eg SIGNED AS A DEED by two directors.

Directors: 2 x directors, director and Co Sec, seal, or 1 x director + witness

48
Q

Special conditions TR1

A

Check contract for covenants inc. personal indemnity

49
Q

TR1 - price

A

Only land. Not chattels. Give total figure IF VAT applies

50
Q

Contract sale of property - how to describe

A

Include ‘Together with the right referred to in entry 2 of the register of title - ie. things that benefit the land in the property register

51
Q

Contract sale of property - how to refer to incumbrances

A

The contribution noted in
The restriction noted in
The right referred to in

52
Q

Contract of sale - property price

A

Price LESS deposit PLUS contents

53
Q

Contract for sale - details of seller

A

Check the Proprietorship register AND client instructions in case of changes

54
Q

If overreaching another’s interest, how to do on sale?

A

Appoint a second trustee. Eg. also if originally in 2 names as tenants in common, then one dies, on contract: seller will be Mary, plus name and address of second trustee. Not needed if ‘no disposition by sole proprietor’ on register

55
Q

Contract of sale - how to describe title

A

Number plus GRADE ie. class ie. absolute, on register

56
Q

Seller solicitor duty

A

Seller’s solicitor has duty to disclose burdens on land that will continue after completion ie. charges register, and property register. Doesn’t need to include mortgages and positive convenants (they don’t run with the land)

57
Q

Contract for sale

A

Include occupiers consent and undertake to vacate property prior to completion

58
Q

If solicitor holds deposit prior to completion, how held?

A

As stakeholder. Default position. Change ‘the Seller’s conveyancer is to hold the deposit as agent for seller’

59
Q

Contract of sale - convenants

A

Don’t have to include, but could say ‘The transfer will contain the following covenant: ‘The Transferee covenants with the Transferor to observe and perform the covenants referred to in entry 1 of the charges register of registered title that are still subsisting and capable of taking effect and to indemnify the transferor against future breach or non-observance - check if seller remains liable for covenants entered into when purchased originally, so get indemnity from new buyer

60
Q

If need to sellers, how express in contract?

A

Prior to completion the seller is to appoint another person to act as trustee in the sale of the property. The seller is to supply a copy of the deed of appointment to the buyer at least two working days before completion.

61
Q

Who drafts the transfer?

A

BUYER solicitor

OSCE (11 decks)

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