Property Dates

Question 1

Default completion time (SCS and SCPC)

Answer 1

20 working days after the contract
Time for completion is before 2pm

Question 2

Pre-completion search for registered land (OS1 or OS2)

Answer 2

Buyer’s solicitor carries out search with priority
- OS1 or OS2 (part of land)

Priority period of 30 working days

Question 3

Pre-completion search for unregistered land

Answer 3

K15 of Land Charges Registry
- priority period of 15 working days

Question 4

Solvency search against an individual

Answer 4

Against an individual (buyer) when solicitor is acting for the buyer and lender
- 15 working days priority period
- K16

Question 5

Solvency search against a company

Answer 5

If the buyer is a company - company search gives no priority period and should be carried out as late as possible (immediately before completion)

Question 6

Failure to complete

Answer 6

If a party fails to complete by the time and date specified in the contract, they must pay interest for each calendar day’s delay (includes weekends and bank holidays)

Question 7

Service of notice to complete

Answer 7

Notice to complete can be served at any time on the day of completion once the time for completion has passed.
Once served, must complete within 10 working days

Question 8

Post-completion SDLT return

Answer 8

SDLT1 form must be submitted and tax paid within 14 days of completion
- SDLT1 = submit to HMRC
- buyer’s solicitor

Question 9

Post-completion in Wales LTT

Answer 9

LTT return must be submitted and tax paid within 30 days of completion

Question 10

Registration of charge at Companies House (post-completion)

Answer 10

MUST register a charge given by a company at Companies House within 21 days of creation of charge
- deadline missed - apply for court order to allow filing out of time

Question 11

Rent in commercial FRI lease

Answer 11

Traditional quarter days:
- 25th Dec - 24th March
- 25th March - 23rd June
- 24th June - 28th September
- 29th September - 24th December

Question 12

Modern quarter days

Answer 12

• 1st Jan
• 1st April
• 1st July
• 1st Oct

Question 13

Procedure for contracting out business tenancies

Answer 13

Landlord must serve a warning notice on tenant in prescribed form

The tenant must provide a declaration
- if lease completion is at least 14 days from date of warning notice = simple signed declaration

• if lease completion is less than 14 days away = statutory declaration

Question 14

Commercial Rent Arrears Recovery

Answer 14

CRAR may be used where
- a minimum of 7 days principal rent is owed (can only recover annual rent + VAT + interest)
- 7 clear days notice of intention to enter the premises
- further 7 clear days’ notice if landlord intends to sell the seized goods

Question 15

Tenant in breach of repair obligation and service of s146 notice by landlord

Answer 15

LPA 1938 applies to leases of term of more than 7 years with at least 3 years left to run:
Tenant has 28 days to serve counter-notice to landlord’s s146 notice

Question 16

Timing of s25 notice

Answer 16

• Must be after contractual expiry date
• s25 notice served no less than 6 months and no more than 12 months before proposed date of termination of tenancy

Proposed date of termination cannot fall before contractual expiry date

Question 17

s26 notice

Answer 17

Served no less than 6 months and no more than 12 months before proposed commencement date of new tenancy

Request can be served either before or after the contractual expiry date of the lease

Earliest it can be served is 12 months before contractual expiry date of lease

Question 18

s27 notice

Answer 18

Must be served at least 3 months before termination of current tenancy date

If not sufficient time to serve s27 notice (must give at least 3 months) and tenant wants to leave - tenant can vacate before or on contractual expiry date