Property: EXTRA Flashcards
extra things from paper flashcards
Who deduces title?
sellers solicitor
Who drafts the contract?
sellers solicitor
Who investigates title?
buyers solicitor
Who does the pre contract searches
buyers solicitor
Who drafts the transfer/mortgage deed?
buyers solicitor
Who does the pre completion searches
buyers solicitor
What does the following in the proprietorship register indicate: “RESTRICTION: No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court”
That the equitable interest is held as tenants in common
What may a local land charges search (LLC1) reveal?
Planning permissions
CPO
Financial charges/restrictions imposed by pub authorities under statute
Tree preservation Orders
What may a standard enquiries (CON29) local search reveal?
Highways
Restrictions on development
Contaminated land
Liability for road repair
Enforcement restrictions on planning
Traffic restrictions, proposals
What may a local optional search (CON29O) reveal?
Env/pollution notices,
Rights over common land
Hedgerows
Urban development zones
Where will you find a mines and minerals reservation
Registered: property register
Unregistered: conveyance
If there is a mines and minerals reservation, what should be done in terms of pre contract searches?
- Coal Authority search on form CON29M
- Index Map search at the Land Registry, on form SIM, to check whether the mines and minerals are registered under a separate title;
meaning of interest in possession
entitled to immediate possession (as opposed to interest in remainder)
When can a deposit held a stakeholder be used on a related purchase?
When the contract contains the SC only (NOT the SCPC)
SCPC-if buyer consents
What are VAT sensitive buyers and why?
Don’t make taxable supplied in course of business (ie. Bank/building society/insurance co.) so cant recover input tax
