Property law 5 Flashcards
Who drafts the transfer deed?
Buyer
A transfer of land must be made in the form of a deed - true or false?
True
If there is a second trustee appointed for the sole surviving tenant, what details should be included on TR1?
Their details (no death certificate needs to be provided)
What happens if the seller has a different name due to marriage
The new name should be added and a copy of the marriage certificate sent
Which forms must be used for the transfer of registered land?
Land Registry forms must be used:
TR1 - whole of freehold or leasehold land
TP1 - part of a registered title
TR5 - portfolio of titles (including unregistered titles)
Transfers of Unregistered land must use Land registry forms - True/False?
False - Unregistered land may be transferred in the form of a conveyance - but often LR forms are used.
When should the date on Form TR1 be filled in?
On completion - it has the effect of completing the deed
What is the maximum number of transferees that can be entered onto TR1?
4 people or companies
Must the transferor always execute the TR1?
Yes
When must transferees (the people buying the property) execute a TR1
- If they are tenants in common or hold the property on trust for someone else (panel 10).
- they are providing an indemnity covenant or any other obligation (panel 11).
Does an individual need an independent witness to the deed and, if so, how many?
Yes - 1
How can a company execute a deed?
- Company seal attached and signed by 2 directors or 1 director and company secretary
- No Company seal but signed by 2 directors or 1 director and company secretary
- Singed by 1 company director and witnessed by an independent witness
- Signed by a senior employee who is authorised under a power of attorney
How are pre-completion searches carried out on Registered land?
The buyer carries out a search with priority at the Land Registry against the title number.
What is the priority period for a search with priority carried out on REGESTERED land?
30 working days from the search result.
How are pre-completion searches carried out on Unregistered land?
The buyer carried out a ‘land charges search’ of the Land Charges Registry.
What is the priority period for a search with priority carried out on UNREGESTERED land?
15 working days from the search result
What is the effect of the priority period?
The buyer’s transfer will take priority over any other applications, even if they were lodged before the buyer’s transfer.
When acting for buyer and lender What searches must the solicitor carry out on behalf of the lender?
Solvency Search against the buyer
What is the priority period of a solvency search?
15 working days from the search result
Must a solvency search be carried out against the seller?
No. The OS1 gives the information for registered land, and the land charges search for unregistered land.