Property Law Practice

Question 1

What’s a joint tenancy

Answer 1

If equitable interest held joint tenancy each tenant owns the whole of the equitable interest and on death of 1 right of survivorship applies to vest whole interest in survivor.

Joint tenancy can’t be left as a gift in a will.

Question 2

Tenants in common?

Answer 2

Each co owner owns separate part of the equitable interest which can be left by will or gifted or share sold

Long term couples
Partnerships
Different contributions

Each share must be in purchase or separate deed

Absence of deed means parties share according to contributions

Solicitor must ensure each receive separate legal advice if conflict likely to arise

Question 3

POCA offences

3
must have knowledge suspicion reasonable grounds

Answer 3

Concealing criminal property or transferring outside UK

Arranging - knowingly or suspects or facilities transaction

Acquiring - acquires criminal property

Knows or suspects solicitor must report to MLO

Solicitor mustn’t disclose to client details by accident - unlimited fine 2 years

Question 4

POCA defences

Answer 4

1 reported to MLO and MLO gave permission

2 intended to make disclose but has reasonable excuse for not doing so

3 carries out enforcement of the Act.

Question 5

Can a builder/ developer force buyer to use his solicitor ?

Answer 5

Might breach SRA

Question 6

Acting for both buyer and seller in same transaction?

Answer 6

There’s a conflict of interest

Seller wants high prices
Buyer wants low prices

In practice solicitors don’t often act for both buyer and seller or landlord and tenant

Can act if transaction not for value I.e where transaction dealt with by personal representative

Question 7

Can you act for more than one party in commercial transaction

Answer 7

Yes if informs client
In writing
Reasonable for solicitor to continue acting
Benefits outweigh risks

If non standard mortgage / onerous terms / borrower will breach then high risk of conflict of interest