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SQE 1 > Property Practice > Flashcards

Property Practice Flashcards

1
Q

Pre-Market

A

Steps taken by seller before they market property

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2
Q

Stages of Transaction

A
  1. Pre-Market
  2. Pre-Contract
  3. Exchange of Contracts
  4. Pre-Completion
  5. Post-Completion
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3
Q

Pre-Contract

A

Stage takes client from agreeing sale to exchanging contract

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4
Q

Exchange of Contract

A

Transaction becomes legally binding, parties cannot withdraw without penalty

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5
Q

Pre-Completion

A

Solicitor makes preparation to complete

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6
Q

Post-Completion

A

Solicitor pays off seller’s mortgage, pay any stamp duty land tax within 14 days, must submit application within priority period

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7
Q

Two Important Aspects for Capital Gains Tax

A
  1. Residential property return must be submitted
  2. Pay tax within 30 days of completion
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8
Q

Principal Private Residence Relief Exemption

A
  1. Seller’s only or main residence
  2. Not greater than 0.5 hectare
  3. No part of their home has been used exclusively for business purposes
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9
Q

EPC Requirement

A

Valid for 10 years

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10
Q

Number of Contracts Issue

A

2 contracts to buyer’s solicitor

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11
Q

First Registration

A

Within 2 months if unregistered

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12
Q

Land Charges Search

A

Priority Period of 15 days

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13
Q

Pre-Completion Search

A

30 Working Days to Register

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14
Q

Pre-Contract Searches Done in Every Case

A
  1. Local Search
  2. Local Water Company
  3. Environmental search
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15
Q

Transaction Specific Searches

A
  1. Search Index Map - Unregistered Title
  2. Obtaining Mortgage - Bankruptcy Search
  3. Coal Mining Search
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16
Q

Local Authorities looking to disapply permitted development

A
  1. Issue Article 4 Direction
17
Q

Formal Application for Planning

A
  1. Outline
  2. Detailed
  3. 3 years or planning permission lapses
18
Q

Enforcement Time limit for Unpermitted Development

19
Q

Enforcement Time Limit for Material Change in Use

A

10 years from first breach

20
Q

Enforcement Time Limit for Health and Safety Non-Compliance

21
Q

Types of Mortgage

A
  1. Repayment
  2. Interest-Only
  3. Endowment
  4. Pension
  5. Sharia Compliant
22
Q

Registering Mortgage Time Periods

A
  1. Registered - Within 30 day priority period
  2. Unregistered - Within 2 months of completion
  3. Company - Companies House within 21 days of completion
23
Q

Methods of Exchange

A
  1. Person
  2. Post
  3. Phone
24
Q

Formulae for Exchange of Contracts

A
  1. FA - One solicitor holds both signed parts of contract
  2. FB - Each solicitor holds own client’s signed part of the contract
  3. FC - Used if chain of transactions
25
Q

Protection when considerable time between exchange and completion

A
  1. Registering an estate contract on charges register
  2. Unregistered: c(iv) land charge
26
Q

Pre-Completion Searches

A
  1. Registered Title (OS1 Form)
  2. Unregistered Title - Land Charges
  3. Priority Periods (RT-30, UT-15 and 2 months to register)
  4. Repeat Bankruptcy, Company Searches
27
Q

Time for Completion

A

Take place by 2pm

28
Q

Post-Completion: Company Charge

A

Within 21 days of completion

29
Q

Post-Completion: Stamp Duty Land Tax

A

Submitted within 14 days of completion

30
Q

Stamp Duty Thresholds

A
  1. 125000
  2. Commercial: 150000
  3. If person owns a residential property and purchases additional property (3% in each band unless under 40k)
31
Q

First Time Buyer Relief

A
  1. Main Residence
  2. 0% on 300k
  3. 5% up to 500k
  4. No relief applies to over 500k
32
Q

Multiple Dwellings Relief

A

SDLT calculated on average price paid and the multiplied by number of properties

33
Q

Section 25

A
  1. End tenancy or enter into new lease
  2. Served within 6-12 months before end of lease
34
Q

Section 26

A
  1. Request new lease
  2. Served with 6-12 months
  3. Landlord has 2 months to notify whether they will oppose

SQE 1 (16 decks)

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