Property practice

Question 1

SC / SCPCs

Answer 1

Give title to the clause you are drafting

Relevant dates are date of agreement and completion date

Licence : if buyer wants to use property before date of contract and completion, can grant licence,

If any works to be carried out, define as “works” identify the amendments that are required.

Time : if seller wants to make sure they will be able to terminate contract without notice to complete, then time becomes of teh essence.
Amend both condition that says time is not of the essence, and the condition for notice to complete.

Contents: all contents must be removed in accordance with conditions. If seller and buyer agree to include any conditions, special conditions are necessary.

Restrictive indemnity policy
Restrictive covenant : separate special condition drafted for anything that the seller wants to ensure that the buyer will not be able to do to the property,

Question 2

TR1

Answer 2

8, consideration : write down price in words and figure, SEPARATE from VAT.

11, additional provisions : add observance and a performance of restrictive covenants

12, execution : signed as a Deed

Question 3

AP1

Answer 3

4 :transfer of whole, and price paid or value, with VAT separate

5 : TR1

6: applicant is the buyer

7: law firm representing the buyer

Question 4

Licence

Answer 4

If landlord wants consent to exist for limited days, include this,

Extent of licence : any restrictions

Covenants by assignee : pay rent, etc,

AGA

Question 5

Parking space

Answer 5

Not conferring exclusive possession : not to be assigned or transferred to any third party, for user only in connection with vehicle, no right to use parking outside hours

Owners obligations : keep in reasonable condition, no liability of owner for actions to any , save for death, PI, fraud and other situation that cannot be excluded by law

Users obligations : not to use other than for vehicle. Behicle must be insured and hold valid MOT
Not to share occupation
Not to make any alterations, damage

Rider clauses: responsible for paving the driveway, hold retention of money until done.

Question 6

Mortgage

Answer 6

Mortgage deed
Certificate of title
If lender did not offer property, buyer should insure property
OS1 search for priority period
Bankruptcy searches against buyer

After completion: file AP1 to change the register

Question 7

Severing joint tenancy

Answer 7

Intention to severe in immediate effec
Pursuant to s 136 of LPA 1925

I confirm form the date above we will hold the property as tenants in common in equity in equal shares,

Name, signatures date,

If cover letter needed, write introductory paragraph, and codes of conduct

Question 8

Undertaking

Answer 8

Dear sir, madam

costs undertaking in respect of application for licence to alter lease dated [] between [] and [].

OR

undertaking in respect of paying the money required to redeem the mortgage dated [[ and to forward the receipted mortgage to you as soon as it is received by us.

Question 9

deed execution clauses

Answer 9

company seal

2 authorised signatories

one director with a witness

individual acting under power of attorney

for individual: that individual and witnessed

if tenancy in common, must be witnessed and with all parties.