Property Practice

Question 1

What additional role might the buyer’s solicitor take in residential conveyancing transactions?

Answer 1

The buyer’s solicitor often acts for the buyer’s lender as well.

Question 2

When should the buyer’s solicitor not act for the lender?

Answer 2

When there is a conflict of interest or a significant risk of conflict between the buyer and the lender.

Question 3

When is the risk of conflict low in residential conveyancing?

Answer 3

When the mortgage is on standard terms.

Question 4

What is the time limit for commencing development after planning permission is issued?

Answer 4

Development must commence within three years of the permission date, or it lapses.

Question 5

What does the official search with priority protect the buyer against?

Answer 5

Protects against the registration of new adverse interests for 30 working days from the search date.

Question 6

What is the priority period for a full land charges search in an unregistered title transaction?

Answer 6

15 working days, during which completion must occur.

Question 7

What is the time limit to apply for first registration of an unregistered title after purchase?

Answer 7

Two months from the purchase date.

Question 8

What happens if the defaulting party fails to complete after service of the notice to complete?

Answer 8

The innocent party can rescind the contract if completion doesn’t occur within 10 working days.

Question 9

Does a commercial lease end automatically at the end of its term?

Answer 9

No. The Landlord and Tenant Act 1954 (Part II) protects the tenant unless statutory methods are used to terminate the lease.

Question 10

On what price is SDLT payable for a new commercial building?

Answer 10

On the VAT-inclusive price at non-residential rates.

Question 11

What does an index map search reveal?

Answer 11

Whether the property is registered.

Question 12

What does a commons registration enquiry show?

Answer 12

Whether the land abuts or is adjacent to land designated as common land or a town/village green.

Question 13

When is a full land charges search required?

Answer 13

When the title is unregistered.

Question 14

When is an official search with priority needed?

Answer 14

When the title is registered.

Question 15

What is a Certificate of Title (CoT)?

Answer 15

A document submitted to the lender confirming the title is good and marketable.

Question 16

Is title guarantee submitted with a mortgage advance application?

Answer 16

No, title guarantee is not submitted.

Question 17

What does SDLT apply to in a lease transaction?

Answer 17

Both the premium and the present value of the lease, calculated separately.

Question 18

What is the enforcement period for building without planning permission?

Answer 18

Four years.

Question 19

What is the enforcement period for unauthorised change of use?

Answer 19

Ten years.

Question 20

What does a full title guarantee include?

Answer 20

Guarantees that:

• The seller is entitled to sell.
• They will do all in their power to transfer title to the buyer.
• The property is free from all charges or encumbrances except those disclosed.

Question 21

What form is used for commercial property enquiries?

Answer 21

The Commercial Property Standard Enquiries form.

Question 22

What form is used for residential property enquiries?

Answer 22

The Property Information Form (not suitable for commercial property).

Question 23

What is a licence to assign?

Answer 23

A document in which the landlord gives formal consent to an outgoing tenant to assign the lease.