Property Practice Flashcards

1
Q

Stages of Transaction (5)

A
  1. Pre-Market
  2. Pre-Contract
  3. Exchange of Contracts
  4. Pre-Completion
  5. Post-Completion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Pre-Contract

A

Stage takes client from agreeing sale to exchanging contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Exchange of Contract

A

Transaction becomes legally binding, parties cannot withdraw without penalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Pre-Completion

A

Solicitor makes preparation to complete

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Two Important Aspects for Capital Gains Tax (2)

A
  1. Residential property return must be submitted
  2. Pay tax within 60 days of completion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Principal Private Residence Relief Exemption from CGT (3)

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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Law Society Conveyancing Protocol (3)

A
  1. Standardised forms and best practice
  2. Only applies to residential protocols
  3. Not new builds or commercial property
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

EPC Requirement

A

Valid for 10 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Number of Contracts Issue

A

2 contracts to buyer’s solicitor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

First Registration

A

Within 2 months if unregistered

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Land Charges Search

A

Priority Period of 15 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Pre-Completion Search

A

30 Working Days to Register

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Pre-Contract Searches Done in Every Case (3)

A
  1. Local Search
  2. Local Water Company
  3. Environmental search
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Transaction Specific Searches (3)

A
  1. Search Index Map - Unregistered Title
  2. Obtaining Mortgage - Bankruptcy Search
  3. Coal Mining Search
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Local Authorities looking to disapply permitted development (1)

A
  1. Issue Article 4 Direction
17
Q

Formal Application for Planning (3)

A
  1. Outline - Work must start within 2 years from approval
  2. Reserved - Full application within 2 years from approval
  3. Detailed - 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

Issue a certificate of title to lender

A
  1. Notice to receive COT is 5-7 working days
22
Q

Registering Mortgage Time Periods (3)

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

Formulae for Exchange of Contracts (3)

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
24
Q

Protection when considerable time between exchange and completion (2)

A
  1. Registering an estate contract on charges register
  2. Unregistered: c(iv) land charge
25
Pre-Completion Searches (4)
1. Registered Title (OS1 Form) (OS2 - Part Registered Title) 2. Unregistered Title - Land Charges 3. Priority Periods (RT-30, UT-15 and 2 months to register) 4. Repeat Bankruptcy, Company Searches
26
Post-Completion: Company Charge
Within 21 days of completion
27
Post-Completion: Stamp Duty Land Tax
Submitted within 14 days of completion
28
Stamp Duty Thresholds (3)
1. Residential: 250000 2. Commercial: 150000 3. If person owns a residential property and purchases additional property (3% in each band unless under 40k)
29
First Time Buyer Relief (4)
1. Main Residence 2. 0% on 425K 3. 5% up to 625K 4. No relief applies to over 625k
30
Multiple Dwellings Relief
SDLT calculated on average price paid and the multiplied by number of properties
31
When 6 or more properties purchased
1. Can choose to apply non-residential property rates instead 2. Can't apply MDR if this used
32
Order to complete (3)
1. Served on defaulting party 2. Completion in 10 working days 3. Reduced deposit becomes full deport
33
Innocent Misrepresentation (2)
1. Rescission 2. Sue for Damages in lieu of rescission
34
Section 25 (2)
1. End tenancy or enter into new lease 2. Served within 6-12 months before end of lease
35
Section 26 (3)
1. Request new lease 2. Served with 6-12 months 3. Landlord has 2 months to notify whether they will oppose
36
Compensation for no fault grounds (2)
1. Occupied premises for atleast 14 years, twice the ratable value of the holding 2. If less than 14 years, the ratable value of the holding
37
Contracting Out of 1954 Act (3)
1. Written Statutory Notice 2. Served 14 days before the tenant completes the lease 3. Can waive 14 days if formal statutory declaration is signed