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SQE1 (FLK2) > Property Practice > Flashcards

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
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2
Q

Pre-Contract

A

Stage takes client from agreeing sale to exchanging contract

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3
Q

Exchange of Contract

A

Transaction becomes legally binding, parties cannot withdraw without penalty

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4
Q

Pre-Completion

A

Solicitor makes preparation to complete

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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

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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
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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
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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
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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 (3)

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

Transaction Specific Searches (3)

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 (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
Q

Pre-Completion Searches (4)

A
  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
Q

Post-Completion: Company Charge

A

Within 21 days of completion

27
Q

Post-Completion: Stamp Duty Land Tax

A

Submitted within 14 days of completion

28
Q

Stamp Duty Thresholds (3)

A
  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
Q

First Time Buyer Relief (4)

A
  1. Main Residence
  2. 0% on 425K
  3. 5% up to 625K
  4. No relief applies to over 625k
30
Q

Multiple Dwellings Relief

A

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

31
Q

When 6 or more properties purchased

A
  1. Can choose to apply non-residential property rates instead
  2. Can’t apply MDR if this used
32
Q

Order to complete (3)

A
  1. Served on defaulting party
  2. Completion in 10 working days
  3. Reduced deposit becomes full deport
33
Q

Innocent Misrepresentation (2)

A
  1. Rescission
  2. Sue for Damages in lieu of rescission
34
Q

Section 25 (2)

A
  1. End tenancy or enter into new lease
  2. Served within 6-12 months before end of lease
35
Q

Section 26 (3)

A
  1. Request new lease
  2. Served with 6-12 months
  3. Landlord has 2 months to notify whether they will oppose
36
Q

Compensation for no fault grounds (2)

A
  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
Q

Contracting Out of 1954 Act (3)

A
  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

SQE1 (FLK2) (7 decks)

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