Property Practice Flashcards
Stages of Transaction (5)
- Pre-Market
- Pre-Contract
- Exchange of Contracts
- Pre-Completion
- Post-Completion
Pre-Contract
Stage takes client from agreeing sale to exchanging contract
Exchange of Contract
Transaction becomes legally binding, parties cannot withdraw without penalty
Pre-Completion
Solicitor makes preparation to complete
Post-Completion
Solicitor pays off seller’s mortgage, pay any stamp duty land tax within 14 days, must submit application within priority period
Two Important Aspects for Capital Gains Tax (2)
- Residential property return must be submitted
- Pay tax within 60 days of completion
Principal Private Residence Relief Exemption from CGT (3)
- Seller’s only or main residence
- Not greater than 0.5 hectare
- No part of their home has been used exclusively for business purposes
Law Society Conveyancing Protocol (3)
- Standardised forms and best practice
- Only applies to residential protocols
- Not new builds or commercial property
EPC Requirement
Valid for 10 years
Number of Contracts Issue
2 contracts to buyer’s solicitor
First Registration
Within 2 months if unregistered
Land Charges Search
Priority Period of 15 days
Pre-Completion Search
30 Working Days to Register
Pre-Contract Searches Done in Every Case (3)
- Local Search
- Local Water Company
- Environmental search
Transaction Specific Searches (3)
- Search Index Map - Unregistered Title
- Obtaining Mortgage - Bankruptcy Search
- Coal Mining Search
Local Authorities looking to disapply permitted development (1)
- Issue Article 4 Direction
Formal Application for Planning (3)
- Outline - Work must start within 2 years from approval
- Reserved - Full application within 2 years from approval
- Detailed - 3 Years or Planning Permission Lapses
Enforcement Time limit for Unpermitted Development
4 years
Enforcement Time Limit for Material Change in Use
10 years from first breach
Enforcement Time Limit for Health and Safety Non-Compliance
1 year
Issue a certificate of title to lender
- Notice to receive COT is 5-7 working days
Registering Mortgage Time Periods (3)
- Registered - Within 30 day priority period
- Unregistered - Within 2 months of completion
- Company - Companies House within 21 days of completion
Formulae for Exchange of Contracts (3)
- FA - One solicitor holds both signed parts of contract
- FB - Each solicitor holds own client’s signed part of the contract
- FC - Used if chain of transactions
Protection when considerable time between exchange and completion (2)
- Registering an estate contract on charges register
- Unregistered: c(iv) land charge