Real Estate Flashcards
What does search CON29 reveal?
1- planning and building decisions
2- Roads and rights of way (maintainable? subject to adoption?)
3- Whether near a planned road/rail/ traffic schemes (within 200m of)
4- planning notices/ orders served on the land
5- any Community Infrastructure Levys?
where are restrictions found on an Official Copy?
Proprietorship register
What is the position on compensation for late completion under the SCPC?
- Only the buyer can be liable to pay compensation (10.3.1)
- compensation is calculated by applying the contract rate to the purchase price less the deposit (10.3.2)
- any damages are reduced by the amount of compensation paid (10.3.3)
When can a seller serve a completion notice on a buyer under SCPC?
On the completion date at the completion time (2pm if unamended)
how soon after completion must SDLT be paid?
14 days
how soon after completion should the buyer register its proprietorship with LR?
28 working days after OS1 pre-completion searches
who executes the counterpart?
the tenant
who executes the lease?
Landlord
Who keeps the lease?
Tenant
who keeps the counterpart?
Landlord
if a ‘development’ was carried out without planning permission, under what circumstances will a purchaser not potentially become liable for planning breaches as new owner?
if four years have passed since the development was completed it will be deemed to be a lawful development
if a contract is entered into that incorporates the SCPCs, will VAT be charged on top of the purchase price?
yes- SCPC 2.4
Who holds the parts of the contract if Formula A is being used?
the seller’s solicitor is holding both parts
if you granted three consecutive 6 month leases would there be security of tenure?
yes- would kick in at start of 3rd term (as tenant in occupation longer than 12 months)
can a landlord put in a break clause at 12 months to avoid security of tenure?
no- s30 grounds still need to be relied upon when exercising a break
