seminar 2 - purchase and sale

Question 1

act that prevents spouses from selling property

Answer 1

the matrimonial homes act 1981

Question 2

matrimonial homes applies?

Answer 2

when the prop is residential
there is a married couple involved
the home is for the use of the couple as a couple
the prop is owned by one spouse but not the other

Question 3

how do matrimonial home rights end

Answer 3

the don’t come under common law real rights, the only benefit is to the non-entitled spouse and the children
end if not cohabiting for 2 years or not lived in the house for 2 years

Question 4

what does the home report include

Answer 4

A single survey report
An energy report - this also has an energy performance certficate
A property questionnaire - discloses infor about the prop in very general terms

Question 5

when is a home report required

Answer 5

all but

• private deal off market
• new build houses or newly converted homes
• mixed sales
• purchases under the right to buy

Question 6

the requirements of a home report

Answer 6

can’t be put on the market with a report more than 12 weeks old.
once recieve a reques must give the purchaser the report within 9 days

Question 7

the steps for making a sale

Answer 7

• visit the house in question and take measurements and details
• basic rules to make the prop more attractive to buyers
• evaluation and asking price
• prepare a schedule of particulars
• for sale board, spc registration and advertising
• have main details avaliable, record enquiries and interest.

Question 8

closing dates

Answer 8

• date and time by which interested parties must submit their offer
• make it clear that once you have been instructed to accept an offer they can’t go back on it
• if there is going to be a delay it is courteous to advise all offering solicitors of this
• referential bids are danegrous, progressive bids should not be used
• not obliged to accept the highest offer
• people acting in a fiduciary duty normally have to accept the highest offer

Question 9

internet sales

Answer 9

difficult because you need an online signature, the highest offer should be accepted

Question 10

energy performance certficates

Answer 10

required whenever an exisitng building is sold.

needs to be included in any marketing materials

Question 11

triggers for an EPC

Answer 11

• when a respective buyer requests info
• request to view the building
• or makes an offer

Question 12

when needed

Answer 12

not required for builsings exepected to alst less than 2 years
standalone buildings witha square footage of elss than 50
buildings which do not use power for their controling

Question 13

green deal

Answer 13

attaches to the prop not the person
when buying need to make a written acknowledgement you are accepting to make the payments
a clause in the missives won;t suffice

Question 14

PEC

Answer 14

at the same time you should obtain plannign and building warrant histories.
any guarantess for damp proofing etc

Question 15

why do you need a plan

Answer 15

if the prop is not yet registered in the land register then an accurate taxative plan should be obtained.

Question 16

matrimonial homes/ cp documentation

Answer 16

prevents a third party from taking title to the house with the non-entitled permission.

Question 17

insolvency practitioners

Answer 17

have to give evidence of the IP’s appointment or entitlement to sell the prop