Transfer of freehold estate

Question 1

In what ways can a transfer of a freehold estate be achieved?

Answer 1

Sale

Will

Gift

Operation of law eg bankrupcy

Question 2

What are the formalities for transfer of freehold via a sale?

Answer 2

Exchange of contracts

Completion of the deed

Registration

Question 3

What happens at exchange of contract?

Answer 3

The buyer and purchaser commit to the sale in a minding contract based on the price and other conditions or terms

Parties become legally committed

Buyer will pay a deposit

Question 4

What are the formalities for a valid land contract?

Answer 4

Contract must be in writing

It must contain expressly agreed terms

It must be signed by both parties

Question 5

What happens at completion of the deed?

Answer 5

completion occurs by a way of a deed

if unregistered - the deed is a conveyance

if registered land - the deed is a transfer

Question 6

What are the formalities for a valid deed?

Answer 6

The deed must be clear on the face of the document that it is intended to be a deed - satisfied by labelling the document as deed

The deed must be validly executed

The deed must be delivered

Question 7

What form is usually used to transfer the deed?

Answer 7

TR1

Question 8

What does it mean to validly execute the deed?

Answer 8

Where grantor is an individual the deed must be signed by the seller in the presence of the witness

The witness does not need to sign - they just attest

There is no requirement for buyer to sign the deed but in practice most buyers do

Question 9

What does it mean for the deed to be delivered?

Answer 9

Delivery requires an acknowledgement that a person entering into a deed intends to be formally bound by it

Delivery takes place by dating the document - the solicitors do this

Question 10

What is involved in the final stage of registration?

Answer 10

Tell the Land Registry that the buyer is the new owner of the land

Buyer does this by sending the completion deed to the LR

Question 11

In registered land when does the legal title transfer?

Answer 11

Once registration has taken place

Buyer is not recognised as the legal owner until then

Question 12

In unregistered land when is the legal title transferred?

Answer 12

Upon the completion of the deed

The new owner must then register the land on the land register for the first time within two months of completion otherwise the legal title will revert to the seller