Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. An Introduction to Leasehold Conveyancing

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Frederick Randall
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1 Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: An Introduction to Leasehold Conveyancing 1.1 Introduction 1.2 The nature and characteristics of a lease Nature of a lease Characteristics of a lease Exclusive possession Certainty of duration Term less than the landlord Rent 1.3 Terminology used to define different dealings with leasehold property Grant Assignment 1.4 The legal formalities for the creation of a lease and the registration requirements for such a lease Formalities Registration of a legal lease 1.5 How a lease can be determined 1.6 The implications of the parties failing to comply with their leasehold promises A tenant in breach of a lease obligation A landlord in breach of a lease obligation 1.7 Types of leasehold transactions carried out in a conveyancing office 1.8 The advantages and disadvantages of leasing property Landlord Tenant Commonhold Future changes affecting leasehold and commonhold property 1.9 Summary Chapter 2: Professional Conduct 2.1 Introduction 2.2 Main features of the National Conveyancing Protocol 2.3 Acting for more than one party in a single transaction 2.4 Acting for lender and borrower 2.5 Client care obligations 2.6 Anti-money laundering 2.7 UK Finance Mortgage Lenders Handbook 2.8 Summary i

2 Chapter 3: Sale and Purchase of a New Residential Lease Taking Instructions 3.1 Introduction 3.2 Acting for the seller Taking initial instructions Preliminary work for the seller 3.3 Acting for the buyer Taking initial instructions Funding issues Advising joint buyers Surveys Preliminary work for the buyer 3.4 Case study 3.5 Summary Chapter 4: Sale and Purchase of a New Residential Lease Steps Leading to Exchange of Contracts 4.1 Introduction 4.2 Obtaining the title documents 4.3 Checking the seller s title Case study 4.4 Form and content of the contract of sale Contents of the contract to grant a new lease The Standard Conditions of Sale Special conditions Title guarantee The deposit 4.5 The key clauses in the draft lease 4.6 The pre-contract package 4.7 Evaluating the pre-contract package Issues to check Lender s requirements The pre-contract searches and enquiries 4.8 Mortgage arrangements 4.9 Case study 4.10 Summary Chapter 5: The Key Clauses in a Residential Lease 5.1 Introduction 5.2 Land Registry prescribed clauses leases 5.3 The content and structure of the lease Commencement Payment of premium Operative words Title guarantee Term Description of the property to be let Easements granted Easements reserved Rent Alterations and improvements ii

3 Insurance Permitted use Assignment and sub-letting Repair Forfeiture clause Mutual enforcement of covenants 5.4 Case study 5.5 Summary Chapter 6: Sale and Purchase of a New Residential Lease Exchange of Contracts and Subsequent Steps 6.1 Introduction 6.2 Matters to be checked before exchange Matters to be checked by the buyer s solicitor Matters to be checked by the seller s solicitor 6.3 How contracts can be exchanged Methods of exchange Chain or linked transactions Issues to address as a consequence of exchange Case study 6.4 Pre-completion steps Request for completion information Engrossment and execution of the lease Remaining steps for the buyer s solicitor before completion Remaining steps for the seller s solicitor before completion 6.5 Completion of the lease Introduction Final document check Methods of completion Dating of documents Methods of transferring funds on completion Informing the clients of completion Post-completion introduction 6.6 Stamp duty land tax (SDLT) SDLT in relation to a new residential lease Future changes in relation to SDLT and property in Wales Land Transaction Tax (LTT) 6.7 Land Registry requirements 6.8 Case study 6.9 Summary Chapter 7: Sale and Purchase of an Existing Residential Lease Taking Instructions 7.1 Introduction 7.2 Taking instructions: seller s solicitor 7.3 Taking instructions: buyer s solicitor 7.4 Case study 7.5 Summary iii

4 Chapter 8: Sale and Purchase of an Existing Residential Lease Steps Leading to Exchange of Contracts 8.1 Introduction 8.2 Obtaining the title documents 8.3 Checking the seller s title 8.4 The pre-contract package 8.5 Other steps before exchange 8.6 Case study 8.7 Summary Chapter 9: Sale and Purchase of an Existing Residential Lease Exchange of Contracts and Subsequent Steps 9.1 Introduction 9.2 Matters to check before exchange 9.3 Pre-completion steps 9.4 Final pre-completion checks for buyer and seller Buyer Seller 9.5 Completion 9.6 Post-completion 9.7 Case study 9.8 Summary Chapter 10: Key Features of a Commercial Leasehold Conveyancing Transaction 10.1 Introduction 10.2 Lease contents 10.3 The main differences between commercial and residential leasehold transactions 10.4 Case study 10.5 Summary Chapter 11: Key Clauses in a Commercial Lease 11.1 Introduction 11.2 Rent review Types of rent review clause 11.3 Use 11.4 Restrictions on dealings Assignment Authorised guarantee agreement Sub-letting Other dealings Charging or mortgaging Sharing occupation Parting with possession Alterations 11.5 Repair 11.6 Case study 11.7 Summary iv

5 Answers to Self-assessment Questions Appendix Index v

6 2018 Copyright CILEx Law School Limited All materials included in this CLS publication are copyright protected. All rights reserved. Any unauthorised reproduction or transmission of any part of this publication, whether electronically or otherwise, will constitute an infringement of copyright. No part of this publication may be lent, resold or hired out for any purpose without the prior written permission of CILEx Law School Ltd. WARNING: Any person carrying out an unauthorised act in relation to this copyright work may be liable to both criminal prosecution and a civil claim for damages. This publication is intended only for the purpose of private study. Its contents were believed to be correct at the time of publication or any date stated in any preface, whichever is the earlier. This publication does not constitute any form of legal advice to any person or organisation. CILEx Law School Ltd will not be liable for any loss or damage of any description caused by the reliance of any person on any part of the contents of this publication. Published in 2018 by: CILEx Law School Ltd College House Manor Drive Kempston Bedford United Kingdom MK42 7AB British Library Cataloguing in Publication Data A catalogue record for this manual is available from the British Library. ISBN

2.1 Introduction 2.2 Title documentation 2.3 The register 2.4 Applications to the Land Registry 2.5 Rights of third parties 2.

2.1 Introduction 2.2 Title documentation 2.3 The register 2.4 Applications to the Land Registry 2.5 Rights of third parties 2. Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: An Introduction to Conveyancing 1.1 Introduction 1.2 Types of conveyancing transaction 1.3 Ownership of land 1.3.1 Land