Contents. Table of Statutes. Table of Secondary Legislation. Table of Cases. Conveyancing Procedures in Outline

Transcription

1 Contents Table of Statutes Table of Secondary Legislation Table of Cases Chapter 1: Conveyancing Procedures in Outline 1.1 Introduction 1.2 The nature of rights in land 1.3 The conveyancing transaction 1.4 The stages of a conveyancing transaction 1.5 The Law Society Conveyancing Protocol 1.6 The Conveyancing Quality Scheme (CQS) 1.7 The Law Society Conveyancing Portal (Veyo) and case management systems 1.8 Summary Chapter 2: The System of Land Registration and Third Party Rights 2.1 Introduction 2.2 Registration under the Land Registration Acts Compulsory registration under the Land Registration Acts Classes of title under the Land Registration Acts Form of the register 2.3 Registration under the Land Registration Act Compulsory registration under the Land Registration Act Classes of title under the Land Registration Act 2002 and the effects of registration Upgrading of titles under the Land Registration Act Form of the register under the Land Registration Act Title documentation under the Land Registration Act Rectification and indemnity under the Land Registration Act The Public Register under the Land Registration Act Other features of the Land Registration Act Future changes to the Land Registration Act 2002 and the Land Registration Rules Third party rights Examples of third party rights Registration of third party rights 2.5 Third party rights in unregistered title 2.6 Third party rights in registered title Registered charges Interests which are overriding ( overriding interests ) Easements and profits Rights of persons in occupation Leases Additional points about overriding interests Interests which must be protected by an entry on the register Notice Caution Inhibition i

2 Restriction The effect of failing to protect an interest 2.7 Occupiers with an interest arising under a trust of land The practical implications for conveyancing transactions The problem unregistered land The problem registered land Conveyancing practice 2.8 Conveyancing implications Acting for buyers and/or mortgagees Acting for sellers Specific problems arising from a non-owning spouse or civil partner in occupation 2.9 Summary Chapter 3: Preliminary Considerations 3.1 Introduction 3.2 The initial interview case study 3.3 Types of finance 3.4 Financial matters 3.5 Professional conduct For whom may you act? Conflicts of interest Acting for both seller and buyer Acting for both lender and borrower Sending out more than one contract (contract race) Undertakings Professional negligence Cases involving the possibility of undue influence Cost estimates and client care letter Financial services Mortgage fraud Money laundering 3.6 Taxation 3.7 Energy Performance Certificates (EPCs) and the Green Deal scheme EPCs The Green Deal 3.8 Acting for a seller Draft contract package Property Information Form (PIF) Evidence of title Energy Performance Certificate (EPC) Other issues 3.9 Co-ownership Joint tenancies Tenants in common Form JO Other co-ownership issues 3.10 Summary ii

3 Chapter 4: The Draft Contract 4.1 Introduction 4.2 Formation of the contract of sale 4.3 s2 Law of Property (Miscellaneous Provisions) Act Conditional contracts 4.5 Drafting the contract 4.6 Devolution of title of joint tenants and tenants in common 4.7 Open contracts and standard conditions 4.8 The parts of a formal contract Particulars of sale Errors in the contract particulars The seller s duty of disclosure Other contract provisions Title guarantee Completion date Contract rate of interest Root of title/title number Deposit Chattels Vacant possession Insurance Existing covenants Latest time for completion 4.9 Contracts (Rights of Third Parties) Act Void conditions 4.11 Options to purchase 4.12 A general approach to drafting and approving the contract 4.13 Summary Chapter 5: Deducing and Investigating Title in Unregistered and Registered Land 5.1 Introduction 5.2 Obligation on the seller to show good title 5.3 Deducing and investigating title in registered land 5.4 Deducing and investigating title in unregistered land 5.5 Particular issues in deducing/investigating title Strict settlements Trusts of land Sale by a surviving co-owner Sale by a fiduciary owner Sale by personal representatives Sale by mortgagees Receipted mortgages Voluntary dispositions Disposition by an attorney Types of power of attorney Powers of attorney made by trustees Revocation Charities Mental illness Capacity iii

4 Execution by non-individuals 5.6 Time limits for raising requisitions 5.7 The technique in raising requisitions 5.8 The stages of investigation of title 5.9 Summary of investigation of title Unregistered land Registered land 5.10 Example of deducing an unregistered title using an epitome of title 5.11 Example of investigating unregistered title using an abstract of title 5.12 Transfer of title in particular circumstances 5.13 Summary Chapter 6: Pre-contract Searches and Enquiries 6.1 Introduction 6.2 Local searches Local land charges search (LLC1 form) Enquiries of the local authority (CON 29 form) 6.3 Water and drainage search (CON 29DW) 6.4 Enquiries of the seller 6.5 Inspection of the property 6.6 Central land charges search unregistered land only 6.7 Search of the Index Map (SIM) unregistered land only 6.8 Other searches 6.9 Summary Chapter 7: Mortgage Lenders 7.1 Introduction 7.2 Form of mortgages 7.3 The mortgage offer and deed 7.4 Procedure in a purchase transaction 7.5 The Lenders Handbook The Lenders Handbook: solicitors duties The Lenders Handbook: fraud prevention and other problems The Lenders Handbook: checking title The Lenders Handbook: third parties The Lenders Handbook: advising the borrower The Lenders Handbook: notifying the lender The Lenders Handbook: filing The Lenders Handbook: other transactions Building Societies Association Other transactions involving mortgages 7.6 Summary iv

5 Chapter 8: Planning Considerations 8.1 Introduction 8.2 Meaning of development 8.3 Obtaining planning permission 8.4 Enforcement action 8.5 Building Regulations 8.6 Other restrictions affecting development 8.7 Restrictive covenants 8.8 Contaminated land 8.9 Party Wall etc. Act Summary Chapter 9: Exchange of Contracts 9.1 Introduction 9.2 Synchronising sale and purchase 9.3 Methods of exchanging contracts 9.4 Effect of a binding contract 9.5 Effect of death before completion 9.6 Effect of bankruptcy before completion 9.7 Summary Chapter 10: Pre-completion Steps Chapter 11: Completion 10.1 Introduction 10.2 Central land charges searches unregistered land 10.3 Land Registry searches registered land 10.4 Searches in the Companies Register Companies House Direct 10.5 Inspection of the property 10.6 Bankruptcy K16 search 10.7 Drafting the transfer 10.8 A transfer TR1 form 10.9 Procedure Mortgage finance Summary 11.1 Introduction 11.2 Preparing for completion When acting for the buyer When acting for the seller 11.3 Venue 11.4 Methods of completion 11.5 Procedure upon completion 11.6 The effect of completion 11.7 Summary v

6 Chapter 12: Post-completion 12.1 Introduction 12.2 Acting for the seller 12.3 Acting for the buyer Stamp Duty Land Tax Registration Registering the transfer of a registered title Application for first registration of unregistered land Title information document Other steps 12.4 Summary Chapter 13: Delayed Completion and Remedies 13.1 Delayed completion 13.2 Specific performance 13.3 Forfeiture of deposit 13.4 Damages 13.5 Misrepresentation 13.6 Rescission 13.7 Standard Condition Remedies after completion 13.9 Availability of remedies Practical advice Summary Chapter 14: Sale of Part and New Build Properties 14.1 Introduction 14.2 Initial considerations 14.3 Easements and covenants on a sale of part 14.4 Drafting new easements and covenants 14.5 Buying new houses a case study 14.6 Summary Chapter 15: Leasehold Properties 15.1 Introduction 15.2 Grant of a lease 15.3 Considerations in drafting the lease 15.4 Drafting a contract to grant a lease 15.5 Approving the draft lease and the contract to grant the lease 15.6 Deducing and investigating title 15.7 Exchange and preparation for completion 15.8 Completion 15.9 Post-completion steps Additional matters relating to leases of premises which form part of a building Grant of a new lease: a case study Claire is buying a new flat vi

7 The procedure Assignment of a lease Grant and assignment of an underlease Security of tenure Introduction Contractual rules governing the termination of a tenancy Residential tenancies Long-term residential lettings of houses the Leasehold Reform Act Long-term residential lettings of flats Summary Chapter 16: Commonhold 16.1 Introduction 16.2 Main elements of the legislation Nature of commonhold Restrictions on commonhold Creation of commonhold and consents Commonhold units and unitholders Effect of a transfer of a unit 16.3 Restrictions on leasing Residential commonholds Commercial commonholds 16.4 Disposals of part 16.5 Common parts 16.6 Commonhold community statement 16.7 Commonhold association 16.8 Enforcement against unitholders and disputes 16.9 Termination of commonhold Voluntary winding-up Termination on insolvency Future for commonhold Summary Answers to Self-assessment Questions Appendix Index vii

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