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 1.2.1 Nature of a lease 1.2.2 Characteristics of a lease 1.2.2.1 Exclusive possession 1.2.2.2 Certainty of duration 1.2.2.3 Term less than the landlord 1.2.2.4 Rent 1.3 Terminology used to define different dealings with leasehold property 1.3.1 Grant 1.3.2 Assignment 1.4 The legal formalities for the creation of a lease and the registration requirements for such a lease 1.4.1 Formalities 1.4.2 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 1.6.1 A tenant in breach of a lease obligation 1.6.2 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 1.8.1 Landlord 1.8.2 Tenant 1.8.3 Commonhold 1.8.4 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
Chapter 3: Sale and Purchase of a New Residential Lease Taking Instructions 3.1 Introduction 3.2 Acting for the seller 3.2.1 Taking initial instructions 3.2.2 Preliminary work for the seller 3.3 Acting for the buyer 3.3.1 Taking initial instructions 3.3.1.1 Funding issues 3.3.1.2 Advising joint buyers 3.3.1.3 Surveys 3.3.2 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 4.3.1 Case study 4.4 Form and content of the contract of sale 4.4.1 Contents of the contract to grant a new lease 4.4.2 The Standard Conditions of Sale 4.4.3 Special conditions 4.4.4 Title guarantee 4.4.5 The deposit 4.5 The key clauses in the draft lease 4.6 The pre-contract package 4.7 Evaluating the pre-contract package 4.7.1 Issues to check 4.7.2 Lender s requirements 4.7.3 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 5.3.1 Commencement 5.3.2 Payment of premium 5.3.3 Operative words 5.3.4 Title guarantee 5.3.5 Term 5.3.6 Description of the property to be let 5.3.7 Easements granted 5.3.8 Easements reserved 5.3.9 Rent 5.3.10 Alterations and improvements ii
5.3.11 Insurance 5.3.12 Permitted use 5.3.13 Assignment and sub-letting 5.3.14 Repair 5.3.15 Forfeiture clause 5.3.16 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 6.2.1 Matters to be checked by the buyer s solicitor 6.2.2 Matters to be checked by the seller s solicitor 6.3 How contracts can be exchanged 6.3.1 Methods of exchange 6.3.2 Chain or linked transactions 6.3.3 Issues to address as a consequence of exchange 6.3.4 Case study 6.4 Pre-completion steps 6.4.1 Request for completion information 6.4.2 Engrossment and execution of the lease 6.4.3 Remaining steps for the buyer s solicitor before completion 6.4.4 Remaining steps for the seller s solicitor before completion 6.5 Completion of the lease 6.5.1 Introduction 6.5.2 Final document check 6.5.3 Methods of completion 6.5.4 Dating of documents 6.5.5 Methods of transferring funds on completion 6.5.6 Informing the clients of completion 6.5.7 Post-completion introduction 6.6 Stamp duty land tax (SDLT) 6.6.1 SDLT in relation to a new residential lease 6.6.2 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
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 9.4.1 Buyer 9.4.2 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 11.2.1 Types of rent review clause 11.3 Use 11.4 Restrictions on dealings 11.4.1 Assignment 11.4.2 Authorised guarantee agreement 11.4.3 Sub-letting 11.4.4 Other dealings 11.4.4.1 Charging or mortgaging 11.4.4.2 Sharing occupation 11.4.4.3 Parting with possession 11.4.5 Alterations 11.5 Repair 11.6 Case study 11.7 Summary iv
Answers to Self-assessment Questions Appendix Index v
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