Freehold Transactions + Tax

We will be teaching the following parts of the SQE1 Assessment Specification:

Core knowledge areas of freehold real estate law and practice

Investigation of a registered and unregistered freehold title:

• key elements and structure of freehold property transactions
• process of analysing Land Registry official copy entries
• process of analysing an epitome of title and deducing ownership
• issues that could arise from an investigation of title and further action required
• purpose and process of reporting to the client.

Pre-contract searches and enquiries:

• range and purpose of making searches and raising enquiries (including who would make these)
• issues that could arise from the results of searches and enquiries.

Law Society Conveyancing Protocol

Finance:

• sources of finance for a property transaction
• types of mortgage.

Acting for a lender:

• lender’s requirements
• purpose of a certificate of title.

Preparation for and exchange of contracts:

• Drafting the sale contract, including:
  • key conditions contained in the:
    • Standard Conditions of Sale
    • Standard Commercial Property Conditions.
  • purpose of, and matters covered by, special conditions
• methods of holding a deposit:
  • stakeholder
  • agent
• insurance and risk
• basics of VAT in a contract
• timing for issuing certificate of title to a lender
• the practice, method and authority to exchange (the Law Society’s formulae for exchange)
• consequences of exchange.

Pre-completion:

• form of transfer deed and formalities for execution
• pre-completion searches
• pre-completion steps (including financial considerations and apportionments).

Completion and post-completion:

• methods and effect of completion
• post-completion steps.

Remedies for delayed completion:

• common law damages
• contractual compensation
• notice to complete
• rescission.

We will finish by practising MCQs on what we have covered.

The Session will be recorded.