Property Practice and Conveyancing Basics

A document outlining the agreement between a landlord and tenant for a new commercial lease.

A document outlining best practices for commercial leases, published by the Royal Institution of Chartered Surveyors.

When an existing tenant transfers their lease to a new tenant, requiring landlord's approval.

Formal permission from the landlord for an existing tenant to transfer their lease to a new tenant.

The process of legally transferring ownership of a property from one person to another.

A record of the ownership of a property, showing any mortgages or charges.

A type of property ownership where records are held by the Land Registry.

A type of property ownership where the deeds are not recorded centrally.

Any flaws or missing information related to the ownership of a property.

A map showing the exact boundaries of a property.

A document provided by the seller's solicitor that details information about the property, such as disputes, building work, notices, flooding, services, utilities, and occupiers.

A document included in the contract package that specifies which personal property is included or excluded in the sale and their corresponding prices.

The process of demonstrating legal ownership of a property by providing a chain of documents showing how title has passed from one owner to the next.

A summary of the documents proving title to unregistered land, presented in a chronological order.

The amount a seller needs to pay to clear their existing mortgage on a property.

The solicitor representing the seller ensures that the sale proceeds are enough to cover the existing mortgage on the property.

The process of drafting and exchanging a legal document that outlines the terms of a property sale.

A party living in a property who does not own it. They need to sign the contract if they are not the owner.

The solicitor representing the seller must ensure the seller has legal ownership of the property before proceeding with the sale.

A document that lists the terms and conditions of a sale, including price, date of completion, and any additional requirements.

A solicitor can represent both the buyer and the lender in a property transaction, as long as the lender is a financial institution (not a personal connection of the borrower).

A solicitor cannot represent both the buyer and the seller in a property transaction, even if both parties agree, due to potential conflicts of interest.

A solicitor can represent multiple buyers or sellers in the same transaction, as long as all parties agree to the terms and there are no conflicts between them.

When representing multiple buyers, a solicitor must provide advice about their shared ownership. This includes recommending a declaration of trust to outline each person's ownership share if they choose a tenancy in common.

The Law Society Conveyancing Protocol is a set of best practices for residential property transactions. It's important for solicitors to follow these guidelines, as they're often tested in the Solicitors Qualifying Exam (SQE).

A seller is required to provide a valid Energy Performance Certificate (EPC) to the buyer for the property.

Energy Performance Certificates (EPCs) are valid for 10 years. This means that a seller can use an existing EPC from when they purchased the property, as long as it's less than 10 years old.

Energy Performance Certificates (EPCs) are typically not required for listed buildings, which are often historical structures.

The Energy Performance Certificate (EPC) provides information about a property's energy usage, helping buyers understand the property's efficiency.

The Law Society Conveyancing Protocol is designed to simplify and standardize residential conveyancing transactions, ensuring transparency and fair practice for all parties involved.