Podcast
Questions and Answers
What must a solicitor provide when representing both a buyer and an institutional lender in a property transaction?
What must a solicitor provide when representing both a buyer and an institutional lender in a property transaction?
Why can't a solicitor represent both the buyer and seller in a property transaction?
Why can't a solicitor represent both the buyer and seller in a property transaction?
When can a solicitor represent multiple buyers or sellers in a transaction?
When can a solicitor represent multiple buyers or sellers in a transaction?
What should a solicitor advise buyers who wish to hold an equitable interest as Tenants in Common?
What should a solicitor advise buyers who wish to hold an equitable interest as Tenants in Common?
Signup and view all the answers
What does the Law Society Conveyancing Protocol represent?
What does the Law Society Conveyancing Protocol represent?
Signup and view all the answers
What must a seller provide to the buyer when selling a property?
What must a seller provide to the buyer when selling a property?
Signup and view all the answers
For how long is an Energy Performance Certificate valid?
For how long is an Energy Performance Certificate valid?
Signup and view all the answers
Which type of property typically does not require an Energy Performance Certificate?
Which type of property typically does not require an Energy Performance Certificate?
Signup and view all the answers
Which of the following is true about representing both a buyer and a lender?
Which of the following is true about representing both a buyer and a lender?
Signup and view all the answers
What is a key requirement for solicitors when representing two or more buyers?
What is a key requirement for solicitors when representing two or more buyers?
Signup and view all the answers
What is typically detailed in the 'heads of terms' document for new commercial leases?
What is typically detailed in the 'heads of terms' document for new commercial leases?
Signup and view all the answers
What is a common requirement when an existing tenant wishes to assign their lease?
What is a common requirement when an existing tenant wishes to assign their lease?
Signup and view all the answers
In the case of registered title, which document does the solicitor download from HMRC?
In the case of registered title, which document does the solicitor download from HMRC?
Signup and view all the answers
What should a seller's solicitor do if they discover title defects?
What should a seller's solicitor do if they discover title defects?
Signup and view all the answers
Which of the following is NOT a focus of the Code for Leasing Business Premises?
Which of the following is NOT a focus of the Code for Leasing Business Premises?
Signup and view all the answers
What does the license to assign drafted by the landlord's solicitor typically define?
What does the license to assign drafted by the landlord's solicitor typically define?
Signup and view all the answers
What is the primary purpose of the title map sent by the seller's solicitor?
What is the primary purpose of the title map sent by the seller's solicitor?
Signup and view all the answers
When a tenant assigns their lease, what factor often determines the landlord's consent?
When a tenant assigns their lease, what factor often determines the landlord's consent?
Signup and view all the answers
What action does a solicitor take if the title is unregistered?
What action does a solicitor take if the title is unregistered?
Signup and view all the answers
Which aspect is usually included in the best practices outlined by the Code for Leasing Business Premises?
Which aspect is usually included in the best practices outlined by the Code for Leasing Business Premises?
Signup and view all the answers
What does the seller's solicitor do with the indicative redemption figure?
What does the seller's solicitor do with the indicative redemption figure?
Signup and view all the answers
Which of the following documents is NOT included in the contract package sent by the seller's solicitor?
Which of the following documents is NOT included in the contract package sent by the seller's solicitor?
Signup and view all the answers
What type of information is included in the Property Information Form (PIF)?
What type of information is included in the Property Information Form (PIF)?
Signup and view all the answers
What is the purpose of the Fittings and Contents Form?
What is the purpose of the Fittings and Contents Form?
Signup and view all the answers
What must happen if there are non-owning occupiers of the property?
What must happen if there are non-owning occupiers of the property?
Signup and view all the answers
What is included in the seller's title documentation?
What is included in the seller's title documentation?
Signup and view all the answers
Why does the seller's solicitor check the title of the seller?
Why does the seller's solicitor check the title of the seller?
Signup and view all the answers
Which statement about utilities connected to the property is correct?
Which statement about utilities connected to the property is correct?
Signup and view all the answers
What is the seller's responsibility regarding disputes disclosed in the PIF?
What is the seller's responsibility regarding disputes disclosed in the PIF?
Signup and view all the answers
How does a solicitor determine if the sale proceeds can cover a mortgage payoff?
How does a solicitor determine if the sale proceeds can cover a mortgage payoff?
Signup and view all the answers
Study Notes
Property Practice
- A solicitor representing both a buyer and a lender in a property transaction is unusual.
- The lender is a business entity (not the borrower's friend or relative).
- Standard practice is for a solicitor to maintain confidentiality between the buyer and seller.
- A solicitor may represent both parties if they agree and there's no conflict of interest.
- If a solicitor acts for more than one party, the solicitor should give co-ownership advice.
- If buyers want to hold the equitable beneficial estate as tenants in common, the solicitor should advise them.
- Solicitors often follow the Law Society Conveyancing Protocol, a statement of best practice in conveyancing.
Starting a Conveyancing Transaction
- A seller of property must provide a valid Energy Performance Certificate.
- The certificate includes information about the property's energy use.
- A certificate is valid for 10 years (so, a seller can use a certificate they obtained when they purchased the property, so long as the certificate is less than 10 years old).
- Energy Performance Certificates are generally not required for listed buildings.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers essential concepts in property practice and conveyancing transactions. It includes topics such as solicitor representation, confidentiality, and energy performance certificates. Test your understanding of the principles and best practices involved in property dealings.
