Property Practice: Exam Cheat
Freehold
Investigation of title
Registered
Property Register description of land, easements/rights, anything excluded
Proprietorship Register Current owners, class of title (possessory, deeds lost through
adverse possession, qualified where a specific defect), lease held as joint tenancy or tenants
in common.
Charges Register encumbrances
Unregistered
Good root of title (at least 15 years old) conveyance would be the best root
Epitome
Pre Contract Searches
General
Survey and personal inspection
Local Searches
o Local Land Charges Search: LLC1
o Standard Enquiries: CON29
o Optional Enquiries: CON29O
Water and drainage: CON29DW
Enquiries of the seller
Environmental searches – desktop
Flood search – free screening
Chancel repair search
Specific searches
Mining searches: CON29M
Canal and River Trust
Commons search
Railways
Highways
Company search
Bankruptcy search
Unregistered searches
Index map search (SIM)
Land Charges search K15
The Contract
SCs and SCPCs
, Contract for late completion – usually 2-4% above base rate
Deposit of 10%
Special Conditions to be included for:
Appointment of second trustee for overreaching
Restrictive covenant insurance policy
Defect in title / limited guarantee
Deposit of less than 10%
Payment of VAT
Removal of fixtures
Lender ill require a certificate of good and marketable title – in commercial transactions a City of
London Law Society report will be appropriate.
Exchange
Can be by post, in person or over the phone using one of the Law Society Formulas
A. Solicitor holds both parts of the contract
B. Solicitors exchange signed contracts, each holding their own part.
C. Used for synchronising simultaneous exchange
Exchange means that risk of damage has passed to buyer – should have taken out insurance. Seller
retains legal title and is entitled to retain possession and pay outgoings.
Pre-Completion
Execute a TR1 transfer form (s52 LPA): clearly a deed, signed both parties, in writing and delivered.
Individual: independent witness
Company: company seal, director and secretary or director and attesting witness
Searches (to ensure title not further incumbered, to gain priority and to check financial
circumstances):
Registered land
o Search of whole/part (OS1/OS2) 30 day priority period (if acting for lender, in
their name)
o Buyer’s solvency Land charges search against the buyer (where acting for lender)
o Company solvency on Companies’ House
o Bankruptcy K16
Unregistered land
o Land Charges Search K15 15 day priority period
o Land Charges search against buyer for solvency
o Company solvency on Companies’ house
o Bankruptcy K15 against seller
TA13 may be used (Completion information form) for practical arrangements
Mortgage lender will release the mortgage advance once they receive: certificate of title, solvency
search against buyer, clear OS1R, executed mortgage deed.
Completion
Freehold
Investigation of title
Registered
Property Register description of land, easements/rights, anything excluded
Proprietorship Register Current owners, class of title (possessory, deeds lost through
adverse possession, qualified where a specific defect), lease held as joint tenancy or tenants
in common.
Charges Register encumbrances
Unregistered
Good root of title (at least 15 years old) conveyance would be the best root
Epitome
Pre Contract Searches
General
Survey and personal inspection
Local Searches
o Local Land Charges Search: LLC1
o Standard Enquiries: CON29
o Optional Enquiries: CON29O
Water and drainage: CON29DW
Enquiries of the seller
Environmental searches – desktop
Flood search – free screening
Chancel repair search
Specific searches
Mining searches: CON29M
Canal and River Trust
Commons search
Railways
Highways
Company search
Bankruptcy search
Unregistered searches
Index map search (SIM)
Land Charges search K15
The Contract
SCs and SCPCs
, Contract for late completion – usually 2-4% above base rate
Deposit of 10%
Special Conditions to be included for:
Appointment of second trustee for overreaching
Restrictive covenant insurance policy
Defect in title / limited guarantee
Deposit of less than 10%
Payment of VAT
Removal of fixtures
Lender ill require a certificate of good and marketable title – in commercial transactions a City of
London Law Society report will be appropriate.
Exchange
Can be by post, in person or over the phone using one of the Law Society Formulas
A. Solicitor holds both parts of the contract
B. Solicitors exchange signed contracts, each holding their own part.
C. Used for synchronising simultaneous exchange
Exchange means that risk of damage has passed to buyer – should have taken out insurance. Seller
retains legal title and is entitled to retain possession and pay outgoings.
Pre-Completion
Execute a TR1 transfer form (s52 LPA): clearly a deed, signed both parties, in writing and delivered.
Individual: independent witness
Company: company seal, director and secretary or director and attesting witness
Searches (to ensure title not further incumbered, to gain priority and to check financial
circumstances):
Registered land
o Search of whole/part (OS1/OS2) 30 day priority period (if acting for lender, in
their name)
o Buyer’s solvency Land charges search against the buyer (where acting for lender)
o Company solvency on Companies’ House
o Bankruptcy K16
Unregistered land
o Land Charges Search K15 15 day priority period
o Land Charges search against buyer for solvency
o Company solvency on Companies’ house
o Bankruptcy K15 against seller
TA13 may be used (Completion information form) for practical arrangements
Mortgage lender will release the mortgage advance once they receive: certificate of title, solvency
search against buyer, clear OS1R, executed mortgage deed.
Completion
