SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
SQE FLK2 Property Practice - Freehold
Transactions for SQE2
Process of transfer of title (ownership) to property
What is conveyancing?
between seller (transferor) and buyer (transferee)
1. Pre-exchange
What are the stages in a freehold property
2. Pre-completion
transaction?
3. Post-completion
• deposit is paid (usually 10%)
• both parties become bound to complete
the transaction on the agreed completion
What is meant by exchange of contracts? date (cannot pull out without serious
financial consequences)
• buyer gains an equitable interest in the
property under a constructive trust
Pre-exchange, can parties withdraw from a
Yes - it remains ‘subject to contract’
transaction?
• balance purchase price is paid
• keys handed over
• Transfer deed (TR1) completed
What is completion in freehold transactions?
• Buyer becomes entitled to become
registered proprietor and gain legal
ownership - may need registration
When does the buyer become the legal
Once registered on HMLR
owner in registered land?
When does the buyer become the legal On completion but will be void if not registered
owner in unregistered land? within 2 months of completion
When accepting instructions to act in a 1. can you provide a competent and timely
property matter, what conduct issues do you service?
need to consider? 2. are you authorised to act on your client’s
behalf?
1 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
3. COI
4. duty of confidentiality
5. duty of disclosure
• carries out an investigation of title
• undertakes a deduction of title for B’s
solicitor
• provide draft contract and supporting
documents
• replies to pre-contract enquiries
What are the duties of the seller’s solicitor
• respond to additional pre-contract
during the pre-exchange stage?
enquiries on title
• deal with proposed amendments to draft
contract
• produce clean copies for signature
• request a redemption statement from any
mortgagee(s)
• carries out investigation of title under
caveat emptor
• check seller has right to sell
• check, approve and amend draft contract
What are the duties of the buyer’s solicitor in • review pre-contract searches and enquiries
the pre-exchange stage? of seller and TP
• raise additional enquiries on title
• reports to buyer (and mortgagee) and
arranges contract to be signed
• obtains deposit in readiness for exchange
Process whereby title to property is checked/
examined to ensure seller is entitled to sell and
What does investigation of title mean? that title is good/marketable, with all necessary
rights and with no materially adverse
incumbrances
Process whereby the seller’s solicitor provides to
the buyer’s solicitor proof/evidence of seller’s title/
What does deduction of title mean? ownership.
Consists of copy of title deeds or official copies of
registers of title
What are pre-contract searches and Enquiries are made of the seller’s solicitor to
enquiries? ascertain further information about the property
from the seller
2 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
Searches are made of third parties to ascertain
important information about the property held by
third parties
Additional enquiries of seller’s solicitor as part of
investigation of title and results of pre-contract
What are requisitions on title? searches and enquiries.
Specific questions about an issue requiring a
solution.
Can a buyer’s solicitor raise further
No
requisitions on title post-exchange?
Onus is on the buyer to investigate the title fully
and find out as much as possible about the
What does caveat emptor mean? property, so they’re aware of any problems/issues.
Seller only has a limited duty of disclosure.
Misrepresentations and latent incumbrances or
What are some exceptions to the caveat
title defects must be disclosed by the seller,
emptor principle?
overriding "buyer beware."
The seller has no obligation to disclose physical
How does the concept of "Caveat Emptor"
defects, leaving the responsibility to the buyer to
apply to physical defects in the property?
discover them through surveys or inspections.
What happens in the pre-completion stage
in a freehold transaction? Buyer’s Solicitor Seller’s solicitor
Prepares draft transfer Approves draft transfer
deed for approval by deed and requests
SS clean copy
incorporating any
Prepares mortgage
proposed
deed for execution by
amendments
B
Carries out pre- Responds to
completion searches completion
and enquiries information and
(requisitions) of seller’s undertakings form
solicitor and third from BS
parties
Submit certificate of
title/report on title to
lender and request
mortgage advance
3 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
Requests from B Request redemption
balance due to statement from seller’s
complete lender
Deals with any Arrange for clean copy
amendments to transfer deed to be
transfer deed executed by seller
requested by SS,
producing a clean
copy for execution
Buyer’s Solicitor Seller’s solicitor
Submits SDLT or LTT Discharges existing
return with payment mortgage(s) and
of relevant tax provides BS with proof
of discharge
Deals with Pays estate agent’s costs
registration at HMLR
What happens in the post-completion stage
- AP1
of a freehold transaction?
Deals with Accounts to client
registration of
charges at CH (if
applicable)
Releases keys
Complete mortgage
deed
What instructions must be taken in all 1. Full details of buyer and seller
freehold transaction cases? 2. Estate agent’s details
3. Solicitor’s details on other side
4. Property address and tenure
5. Agreed purchase price and deposit
6. Details of any fixtures to be removed/
included
7. Anticipated/proposed completion date
8. Details of any related sale/purchase, where
synchronisation is needed
9. Position regarding EPC
10. Details of who’s in occupation
11. Details of existing use and past alterations/
4 of 77
01/09/2025, 10:05
SQE FLK2 Property Practice - Freehold
Transactions for SQE2
Process of transfer of title (ownership) to property
What is conveyancing?
between seller (transferor) and buyer (transferee)
1. Pre-exchange
What are the stages in a freehold property
2. Pre-completion
transaction?
3. Post-completion
• deposit is paid (usually 10%)
• both parties become bound to complete
the transaction on the agreed completion
What is meant by exchange of contracts? date (cannot pull out without serious
financial consequences)
• buyer gains an equitable interest in the
property under a constructive trust
Pre-exchange, can parties withdraw from a
Yes - it remains ‘subject to contract’
transaction?
• balance purchase price is paid
• keys handed over
• Transfer deed (TR1) completed
What is completion in freehold transactions?
• Buyer becomes entitled to become
registered proprietor and gain legal
ownership - may need registration
When does the buyer become the legal
Once registered on HMLR
owner in registered land?
When does the buyer become the legal On completion but will be void if not registered
owner in unregistered land? within 2 months of completion
When accepting instructions to act in a 1. can you provide a competent and timely
property matter, what conduct issues do you service?
need to consider? 2. are you authorised to act on your client’s
behalf?
1 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
3. COI
4. duty of confidentiality
5. duty of disclosure
• carries out an investigation of title
• undertakes a deduction of title for B’s
solicitor
• provide draft contract and supporting
documents
• replies to pre-contract enquiries
What are the duties of the seller’s solicitor
• respond to additional pre-contract
during the pre-exchange stage?
enquiries on title
• deal with proposed amendments to draft
contract
• produce clean copies for signature
• request a redemption statement from any
mortgagee(s)
• carries out investigation of title under
caveat emptor
• check seller has right to sell
• check, approve and amend draft contract
What are the duties of the buyer’s solicitor in • review pre-contract searches and enquiries
the pre-exchange stage? of seller and TP
• raise additional enquiries on title
• reports to buyer (and mortgagee) and
arranges contract to be signed
• obtains deposit in readiness for exchange
Process whereby title to property is checked/
examined to ensure seller is entitled to sell and
What does investigation of title mean? that title is good/marketable, with all necessary
rights and with no materially adverse
incumbrances
Process whereby the seller’s solicitor provides to
the buyer’s solicitor proof/evidence of seller’s title/
What does deduction of title mean? ownership.
Consists of copy of title deeds or official copies of
registers of title
What are pre-contract searches and Enquiries are made of the seller’s solicitor to
enquiries? ascertain further information about the property
from the seller
2 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
Searches are made of third parties to ascertain
important information about the property held by
third parties
Additional enquiries of seller’s solicitor as part of
investigation of title and results of pre-contract
What are requisitions on title? searches and enquiries.
Specific questions about an issue requiring a
solution.
Can a buyer’s solicitor raise further
No
requisitions on title post-exchange?
Onus is on the buyer to investigate the title fully
and find out as much as possible about the
What does caveat emptor mean? property, so they’re aware of any problems/issues.
Seller only has a limited duty of disclosure.
Misrepresentations and latent incumbrances or
What are some exceptions to the caveat
title defects must be disclosed by the seller,
emptor principle?
overriding "buyer beware."
The seller has no obligation to disclose physical
How does the concept of "Caveat Emptor"
defects, leaving the responsibility to the buyer to
apply to physical defects in the property?
discover them through surveys or inspections.
What happens in the pre-completion stage
in a freehold transaction? Buyer’s Solicitor Seller’s solicitor
Prepares draft transfer Approves draft transfer
deed for approval by deed and requests
SS clean copy
incorporating any
Prepares mortgage
proposed
deed for execution by
amendments
B
Carries out pre- Responds to
completion searches completion
and enquiries information and
(requisitions) of seller’s undertakings form
solicitor and third from BS
parties
Submit certificate of
title/report on title to
lender and request
mortgage advance
3 of 77 01/09/2025, 10:05
,SQE FLK2 Property Practice - Freehold Transactions for SQE2 about:srcdoc
Requests from B Request redemption
balance due to statement from seller’s
complete lender
Deals with any Arrange for clean copy
amendments to transfer deed to be
transfer deed executed by seller
requested by SS,
producing a clean
copy for execution
Buyer’s Solicitor Seller’s solicitor
Submits SDLT or LTT Discharges existing
return with payment mortgage(s) and
of relevant tax provides BS with proof
of discharge
Deals with Pays estate agent’s costs
registration at HMLR
What happens in the post-completion stage
- AP1
of a freehold transaction?
Deals with Accounts to client
registration of
charges at CH (if
applicable)
Releases keys
Complete mortgage
deed
What instructions must be taken in all 1. Full details of buyer and seller
freehold transaction cases? 2. Estate agent’s details
3. Solicitor’s details on other side
4. Property address and tenure
5. Agreed purchase price and deposit
6. Details of any fixtures to be removed/
included
7. Anticipated/proposed completion date
8. Details of any related sale/purchase, where
synchronisation is needed
9. Position regarding EPC
10. Details of who’s in occupation
11. Details of existing use and past alterations/
4 of 77
01/09/2025, 10:05
