Summary Property Practice Cheat Sheet SQE1 FLK2

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