Property Law (LPC) Questions and Answers
Which tax is not likely to be payable?
CGT on her property at 19 New Road as likely to be exemption as owner-occupier
If Mrs Richardson decides to instruct your firm and you arrange an initial meeting with her, what information would it be good prac...
Property Law (LPC) Questions and
Answers
Which tax is not likely to be payable? - answer CGT on her property at 19 New Road
as likely to be exemption as owner-occupier
If Mrs Richardson decides to instruct your firm and you arrange an initial meeting with
her, what information would it be good practice to provide? - answer A quote of your
fees
Standard Condition 2.2 - answer Deposit is 10% unless seller agrees to a reduced
amount
Standard Condition 3.1.2 - answer The Incrumbrances to which the property in sold
are:
(a) those subject in the contract
(b) those discoverable by inspection of the property before the date of the contract
(c) those the seller does not and could not reasonable know
Standard Conditions 5.1 - answer Insurance - seller not required to keep property
insured
Standard Conditions 4.6.4 - answer requires an indemnity covenant to be given by
the buyer but there has been a breach of covenant and the buyer should require the
standard conditions to be removed and should press for an indemnity covenant by the
seller
Standard Conditions 8.1 - answer relates to existing leaseholds and does not require
the epitome relating to the freehold to be produced
When should deduction and investigation of title take place? - answer After taking
initial instructions but before exchange of contracts
Which standard condition of sale (5th edition) lays down time limits for deducing title
and raising requisitions? - answer SC 4.3.1
How long should the buyer's solicitor insist that the seller's solicitor deduces title in
relation to unregistered land? - answer 15 years
Which is best document to use as a root for the deduction of title to unregistered land? -
answer Conveyance on sale
, Which of the following documents should be included in the abstract or epitome? -
answer - Power of Attorney under which a document has been executed
- Conveyance on sale dated after the root of title
- Discharge of Legal Mortgage
How old does the 2011 Protocol state that official copies should be when providing
copies to the buyer's solicitors? - answer No more than 6 months old
"Copies of all covenants, easements and other adverse interests should be supplied
even if they pre-date the root of title" - answer True
"When acting for a seller in a sale by the mortgagee, you will not need to ensure that the
power of sale exists." - answer False
You are acting on behalf of the buyer in the purchase of a property from personal
representatives. You have not yet had sight of a grant of representation. Which of the
following statements is the most accurate? - answer Do not complete the purchase
until the grant has been seen or a certified copy has been issued and received ensuring
all proving personal representatives have executed the purchase deed
Since October 2007 it is no longer possible to create which Power of Attorney? - answer
Security
You are acting on behalf of the buyer purchasing land being disposed of by a charity
(exempt for the Charities Act 2011). Which of the following statement is correct? -
answer Ask for evidence that the disposal falls under a exemption and proceed as
normal
You are acting for a buyer in a transaction. The property is subject to a transaction at an
apparent undervalue completed within 5 years of the proposed mortgage. The seller's
solicitor is to give an unqualified certificate of title. What safeguards would you
recommend: - answer - Obtain an insurance policy indemnifying your client (and any
mortgagee) against loss arising from the insolvency of the donor or undervalue seller
- Obtain a statutory declaration from the donor or undervalue seller
- Conduct a bankruptcy search against the donor or undervalue seller
If the property is unregistered and the title deeds are lost or destroyed, an application
for first registration can be made on which Land Registry Form? - answer FR1
If a company becomes insolvent, voluntary dispositions made up to - answer two
years
What is the correct wording you will see in part B of the registered title when there is a
restriction indicating co-owners hold as tenants in common in equity: - answer No
disposition by a sole proprietor of the registered estate (except a trust corporation)
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