Property Practice

Pages: 10

Contents:

KEY ELEMENTS OF FREEHOLD AND LEASEHOLD PROPERTY TRANSACTIONS

Investigation of a Registered and Unregistered Freehold Title

Registered Land

Unregistered Land

Potential Issues Following Investigation of Title

Purpose and Process of Reporting to Client

PRE-CONTRACT SEARCHES AND ENQUIRIES

Who Searches and Raises Enquiries?

Results of Searches and Enquiries

Range, Type and Purpose of Searches and Enquiries

LAW SOCIETY CONVEYANCING PROTOCOL (LSCP)

FINANCE

Mortgage Finances

Ancillary Expenses

Acting for a Lender

Purpose of Report on Title and Certificate of Title

EXCHANGE

Key Conditions in the Standard Conditions of Sale (SCS)

Key Conditions in the Special Commercial Property Conditions (SCPC)

Purpose and Matters Covered by Special Conditions

Methods of Holding a Deposit

Insurance and Risk

Basics of VAT

The Practice, Method and Authority to Exchange

Consequences of Exchange

PRE-COMPLETION

Pre-Completion Searches and Deliverables

Pre-Completion Steps

COMPLETION

Methods and Effect of Completion

POST-COMPLETION

DELAYED COMPLETION

Standard Conditions – Notice to Complete

Contractual Compensation

Rescission

GRANT OF A LEASE OR UNDERLEASE

Drafting the Lease

Purpose of an Agreement for Lease

Deduction of Title

Execution Formalities

ASSIGNMENT OF A LEASE

Deduction of Title

Landlord’s Consent

Pre-Completion Formalities

License to Assign

Deed of Assignment

Authorised Guarantee Agreement (AGA)

Completion and Post-Completion Steps

UNDERLETTING

KEY LEASE COVENANTS AND BREACH

Types of Covenants

Rent and Review

Term of Lease

Alienation

LIABILITY OF LEASEHOLD COVENANTS

REMEDIES FOR BREACH OF LEASEHOLD COVENANT

Common Remedies for Breach

Guarantee or Rent Deposit

Specific Performance

Damages

Self-Help/Jervis v Harris Clause

TERMINATION OF THE LEASE

SECURITY OF TENURE

Security of Tenure

Renewal by Tenant

Termination by Landlord

Termination by Tenant

Expiry of Lease