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Summary Real Estate Core Module- LPC- Workshop 1 notes
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Real Estate Core Module- LPC full time- Workshop 1 notes
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Real Estate Reading: Workshop 1Property law and practice
Property Law and Practice is the law and practice involved in the transfer and
creation of interests in land, an area of practice that has historically been gathered
together under the umbrella term ‘conveyancing’. For many, conveyancing means
the process of buying and selling a home, allegedly one of the most stressful times in
a person’s life. It is the conveyancer, or property lawyer, who must manage this
process and endeavour to make it as efficient and painless as possible.
What is residential conveyancing?
Residential conveyancing is, however, only one aspect of a typical property lawyer’s
work. The property lawyer will often be much more involved in conducting
commercial transactions. These will range from acting on the sale or purchase of a
small corner shop, to the multimillion sale or purchase of a large office development
or shopping centre. Property lawyers will also be involved in the sale and purchase
of land that is going to be the site of some major new development such as a
housing estate, or a commercial or industrial site
REGISTERED AND UNREGISTERED LAND
Strictly, it is the title to the land rather than the land itself that a seller sells to a buyer
in a conveyancing transaction. It is important, therefore, to remember that there are
two systems in existence in England and Wales by which title to land is proved.
These are the registered and unregistered systems.
The registered system
In order to simplify and speed up conveyancing, and to lessen the opportunities for
fraud, the registered system of conveyancing was introduced. The idea of the
registered system is that the Government maintains a register of title to land, land
transfers take place by notifying the registry of the change of ownership, and the
details recorded at the registry are amended accordingly. This is a concept similar to
the DVLA, which keeps a central record of motor vehicles and which must be notified
on the change of ownership of a vehicle.
e-conveyancing
certain e-services are already provided by Land Registry through two online
channels, the portal and Business Gateway. These services are only available to
customers who have signed up to them and include:
(a) Information Services. Customers can request information from Land Registry
online. So they can lodge searches of the index map with supporting plans, official
searches of whole or part and conduct land charges and bankruptcy searches in the
Land Charges Department.
(b) Network Services. Certain applications to change the register can be lodged
online. For example, customers can change proprietors’ names due to marriage and
remove the name of a deceased joint proprietor from the register. A standard form
, Real Estate Reading: Workshop 1
electronic charge (which has been executed electronically by the borrower), known
as e-CSF, can also be registered electronically. (See .)
(c) Lender Services. Mortgage lenders can discharge their mortgages over the
Internet, using the e-DS1 system (see 30.7.1.10).
(d) Electronic Document Registration Service (e-DRS). e-DRS allows customers to
electronically submit substantive applications based on scanned images of the
original paper registration documents and any supporting evidence. The service is
currently limited to applications affecting the whole of existing registered titles,
excluding those to register new leases.
(e) Digital Mortgage Service. This is available to a restricted number of users where
there will be no simultaneous change of registered proprietor (eg a re-mortgage). A
digital mortgage is a mortgage deed that has been created, signed and dated
electronically, without the need for a witness as the identity of the signatory has been
identified in advance.
Chapter 2: simple transaction
There are three stages when conveyancing;
a. The pre-contract stage
b. The post-contract stage and
c. The post-completion stage
Marketing the property
The transaction begins with the seller putting the property on the market in the hope
of finding a buyer. The seller will engage an estate agent to help in the process.
Before marketing begins, the seller will need to have commissioned an energy
performance certificate.
Once the buyer has agreed with the prince, the conveyancing process starts. The
parties should have not entered into any legally-binding relationships with each
other, and either of them can walk away at any time from the transaction until
exchange of contracts.
All firms regulated by the SRA have to comply with the SRA’s Transparency Rules
2018, which require them to publish price and service information for certain areas of
law on their website.
The pre-contract stage
Having taken instructions, the seller’s solicitor must prepare the pre-contract
package for the buyer. This comprises:
(a) the draft contract, showing what land the seller is selling and on what terms he is
prepared to sell it;
(b) evidence of the seller’s legal title to the property, to prove that he does own and
is entitled to sell the land; and
(c) sometimes, the results of pre-contract searches which the seller has made and
other information about the property
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