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Summary Real Estate Core Module- LPC full time- Workshop 1 notes
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Real Estate Core Module- LPC full time- Workshop 1 notes
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You are a trainee in the firm of Gibson & Weldon LLP (“G&W”). You are currentlysitting in the Real Estate Department and your supervising solicitor is Teresa
McKillop.
Teresa has received instructions to act for Arcadian Investments Limited
(“Arcadian”), an existing client of the firm. Arcadian is a property company with a
portfolio of commercial properties all over the country. Arcadian specialises in the
acquisition of underperforming investment properties, which it then refurbishes and
lets to new tenants, mainly in the office sector.
Arcadian wants G&W to act on its behalf in the purchase of Kenulf House in
Peterborough. On the following pages you will find a plan of the property, the
Memorandum of Sale from the agents marketing the property for the seller and a
photograph of the property.
Bearing in mind the nature of the client’s business, consider the plan, the
Memorandum of Sale and the photograph.
Identify and make a list of:
1. any issues arising out of these documents which you will need to follow
up; and
is there any accessible parking for vehicles?
Easements? Owners of 32 have any rights over the part of alley being bought
Maintenance obligations
What is the meaning of the grey hatching?
What is rear used for?
Why is there a gap in the hatching
Is there accesses to the property of fletton street
Do any other properties have right of way
2. any further instructions you will need about the client, the property and/or
the transaction.
- Name and address of seller’s solicitor
- How purchase is being financed- HRC- own funds
- Chattels included? – Clear instructions as to which fixtures and fittings are to remain and
which are to be removed after the sale- no chattels
- Whether the transaction includes VAT
o Exempt – not taxable
o Zero rated – taxable at 0% (allows seller to reclaim input tax)
o Standard rated – taxable at 20%
o If Arcadian is making taxable supplies (making a profit), its input tax can be set off
against its output tax
VAT sensitive buyers: where company cannot reclaim because it’s not
making a taxable profit (i.e. banks, insurance companies)
- Completion date- within three months
- Whether synchronisation is needed (to avoid no house/two house conflict)
- Current use and proposed use
- Any agreed let? Is it currently vacant?
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