LPC - Property Law & Practice / Real Estate Notes - combination of 2 sets of notes
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Course
Property Law & Practice
Institution
University Of Law (ULaw)
These notes were made when I undertook the LPC Msc (in Law, Business & Management) at the University of Law in Manchester.
The document contains an amalgamation of two sets of notes, one purchased at the time and the other which I compiled over the time on the course.
If you have any questions, req...
LPC – 2017 - Real Estate Notes
Lecture 1: The Commercial Property Market
Background on types of client: owner occupiers, tenants, investors, lenders,
developers… Types of commercial property inc retail, offices, industrial etc.
May need planning permission to change between, some need environ checks.
Transactions: Sales & Purchases, Letting, Secured Lending, (Development).
(WS1-9) Stages in Sale and Purchase of a Registered Freehold:
Pre-Exchange Stage
Exchange of Contracts: Buyer and Seller now Committed
Pre-Completion Stage
Completion: Buyer takes up occupation, pays balance of purchase monies
Post-Completion Stage: apply to Land Registry to become legal owner
WS1: Taking Instructions
Mortgage Fraud: opportunistic action using misrepresentation of income or
property value to obtain greater loans than a person is entitled to. How?
- organised crime syndicates overvaluing properties using false identities and
failing to make any mortgage repayments - incorrect information on:
identity, income, employment, other debt obligations, source of funds other than
mortgage for purchase, value of
property, price to be paid, any direct
payments. Warning Signs:
- trying not to use sols - evasive
to questions on possible conflicts
- not happy with checks or sol also
advising lender - using private
sources of funding such as property
clubs - selling between related
private companies (e.g. offshore or
asked to act for both parties)
- flipping - trying to recruit
you - long distance from firm-
owner recently deceased / held for
< 6 months - Short credit
history - unusual scale for them.
Protect firm and self by asking
questions, identifying and
verifying client + beneficial owners.
VAT: tax on consumption, pay on
supply of goods and services made
in the course of a business. 20%,
can be exempt and up to seller
whether to add, as below…
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