Class notes
Real Estate - LPC Complete Guide
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Complete set of DISTINCTION notes, preparatory tasks, workshop tasks and other exam notes for the Real Estate core module for Uni of Law (January 2020)
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RE – WS1 – Workshop NotesCourse Overview:
Workshops 1-9 = freehold
Workshops 10-15 = leasehold
PREPARATORY TASK RUN-THROUGH
Look at the client’s objective -> they are an investment firm who buy property, develop it and
sell it
o Therefore, speed is of utmost importance so they want a quick transaction
1) Any issues arising out of these documents which you will need to follow up; and
Is there a right of way? What does the grey hatching mean (on the land registry plan)?
o Need to ask the seller
o Why does it abruptly end on the right next to No.40
o Is that something you can carry on doing legally?
o What is Blake’s Alley? Is it a car park?
What is that alley way?
What are the adjoining properties? Is there a number 30?
o Allows you to determine right of way as the land registry plan abruptly ends
Do number 32 and 40 have right of access?
Car parks? Can see a car on the picture on Fletton Street – need more information
o Who are the seller’s solicitors? -> Need them to answer the questions above
Are the neighbouring properties for residential or commercial?
o Need to check that we have the relevant planning permission
o Client mainly sells as offices but we need to check this
o Need to make sure we have planning permission – this may take 3 months and the client
wants everything done quickly.
Client will want vacant possession.
o Do not want any tenancies – seller can confirm this?
Building is from the 70’s
o Asbestos – was used in the 60s/70s as it was cheap and insulated but it is now outlawed
o Physical state of it – we want to refurb but need to know about the state to determine
the scale of the refurbishment.
Stamp Duty?
Taxes?
Deposit of 10%
o They don’t need to pay a pre-deposit to show they are serious.
No synchronisation – see notes -> not a chain of transactions.
Energy Performance Certificate – need a minimum rating of E to let the offices out -> have to get
it at the very beginning of the transaction.
Need surveyors to investigate these things fully.
VAT:
E.G. £100,000 at 20% VAT
, RE – WS1 – Workshop Notes
For commercial properties
o Older properties (older than 3 years)
65% of old properties the owner opted to tax VAT
o It follows the owner – it’s their choice
Effectively to offset any refurbishments and repairs cost they incurred in order to sell the
property.
If registered tax…
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