Property Law (LPC) Already Passed
Which tax is not likely to be payable?
If Mrs Richardson decides to instruct your firm and you arrange an initial meeting with her, what information would it be good practice to provide?
Standard Condition 2.2
Standard Condition 3.1.2
Standard Conditions 5.1
...
Ans: CGT on her property at 19 New Road as likely to be exemption as owner-occupier
2). If mrs richardson decides to instruct your firm and you arrange an initial meeting with her,
what information would it be good practice to provide?
Ans: A quote of your fees
3). Standard condition 2.2
Ans: Deposit is 10% unless seller agrees to a reduced amount
4). Standard condition 3.1.2
Ans: The Incrumbrances to which the property in sold are:
(a) those subject in the contract
(b) those discoverable by inspection of the property before the date of the contract
(c) those the seller does not and could not reasonable know
5). Standard conditions 5.1
Ans: Insurance - seller not required to keep property insured
6). Standard conditions 4.6.4
Ans: requires an indemnity covenant to be given by the buyer but there has been a
breach of covenant and the buyer should require the standard conditions to be removed
and should press for an indemnity covenant by the seller
7). Standard conditions 8.1
Ans: relates to existing leaseholds and does not require the epitome relating to the
freehold to be produced
When should deduction and investigation of title take place?
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, 8).
Ans: After taking initial instructions but before exchange of contracts
9). Which standard condition of sale (5th edition) lays down time limits for deducing title and
raising requisitions?
Ans: SC 4.3.1
10). How long should the buyer's solicitor insist that the seller's solicitor deduces title in relation
to unregistered land?
Ans: 15 years
11). Which is best document to use as a root for the deduction of title to unregistered land?
Ans: Conveyance on sale
12). Which of the following documents should be included in the abstract or epitome?
Ans: - Power of Attorney under which a document has been executed
- Conveyance on sale dated after the root of title
- Discharge of Legal Mortgage
13). How old does the 2011 protocol state that official copies should be when providing copies
to the buyer's solicitors?
Ans: No more than 6 months old
14). "copies of all covenants, easements and other adverse interests should be supplied even if
they pre-date the root of title"
Ans: True
15). "when acting for a seller in a sale by the mortgagee, you will not need to ensure that the
power of sale exists."
Ans: False
16). You are acting on behalf of the buyer in the purchase of a property from personal
representatives. you have not yet had sight of a grant of representation. which of the
following statements is the most accurate?
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