Summary
Summary ULAW LPC, Real Estate Chapter Readings
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- Real Estate (RE)
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- University Of Law (ULaw)
ULAW LPC, Real Estate Chapter Readings
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RE WS1 – Tasking Instructions TIFF LIAOChapter 1 – Essential Background Page 3
SUMMARY
There are two land systems in existence in England and Wales – REGISTERED / UNREGISTERED
The REGISTERED system dominates the conveyancing process, but large pockets of land remain unregistered.
Certain dealings with registered land may be dealt with electronically
The intention of Land Registry is that, in the future, the whole conveyancing transaction will be undertaken electronically. However,
plans to implement an electronic form of transfer have recently been put on indefinite hold, due to concerns over the risk of fraud.
WHAT IS PROPERTY LAW AND PRACTICE?
- Property Law and Practice = the law and practice involved in the TRANSFER and CREATION OF INTEREST in land, an area of
practice that has historically been gathered together under the umbrella term ‘conveyancing’
- Conveyancing = the process of buying and selling a home
- 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, which will range from acting on the
sale or purchase of:
a small corner shop, to the multi- million sale or purchase of a large office development or shopping centre.
land that is going to be the site of some major new development such as a housing estate, or a commercial or
industrial site.
- In addition, the grant and approval of commercial leases and the management of the on-going relationship between a landlord and a
tenant
APPROACH TAKEN BY THIS BOOK
- Chronological sequence through the steps in a simple transaction from beginning to end in the order in which they would occur in
practice
- Most land is owned FREEHOLD – major part of book concentrates on procedures relating to freehold tenure
- Procedure adopted in LEASHOLD procedure – differs from that for freeholders
- Includes the drafting and approval of commercial leases and the security of tenure given to a BUSINESS TENANT
- Procedures used in RESIDENTIAL and COMMERCIAL conveyancing = broadly similar, the objective of transactions are the same
(safe, speedy and efficient transfer of ownership from seller to buyer)
solicitor not doing this properly = risk being sued for negligence
- COMMERCIAL transactions – may involve MORE money
- Appendices 2 and 3 – two main forms of standard contractual provisions used by property practitioners
- The Standard Conditions of Sale (which will be referred to in the format ‘SC 1.1.1’ etc in this book) are the form most commonly
used in residential transactions, tailored to deal with commercial transactions too
RELATIONSHIP OF CONVEYANCING
AND
LAND LAW
- Chapter 3 and 4 – contain overview of the main issues of buying and selling interests in land and underlying principles of land law
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
1
TIFF LIAO
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