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Complete outline of a transaction - Property Law £32.16   Add to cart

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Complete outline of a transaction - Property Law

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Step-by-step structure of a transaction Each stage separated Outlined actions for both the seller and the buyer

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  • August 12, 2024
  • 8
  • 2022/2023
  • Other
  • Unknown
All documents for this subject (363)
avatar-seller
SheDoesLaw
SOLICITOR OF THE SELLER SOLICITOR OF THE BUYER
TAKE INSTRUCTIONS [from every owner] TAKE INSTRUCTIONS
Client: Client:
1. Complete “Sale Checklist” 1. Complete “Purchase Checklist”
2. Check client’s identity: 2. Check client’s identity:
- Obtain ID + other documents 3. Obtain ID + other documents
- Conduct electronic ID checks 4. Conduct electronic ID checks
3. Obtain money on account 5. Obtain money on account
4. Obtain National Insurance Number and DOB – 6. Obtain National Insurance Number and DOB –
needed for TAX purposes needed for TAX purposes
5. Check for potential conflicts of interest (Para 6.1 7. Check for potential conflicts of interest (Para
SCC) 6.1 SCC)
6. Provide information on how long it is going to 8. Provide information on how long it is going to
take (Para 3.2, 3.4 SCC) take (Para 3.2, 3.4 SCC)
7. Provide information on costs (Para 8.7 Code) 9. Provide information on costs (Para 8.7 Code)
8. Provide information on conflicts (Para 6.2 Code) 10. Provide information on conflicts (Para 6.2 Code)
9. Provide information on complaints (Para 8.2 – 11. Provide information on complaints (Para 8.2 –
8.5 Code) 8.5 Code)

Buyer: Property:
10. Obtain details of estate agents, buyer, buyer’s 12. Are there any previous alterations to the
solicitors. property? – consider: planning permission,
11. Is there a contract race? Warn of risks. building regulations and type of covenants.
12. Check whether the buyer can afford to buy the 13. Does the client want to make any alterations?
property; Is there a mortgage? 14. What does the client want to do with the
property?
Property: 15. Advise them to seek guidance from an
13. Information about the property: architect.
- Address
- Tenure Financial considerations:
- Anything unusual – rights of way 16. Price – can client afford?
- Changes of use/ alterations 17. Contents – Check if the client is paying anything
- Price on chattels.
- When is completion envisaged 18. Money on account
- Any particular terms that have been agreed? 19. Availability and source of deposit
14. Are there existing mortgages? Contact lender to 20. Costs and disbursements
confirm the amount left to redeem the 21. If the clients own another property, they may
mortgages. be subject to higher tax rates.
15. Are there any non-owning adult occupiers living 22. NIN & DOB – need for LTT return form
at the property? 23. Does the client own any other properties? –
16. Is the client buying another property? Do the matters for LTT
transactions need to be synchronized?
17. What happens to the sale proceeds? 24. Can the client afford to proceed with the
18. Check the client’s finances (include your costs transaction?
and disbursements) 25. Does the client require a mortgage?
19. Comply with professional conduct obligations 26. Is any money coming from a third party?

, and client care requirements (Para 8 SCC) 27. Advice of surveys
20. Will there be any liability to Capital Gains Tax? – 28. Advice client to obtain estimates for any
Section 222 Taxation of Chargeable Gains Act recommended works
1992
29. Advise the client about legal and practical
21. Advise the client about legal and practical consequences of his or her proposals, including
consequences of his or her proposals, including - co-ownership;
- co-ownership; - financial, tax and costs implications; and
- financial, tax and costs implications; and - professional conduct issues.
- professional conduct issues.

22. Contact the buyer’s solicitor to confirm that we
are instructed by our clients.
PREPARE PRE-CONTRACT DOCUMENTATION
Create evidence of title:
- Must be before exchange (SC 4.1)
- Buyer cannot later question it (SC 4.2)

1. Obtain information and documentation:

Registered Land
- Official copies of the register = office copies
and title plan (OC1 form sent to Land
Registry)
- Copies of documents referred to on the
register
- Information about any interests which
override.

Check on the documents:
- Check that the seller is the registered
proprietor and the land is correct.
- Make sure that the plan accurately sets out
the extend of the land.
- Make sure the third party interests
burdening the land are not too onerous and
will not interfere with the buyer’s purposed
use of the property.
- Make sure that the property has all the
necessary benefiting third party interests
(right of way etc)

Unregistered Land
- Epitome of title + all other necessary
documents

- Obtain title deeds from the lender

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