Property

Question 1

Considerations when acting for buyer freehold?

Answer 1

1. Related Transactions
   - need to synchronise
2. Advise full structural survey
3. Stamp Duty Land Tax
   - is it only property/main residence
4. Source of Funds/Wealth
5. More than one buyer
   - professional conduct
   - co-ownership advice

Question 2

Considerations when acting for buyer tenant?

Answer 2

1. New Lease vs Assignment
   - is consent needed (licence to assign)
2. Unacceptable Covenants
   - prohibition on assignment
   - forfeiture due to bankruptcy
3. Changing Terms
   - negotiation with seller
   - if assignment then require them to Deed of Variation
4. Source of Funds/Wealth
5. More than one buyer
   - professional conduct
   - co-ownership advice

Question 3

What professional conduct issues to consider?

Answer 3

1. Mortgage
   - consent for disclosure to lender
2. Two clients
   - are they in agreement
   - co-owership advise
3. Private Funds
   - cannot act for both
4. Non Owning Occupier
   - cannot act for both
5. Cannot act for buyer and seller

Question 4

Considerations when acting for seller

Answer 4

1. 2+ clients
   - are they in agreement on proceeds
2. is CGT due
   - main residence?
3. Energy Performance Certificate
   - 10+ years old?: or
   - listed building: not required
4. If assigning
   - consent required in Licence to assign

Question 5

Steps taken to ensure no occupiers (effect, what to do)

Answer 5

LAND PERSON IN ACTUAL OCCUPATION

2. Check PIF Form
3. Advise to inspect land
4. Have them signed contract

Question 6

Seller wants to know what needs to be disclosed and consequences