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LPC Law Notes Property Law and Practice Notes

Contract Conditions Notes

Updated Contract Conditions Notes

Property Law and Practice Notes

Property Law and Practice

Approximately 490 pages

A collection of the best LPC PLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of PLP notes available in the UK this year. This collection of notes is fully updated for recent exams, a...

The following is a more accessible plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

CONTRACT CONDITIONS

Important SCPCs [Commercial]
SCPC 1.1.1(e) Contract rate
SCPC 2 VAT
SCPC 3.2.1/3.2.2 10% deposit (stakeholder)
SCPC 4.1.1/4.1.2 Disclosure of incumbrances
SCPC4.2.1 Physical state
SCPC 7.6.2 Title guarantee
SCPC 7.6.5(a) Personal indemnity covenant
SCPC 8.1 Insurance risk passes to B from exchange

SCPC 9 & 10

Remedies

9.1.1 Time is NOT ‘of the essence’
9.8 Service of a ‘Notice to Complete’ – makes time ‘of the essence’
10.1/10.2 Damages/Recission
10.3 Compensation regarding late completion (protects S only)
10.5/10.6 Consequences of a failure of B/S to comply with ‘Notice to Complete’
Important SCs [Residential]
SC 1.1.1(e) Contract Rate
SC 2.2.1 10% deposit (stakeholder)
SC 3.1.1/3.1.2 Disclosure of incumbrances
SC 3.2.1 Physical state
SC 4.6.2 Title guarantee
SC 4.6.4 Personal indemnity covenant
SC 5.1.1 Insurance risk passes to B from exchange

SC 6 & 7

Remedies

6.1.1 Time is NOT ‘of the essence’
6.8 Service of a ‘Notice to Complete’ – makes time ‘of the essence’
7.1 Damages/Recission
7.2 Compensation regarding late completion (protects S & B)
7.4/7.5 Consequences of a failure of B/S to comply with ‘Notice to Complete’
Delay SCs/SCPCs

SC 6.1.1

SCPC 9.1.1

Time NOT of the essence; i.e. parties cannot just walk away
If delay is likely to be short:

SC 7.2

SCPC 10.3

Compensation (Buyer & Seller)

Compensation (for Seller only)

If delay is likely to be longer:

SC 6.8

SCPC 9.8

Serve ‘Notice to Complete’ (to enable ‘innocent’ party to walk away)

SCs 7.4 & 7.5

SCPCs 10.5 & 10.6

Recission (if fail to comply with ‘Notice to Complete’)
Common Additional Special Conditions
  • If S requires a P-i-C from B, S will often draft an express term to this effect on back page

    • very common but not strictly necessary [already covered by SC 4.6.4(a)/SCPC 7.6.5(a)]

  • For S to pay for some form of insurance (if there are any title issues); e.g. defective title insurance, to protect against breach of restrictive covenants

  • For a 2nd Trustee to be appointed before completion

    • where sole co-owner held as T-i-C & 2nd Trustee not appointed before exchange)

  • Regarding VAT - to override SCPC Pt 2 A1.3 & A1.4

  • To override SCPC 10.3 (to protect B as well as S)

Back Page Special Conditions

The conditions in Part 2 shown against the boxes checked below are included in contract:

Condition Al (VAT: not a taxable supply)

[or] Condition A2 (VAT: transfer of a going concern)

Condition B (capital allowances). The amount of the purchase price apportioned to plant and machinery that are fixtures for the purposes of the Capital Allowances Act 2001 is

Condition C1 (flats: no Ts’ rights of 1st refusal)

[or] Condition C2 (flats:...

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