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LPC Law Notes Property Law and Practice Notes

Finance And Surveys Notes

Updated Finance And Surveys 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...

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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:

Buyer Seller

Purchase price

  • Inclusive or exclusive of VAT?

  • Cash buyer or mortgage required?

Existing mortgage to repay?

Contents

  • Included in price or payment required?

  • Check ‘fixtures and fittings’ form

  • No SDLT payable on amount of price related to contents

Deposit

  • On EXCHANGE

  • Standard deposit = 10% [SC 2.2.1/SCPC 3.2.1] (often reduced to 5% in residential transactions or even 0% in commercial)

  • May be held by seller’s solicitor as agent or stakeholder

Stamp Duty Land Tax

Residential Properties:

  • 0-125K: 0%

  • 125K-250K: 2%

  • 250K-925K: 5%

  • 925K-1.5M: 10%

  • Over 1.5M: 12%

Commerical Properties:

  • 0-150K: 0%

  • 150K-250K: 2%

  • Over 250K: 5%

Other special rates & exemptions:

  • First-time buyers for properties 500,000 or less do not pay any SDLT up to 300,000 and pay 5% on the portion from 300,001 to 500,000

  • Purchase of additional properties – extra 3% on top of usual rate

  • Purchases by corporate bodies – rate of 15% applies to residential purchases of over 500,000 by certain corporate bodies and ‘non-natural persons’

  • Property left by will is not subject to SDLT

Other costs

  • Searches

  • Legal fees

  • Survey

  • Insurance

  • Land Registry registration fee

FINANCE

INSURANCE

  • At common law/ under contract standard conditions (SC 5.1.1/ SCPC 8.1), risk of damage to the property passes to Buyer at exchange of contracts

  • Buyer becomes beneficial owner of the property upon exchange of contracts - so in the Buyer’s interest to ensure the building is insured

  • Important for Buyer to have insurance policy ready to be put ‘on risk’ from date of exchange

Surveys

Caveat emptor – Buyer beware – SC 3.2.1/SCPC 4.2.1 – Important for the buyer to ascertain the physical state of the property.

Valuation

  • By the lender in order to establish whether the property will be adequate security for the loan

  • Buyer pays the cost and is usually permitted to see the valuer’s report

  • Assesses the value of the property

  • It will NOT contain detailed commentary on the state of the structure of the property

 Not necessarily sufficient information about the state of the property to allow the buyer to make reasoned judgement as to whether to proceed
Condition Report Designed to complement the lender’s valuation

  • Snapshot of the condition of the property on the date of inspection

  • Red, amber and green colour-coding system to rate individual elements and highlight matters of concern
Home Buyer’s Valuation and Survey Report

  • More expensive

  • In many cases the buyer’s lender will agree (for...

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