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Sale And Purchase Of Freehold Ws 1 Conveyancing Procedure Notes

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Conveyance procedure: Sale and Purchase of Freehold NOTE Seller markets the property hoping to find a buyer (estate agents are common). Seller is required to obtain an Energy Performance Certificate (EPC) (Energy Performance of Buildings Regulations 2012(si 2012/3118)) Solicitors receive instructions which are usually confirmed by writing, together with written info relation to the solicitor's costs (Confirm Client ID/M Laundering/Mortgage fraud/Confidentiality):


SELLER

BOTH

BUYER

Take instructions

Solicitors receive instructions which are usually confirmed by writing, together with written info relation to the solicitor's costs (Confirm Client ID M Laundering/Mortgage fraud/confidentiality):


Personal interviews If Estate agent ask solicitor to act on behalf of C, If 2 or more co-sellers confirm instructions with all

(Penn v Bristol and West Building Society and Others (1995)) Acting for both parties (See Confidentiality Chart) Pre-contract package includes:

a.

Draft contract, showing what land is being sold and on what terms it is being sold;

b.

"Deduction of title"= Evidence of seller's legal title to the property, to prove he owns and is entitled to sell the land; and

c.

Sometimes, the results of pre-contract searches which the seller has made and other information about the property

d.

May contain other info e.g. local authority planning permissions

Seller is not obliged to answer questions about the property but is encouraged to do so in order to facilitate the sale. Incorrect responses may account for misrepresentation.

Prepare precontract package (draft contract, evidence of title etc.)

Investigate tittle

Pre-contract Stage

Personal interviews If Estate agent ask solicitor to act on behalf of C, confirm

with C If 2 or more co-buyers confirm instructions with all (Penn v Bristol and West Building Society and Others (1995))

confirm with C

NOTE

An example of an attendance note recording instructions from a client which follow a check list is found in PLP book page 94-95

Commission survey Raise pre-contract searches and enquiries

Approve draft contract

Acting for both parties (See Confidentiality Chart)

Buyer's solicitors must check documents of title and ensure that seller is entitled to sell and that there are no encumbrances (e.g. restrictive covenants) which may prevent the buyer from using the property as he intends to. Check that terms of draft contract accord with instructions by buyer. Check proof of the seller's ownership of land "title". Any queries about the title made to the seller's solicitors are called "requisitions". Requisitions require seller to resolve problems in seller's ownership or title. Identify defects in title. If also acting for lender prepare report on title 4 them. Buyer must find out as much as they can (about boundaries, access, works, disputes, outgoings) as due to the Caveat Emptor principle. Solicitor must carry out pre-contract searches of various statutory private and public bodies (eg local authorities) to help buyer build up a whole picture of the property. This research may reveal financial charges over the property, proposals for changes in the surrounding area, status of previous planning permissions, potential contamination, potential for flood, utilities services (lines, pipes etc). Check buyer's finances: does he have enough, for deposits, fees and SDLT?
*Return the contract to Ssol * State that you approve it *2 final copies are prepared *Agreed method of exchange of contract is carried out. *Buyer should be satisfied with the title and the draft contract. "Telephonic exchange" may be seen as the moment when exchange of contracts arises.

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