Real Estate

Lecture 5
Exam Consolidation
Outcomes

By the end of this Lecture you should, be able to:

 
1. Identify the topics you need to revise

2. Understand how to revise effectively

3. Prepare your own materials to assist you in the exam

4. Answer different styles of question in the exam

Topics covered on course
• Taking instructions
• Professional Conduct
• Title investigation
• Searches
• Planning
• VAT
• ……..
Professional Conduct and
Regulation
• Acting for buyer and lender
• Acting for buyer and seller
• Mortgage fraud
• Contract races
• Undertakings

• IPP PCR workshops

How to revise effectively
• Revise by “doing”
• eg. re-do T&F, Prep & Workshop Tasks and
mock exam
• Use the textbook and re-watch any media or
lecture recordings to help you with what you
don’t understand
• Prepare key material
• Specimen Exam – attempt under timed
conditions
Topics covered on course
• Taking instructions
• Professional Conduct
• Title investigation
• Searches
• Planning
• VAT
• ……..
Conduct checklist

• Property specific issues:

• Can you act for the Buyer and Seller?
- Paragraph 6.2
• Can you act for the Buyer and Lender?
- Paragraph 6.2
• Contract Races - Paragraph 1.4
• Undertakings - Paragraph 1.3
Title Investigation

IDEA:
• Identify entry
• Describe entry
• Explain why it presents an issue
• Action: indicate what Action is
required
Searches and Enquiries

• Which are always done ?

• Which may need to be done given facts ?
• How do you find out information
• eg. which searches / enquiries might reveal the
information you’re after ?
• May be required to analyse search results or
replies to enquiries
Con29
2.1. Which of the roads, footways and footpaths named in
the application for this search (via boxes B and C) are:
(a)highways maintainable at public expense
(b)subject to adoption and, if so, is the agreement
supported by a bond or bond waiver
(c)to be made up by a local authority who will reclaim the
cost from the frontagers
(d)to be adopted by a local authority without reclaiming the
cost from the frontagers
SCPCs Part 1
• 1.1.1(e)
• 2.1/2.2
• 3.2
• 4.1
• 7.6.2
• 7.6.5
• 9.1
• 9.8
• 10
• 11.3
PART 2 A1.1/A1.2
• SCPC 2 will not apply.
• Warrants that the sale of the property does not
constitute a supply taxable for VAT purposes.
• Will not exercise an election to waive
exemption from VAT in respect of the property
(that is, the seller will not opt to tax).
• Cannot require the buyer to pay any amount
in respect of any liability to VAT as a result of
any liability to VAT as a result of the sale of
the property unless A1.3 applies.
PART 2 A1.3

• if the sale of the property will constitute a

supply that is chargeable to VAT solely
as a result of a change in the law made
and coming into effect between the date
of the contract and completion, then the
buyer must pay to the seller on
completion an additional amount equal
to that VAT
SCPC 2:

• The seller warrants that the sale of the

property will constitute a supply chargeable to
VAT at the standard rate.
• The buyer is to pay to the seller on completion
an additional amount equal to the VAT in
exchange for a proper VAT invoice from the
seller.
Late Completion
• 9.1.1
• 9.8
• 10.3.1
• 10.3.2
• 10.3.3
• 10.5
Leases - types of question
• Explain how clauses in draft lease work or explain
effect of clauses in completed lease in specific
scenario
• Explain what clauses should be included in a lease
• Procedure
• Remedies
• Security of Tenure
How to structure answer

• Refer to relevant lease clause

• Summarise clause
• Apply to facts of question
Remedies
• Failure to pay rent
• Debt action
• Insolvency proceedings
• CRAR
• Pursue former tenant under AGA
• Forfeiture
• [Surrender – can only be done by
agreement]
Remedies
• Failure to Repair
• Damages
• Forfeiture
• Self-Help
• Specific Performance
• Pursue former tenant under AGA
• [Surrender – can only be done by
agreement]