Conveyancing by Priscilla Sarton LL.M (auth.)

By Priscilla Sarton LL.M (auth.)

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Additional resources for Conveyancing

Sample text

Sale' is not generally defined by the Act. It seems to have the usual meaning of a disposition for money. 123(3) of the Act). g. in return solely for shares, or solely for other land, is a conveyance on sale. Example 3 Len owns the freehold of a house in Kent, the title to which is unregistered. He grants alease of thirty years to Teresa. Within two months of the grant of the lease Teresa must apply for registration of the title to it, otherwise, at the end of the two months, the lease will become equitable.

If there is any doubt, Susan must again be consulted. She should also be asked on what date she wishes to complete as the completion date will be put in the contract on exchange. 6 The Deposit Tbe deposit payable on exchange must now be obtained from the client. ) If your client is to give you a cheque, you should receive it sufficiently early for the cheque to be c1eared before you draw on it to pay the seiler. 1. (see Chapter S) the deposit should be paid to the seiler by banker's draft or by a cheque drawn on a solicitor's bank account.

Tbe application for registration should be made before the priority period given by the pre-completion search expires (see Chapter 7). You will also be applying for registration of the Society's mortgage as a registered charge. 17 (a) A Note on the Stamping of Documents by the Purchaser after Completion Rates 0/ Duty (i) Ad valorem and fixed-rate stamp duty A conveyance or transfer on sale of a freehold or existing leasehold estate is liable to ad valorem stamp duty at the rate of I per cent of the consideration.

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