By Priscilla Sarton LL.M (auth.)
Part of Macmillan's sequence of legislations books, this article is meant for legislation undergraduates. It presents an advent to conveyancing and the legislation which follow to it. different titles within the sequence comprise "Basic English Law", "Company Accounts", "Criminal legislations" and "Personnel Administration".
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Extra info for Conveyancing
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 Conveyancing The Deposit The 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 cleared before you draw on it to pay the seller. 1. (see Chapter 5) the deposit should be paid to the seller by banker's draft or by a cheque drawn on a solicitor's bank account.
C) If your client has bought the property subject to a lease, the tenant should be given written notice of the identity of his new landlord. If you fail to give this notice to a residential tenant, any rent or service charge due from him will be treated as not being due, and so no action for non-payment can be taken (section 48 of the Landlord & Tenant Act 1987). (d) Perfecting the title. As purchaser's solicitor, ask yourself two questions: (i) does the conveyance or transfer need stamping with ad valorem stamp duty, and/or the 'particulars delivered' stamp?
This means that the risk of physical damage remains with the seller. It is therefore essential for the seller to continue to insure the property until the sale is completed, for his own protection. ) If, for example, the house burns down before completion, or is in any way physically damaged, the seller must compensate the purchaser, which will amount to the purchaser paying a reduced purchase price. e. set it aside as if it had never existed. It applies when, before completion, the change in the physical state of the property makes the property unusable for its purpose at the date of the contract.