LPC Real Estate 1

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  • Created by: James80pk
  • Created on: 07-03-18 16:04
What is the SCPC 'Contract Rate' at 1.1.1(e)?
Law Society's Interest Rate from Time to Time
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According to SCPC, when is VAT payable on purchase price?
When there is a change in the law relating to VAT on the sale of the property prior to completion, in which case VAT will be payable on the purchase price
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When does SCPC state that completion date must be?
20 working days after the date of the contract but time is not of the essence of the contract unless notice to complete has been served (i.e. completion date = condition of contract)
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In the SCPC, an error or ommission only entitles the buyer to rescind error or ommission results from fraud or recklessness, or where the buyer would be obliged to accept property differing substantially from that which error or the contract where...
Error or ommission results from fraud or recklessness, or where the buyer would be obliged to accept property differing substantially from that which error or ommission has led it to expect
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Who can be liable to pay compensation under Clause 9 of the SCPC for late completion?
The buyer, if he defaults in peforming his obligations under the contract and completion is delayed, buyer must pay compensation to the seller
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How is compensation for Late Completion calculated under Clause 9.3.2 SCPC?
At the contract rate on the purchase price (less any deposite paid) for the period between completion date and actual completion but ignoring the period during which the seller was in default
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What SCPC terms apply if Buyer fails to complete in accordance with notice to complete, what may the seller do if he rescinds the contract?
The seller may forfeit and keep any deposit and accurred interest, resell the property and claim damages; buyer returns documents to seller and cancels any registration of the contract
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What SCPC terms apply if Seller fails to complete in accordance with notice to complete, what may the Buyer do if he rescinds the contract?
Desposit to repaid to Buyer with accrued interest and buyer returns any documents received from seller, and seller pays for cancellation of any registration of the contract
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Notice to Complete: When may a party who is ready able and willing to complete issue a notice to complete?
Any time on or after completion date
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When are parties to complete the contract after notice to complete is given?
Within 10 working days, excluding day on which notice was given
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When can Law Society's Formula A be used?
If the seller's solicitor is holding one part of the contract signed by their own client and the other part signed by the buyer
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When can Law Society's Formula B be used?
It should only be used if the buyer's solicitor is holding one part of the contract signed by the buyer and the seller's solicitor is holding one part of the contract signed by their own client
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What can the buyer's solicitor do if the Law Society's Forumla B is used without amendment?
The buyer's solicitor will give an undertaking that day to send a banker's draft or solicitor's client account cheque for any agreed deposit to the seller's solicitor
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What must happen under Formula B if either part of the contract has been amended since it was originally prepared?
The solicitor who holds the part contract with the amendments must disclose them, so that it can be confirmed that the other part is similarly amended
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What is Stamp Duty Land Tax (SDLT) paid on?
Value of land, not chattels
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When is SDLT payable to HMRC?
Within 30 days of completion
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What is SDLT charged on?
Freehold and Leasehold property transactions at different rates depending on type of property, purchase price, or rent
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Where is does a sale not give rise to VAT?
Sale of residential property by private individual
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What is building is subject to standard rate VAT?
New commercial building
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Which building is exempt from VAT but subject to the option to tax?
Old commerical building
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What property/building will be zero rated for VAT purposes?
Sale of residential property by developer will be zero rated for VAT purposes and so no VAT will be paid by the buyer
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What Form is submitted for each SDLT transaction?
Form SDLT1
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Who signs the Stamp Duty Land Tax Form?
Buyer
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In abscence of express agreement, when does SCPC provide that completion shall take place?
Twentieth working day after exchange of contracts
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What does 'time is not of the essence' mean in relation to the status of the completion date?
The stipulation as to time merely has the status of a contractual warrenty and not a condition, and the delay would not itself entitle the innocent party to withdraw from the contract at that stage
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What does SCPC 8.1.2 provide for?
If completion does not take place by 2pm on the day of completion, interest for late completion becomes payable, i.e. completion deemed to have taken place on the next working day
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After completion, when should transfer of land which is already registered be registered at the Land Registry?
The priority period conferred by the OS1 search carried out before completion on the buyer's behalf
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Other cards in this set

Card 2

Front

According to SCPC, when is VAT payable on purchase price?

Back

When there is a change in the law relating to VAT on the sale of the property prior to completion, in which case VAT will be payable on the purchase price

Card 3

Front

When does SCPC state that completion date must be?

Back

Preview of the front of card 3

Card 4

Front

In the SCPC, an error or ommission only entitles the buyer to rescind error or ommission results from fraud or recklessness, or where the buyer would be obliged to accept property differing substantially from that which error or the contract where...

Back

Preview of the front of card 4

Card 5

Front

Who can be liable to pay compensation under Clause 9 of the SCPC for late completion?

Back

Preview of the front of card 5
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