LSB Conveyancing & Notarial Practice flashcards
LSB Conveyancing & Notarial Practice · Build recall with a focused review session.
32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Fee simple absolute
- The highest estate in land, capable of lasting indefinitely and freely inheritable; one of only two legal estates surviving after 1926.
- Legal interest
- An interest in land recognised at law and binding on the world, such as an easement or charge created by deed as required by statute.
- Overreaching
- A process by which equitable interests behind a trust of land are transferred to the proceeds of sale, so a purchaser takes free of them.
- Easement essentials
- Four requirements: dominant and servient land, diversity of ownership, benefit to the dominant land, and capability of forming the subject of a grant.
- Registrable disposition
- A transfer, lease over seven years, or charge that takes effect at law only when registered under the Land Registration Act 2002.
- Overriding interest
- An interest binding a registered proprietor without entry on the register, such as a short lease or legal easement under Schedule 3.
- Land charge Class F
- A charge protecting the rights of a spouse or civil partner in the matrimonial home, registered under the Land Charges Act 1972.
- Root of title
- The document that begins the chain of title in unregistered conveyancing, usually at least 15 years old and showing a good disposition.
- Section 2 contract
- A contract for an interest in land must be in writing, contain all agreed terms, and be signed by or on behalf of each party.
- Exchange of contracts
- The moment when the parties become contractually bound, usually with a 10% deposit held by the seller's solicitor as stakeholder.
- Protocol forms
- Standard pre-contract enquiries and property information forms (TA6, TA7, TA10) completed by the seller and relied on by the buyer.
- Time of the essence
- A contractual stipulation that a specified date is critical, so failure to complete on time entitles the innocent party to terminate.
- Local land charges
- Statutory charges registered by the local authority, disclosed in the LLC1 search, affecting the property and binding successive owners.
- CON29 enquiries
- Standard enquiries to the local authority covering planning, roads, and environmental matters, supplementing the LLC1 local land charges search.
- Chancel repair search
- A search revealing whether a property is subject to chancel repair liability, which binds purchasers only if registered before 13 October 2013.
- Environmental search
- A search assessing flood risk, contaminated land, radon, mining, and subsidence, informing the buyer of potential liabilities and insurance needs.
- Charge by way of legal mortgage
- The statutory form of legal mortgage over registered land, created by deed and taking effect on registration as a registrable disposition.
- Priority of registered charges
- Registered charges rank according to the date of registration, not the date of creation, under the Land Registration Act 2002.
- Power of sale
- A mortgagee's statutory power to sell the property, arising after three months' default, subject to notice and good faith requirements.
- SDLT return deadline
- A stamp duty land tax return must be filed and tax paid within 14 days of completion; late filing attracts penalties and interest.
- AP1 application
- The HM Land Registry form used to register a transfer, charge, or other registrable disposition following completion of a transaction.
- DS1 discharge
- A lender's receipt lodged with HM Land Registry to remove a registered charge from the title following repayment of the mortgage.
- Leasehold enfranchisement
- The statutory right of qualifying leaseholders to acquire the freehold collectively or to extend their leases under the 1993 Act.
- Section 20 consultation
- A landlord must consult leaseholders before major works or long-term agreements exceeding the statutory threshold, or costs may be capped.
- Commonhold
- A form of land ownership where units are held in freehold and the common parts are managed by a commonhold association under the 2002 Act.
- Exclusive possession
- The right to exclude all others, including the landlord, from the property; a key indicator that an arrangement is a lease, not a licence.
- Section 21 notice
- A landlord's notice seeking possession of an assured shorthold tenancy without proving fault, subject to statutory conditions and timing rules.
- Forfeiture
- A landlord's right to terminate a lease for breach of covenant, subject to notice and the tenant's right to relief under statute.
- Apostille
- A certificate under the Hague Convention 1961 authenticating a notarial signature and seal for use in another member state.
- Protest
- A formal notarial declaration that a bill of exchange or promissory note has been dishonoured, preserving rights in certain jurisdictions.
- Customer due diligence
- Identity verification and risk assessment required by the Money Laundering Regulations 2017 before acting, with enhanced measures for high-risk clients.
- Suspicious activity report
- A report to the National Crime Agency disclosing suspected money laundering; tipping off the client about the report is a criminal offence.