Overview

This module will include but will not be limited to the following topics:

1. The key elements of a freehold and/or leasehold residential or commercial property transaction.
2. Investigation of a registered or an unregistered freehold and/or leasehold title.
3. Pre-contract searches and enquiries undertaken when acquiring a freehold and/or leasehold property.
4. Steps in progressing a freehold and/or leasehold property transaction to exchange of contracts.
5. Pre-completion steps relevant to a freehold and/or leasehold property transaction.
6. Completion and post-completion steps relevant to a freehold and/or leasehold property transaction including remedies for delayed completion.
7. The grant and the assignment of a commercial lease and/or underlease.
8. The key lease covenants in a commercial lease and the law relating to their breach.
9. Security of tenure under the Landlord and Tenant Act 1954 Part II.
10. Taxation of property transactions through Stamp Duty Land Tax, Land Transaction Tax, Value Added Tax and Capital Gains Tax.

Assessment Strategy

-threshold -Threshold: D- to D+ (40-49%) An answer which, while predominantly correct in its presentation of material, contains a significant level of error and is therefore not entirely reliable. -good -Good: B- to B+ (60-69%) High Standard: A comprehensive answer, containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in an argument which, while clear, logical and critical, leaves room for improvement in its construction and presentation. An answer which shows complete competence in the subject. -excellent -Excellent: A- to A* (70+%) An outstanding answer containing all the material relevant to the question and no irrelevancy, all the material and references being accurate and correct, there being no inaccuracy or error, the whole presented in a clear, logical, critical argument with little room for improvement. An answer which demonstrates a complete mastery of the subject. -another level-C- to C+ (50-59%) An answer which, while always in the main accurate and correct, fails to distinguish between relevant and irrelevant material and is lacking in criticism. An answer which while reliable with regard to correctness is either not comprehensive or not entirely pertinent.

Learning Outcomes

• Correctly evaluate what easements and covenants need to be negotiated in a conveyancing transaction.

• Correctly identify the applicability of relevant taxes to a given transaction, namely Capital Gains Tax on sales and VAT and options to tax in respect thereof in relation to both freehold and leasehold commercial property.

• Demonstrate comprehensive knowledge of the applicability of the security of tenure provisions under Part II of the Landlord and Tenant Act 1954 and when to contract out of that Act.

• Demonstrate comprehensive knowledge of the various searches which need to be undertaken in a conveyancing transaction both pre and post exchange of contracts.

• Demonstrate the ability to act honestly and with integrity and in accordance with the SoSC, the SRA Principles and the Code of Conduct, and in particular to be able to identify when a client will need separate representation.

• Effectively apply the time limits and formalities on completion and post completion of leasehold and freehold property transactions.

• Show a critical understanding of the differences between freehold, leasehold and commonhold.