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Specific Performance as remedy for breach of contract
Specific performance of a contract is an equitable remedy and only available at the discretion of the court. But it is not uncommon in the case of sale of land because no two pieces of land are similar and damages … Continue reading
Property sale contract: misrepresentation and consequences
By the legal definition, misrepresentation refers to an untrue statement of fact made by one party, and which is not only relied upon by the aggrieved party but also induces him to enter the contract, causing him to suffer loss. … Continue reading
Rescission of property sale contract
Rescission in the context of conveyancing is often referred as a remedy in the case of contracts where there has been a problem due to misrepresentation, fraud, mistake, etc. The following explains about rescission in detail, including the contractual right … Continue reading
Breach of contract in property sale transaction
A contract for the sale of land is similar to other contractual agreements and is hence subject to the general principles of the law of contract. Contractual remedies are available to a person, but only to an extent where there … Continue reading
Compensation for delay in property sale completion
Compensation is to be paid for any delay caused. Besides compensation, common law also lays out rules for payment of interest. The following discusses the different provisions mentioned in Standard Conditions. These are often considered inadequate and hence parties refer … Continue reading
Chain transactions and delay in property sale completions
In the case of chain transactions, delay in completion assumes significance. Thus, if sale is not completed in one transaction, he may not have the money (from the proceeds of sale) to pay for another transaction with which this sale … Continue reading
Service of notice if completion doesn’t happen as planned
When it appears that a property sale contract is not likely to be completely any time soon, the aggrieved party may consider serving a fresh notice where time is made the essence of the contract. A new date of completion … Continue reading
Delayed completions in property sale transactions
There are several reasons why completion can be delayed and is not effected on the contractual date. Some instances of delay include, the buyer not being able to get funds from his lender, and delay caused by the seller being … Continue reading
Registering of title after property sale completion
The time limit prescribed for submission of application of registration should be complied with. This time limit and the effect of non-compliance depend on whether it is the first registration or whether registration is for land that is already registered. … Continue reading
What are Land Transaction Returns and SDLT?
Sometimes, certain documents require payment of SDLT to the HMRC within 30 days of completion of transaction. This article discusses the method of payment and other details regarding SDLT. SDLT is to be paid only on the value of the … Continue reading
Buyer conveyancer’s job after property sale completion
A conveyancing solicitor’s job does not end with completion; there are a number of things that are to be dealt with immediately. The following are the steps to be undertaken by the conveyancing solicitor acting on behalf of the buyer. … Continue reading
Seller conveyancer’s job after property sale completion
A conveyancing solicitor’s job does not end with completion; there are a number of things that are to be dealt with immediately. This article explains the steps to be carried out in most transactions, although some of them may not … Continue reading
Property sale completion through post
It is uncommon (especially for residential transactions) for the conveyancing solicitor to attend the completion personally. Usually, this is arranged by post, but the arrangement should be discussed early, i.e. at the time of sending the requisitions for title. The … Continue reading
Property sale completion by personal attendance
While it is common for completion to be undertaken through post in residential conveyancing, sometimes when the transaction is complicated, they are undertaken by personal attendance of solicitors of both parties. The following article discusses these in detail. What happens … Continue reading
Procedure of disbursing money in property sale transaction
This article discusses about the procedure involved in disbursing money. Details such as method of payment, discharge of seller’s mortgage, release of deposit etc. are also discussed. Method of payment As per both the standard conditions, the consideration for the … Continue reading
Regulations about place of property sale completion
This article discusses the place where completion is effected; both in the case of chain transactions and when completion is done by post. By SC 6.2 (SCPC 8.2) completion for property in England and Wales should be either at the … Continue reading
Regulations about time of property sale completion
Time is of importance when a residential transaction is dependent on receipt of money from the related sale transaction. The following article explains the significance of time in a transaction. A conveyancing solicitor should make sure that all arrangements are … Continue reading
Regulations about date of property sale completion
This article explains the importance of choosing the right completion date. It also explains the consequences of a delay in effecting completion. The date of completion is discussed between the seller and the buyer before the exchange of contract. Such … Continue reading
Purpose and effect of a property sale completion
This article explains how the process of completion affects different people involved in the transaction. The parties to the transaction, i.e. the buyer and the seller would be undoubtedly excited. But for a conveyancing solicitor, it is a part of … Continue reading
Property sale completion checklist
The conveyancing solicitor in charge of preparing the completion statement should make a checklist of the important things to be included so that nothing is overlooked. This article lists out the things that should be checked. When a person is … Continue reading
Seller conveyancer’s financial statement to buyer
The seller’s conveyancing solicitor is required to send a statement to the buyer’s conveyancing solicitor explaining him the remaining money required to complete the transaction. The buyer’s conveyancing solicitor should check this statement for accuracy and inform of any discrepancies … Continue reading
Buyer conveyancer’s financial statement to client
The buyer’s conveyancing solicitor should arrange for a financial statement to be sent to his client stating the total sum due from him on completion and a brief explanation as to how this was calculated. In addition to these matters, … Continue reading
What are land transaction returns?
Once a property sale completion is over, the land transaction must be returned to the HMRC informing them about the details of the transaction and the buyer. This procedure should be followed even when SDLT is not payable. Form SDLT1 … Continue reading
Completion statement in property sale transaction
A completion statement refers to the statement prepared by the seller’s conveyancing solicitor indicating the amount of money required to complete the transaction and how the figure is arrived at. This article discusses about the checklist to be prepared when … Continue reading
Apportionment of charges prior to property sale completion
Outgoings such as water or rent should be settled before completion. But in instances when this is not done, outgoings on the land can be split between the parties to the contract. This article discusses about the process undertaken to … Continue reading
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