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Conveyancing

Cybercrime – Friday pm

According to the SRA, three-quarters or all cybercrime occurs on a Friday afternoon (usually by e-mail modification – hacking into the e-mail of a client, so that, typically, bank details can be changed). The Law Society says that one quarter of firms had been targeted by cyber criminals, with nearly one attack in ten resulting in money being stolen.

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Registration gap – pitfalls

The registration gap is the period between the date when a client completes a purchase, and the date when the client is actually registered as proprietor at the LR. During that ‘registration gap’ the buyer will merely be an equitable owner – not a legal owner.

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Property – fraud

We all know the risks of property fraud, when a fraudster impersonates a property owner and sells (or mortgages) the property.

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SDLT 3% – residential

Another example of how the SDLT 3% surcharge rules can apply – and in this instance, we illustrate the complexity (and potential absurdity) of the rules.

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SDLT 3% – residential

As we all know, an additional 3% SDLT will apply on residential purchases by individuals (buying a freehold or lease of at least seven years) of a single dwelling, if conditions A-D are met:

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Registration gap – invalid notice

Take great care when serving a notice during the registration gap (ie the period between the date when a client completes a purchase, and the date when the client is actually registered as proprietor at the LR). During that ‘registration gap’ the buyer will merely be an equitable owner – not a legal owner.

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Land Registry – private and confidential

Be very wary of marking any LR correspondence as ‘private’ or ‘confidential’. If you do that, then the chances are the LR will return the correspondence to you (or put it aside to see whether it can properly be scanned), which means it will not be deemed to have been ‘received’ by the LR – and that, in turn, may affect the priority of your application.

 

 

Overriding interest – ‘inspection’

However comprehensive the system of land registration, it is still possible to buy a registered plot of land and then discover that you do not have an unencumbered title. One way this can happen is through an occupier having an overriding interest.
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SDLT 3% – trusts

Additional 3% SDLT will apply on residential purchases by individuals (who are buying a freehold or lease of at least seven years) of a single dwelling, if conditions A to D are met:
Subscribers only...
 

SDLT 3% – residential

As is well known, the additional 3% will apply on residential purchases by individuals (buying a freehold or lease of at least seven years) of a single dwelling, if conditions A to D are met:
Subscribers only...
 


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