Business Law Assignment
Assignment 1
You work for Tract and Co, Licensed Conveyancers of High Street, Northtown, Cornwall. You have an appointment with a new client, Miss Helen Troy.
At your meeting, she tells you that she would like to purchase Lilac Cottage on the edge of the picturesque village of Trepolpen. The price will be £125,000.
1. Briefly outline the matters which you will discuss with your client at this contact. (15 marks)
If not already known, I would request Miss Troy’s full name and address, and a photographic ID, in order to perform client due diligence tests, i.e. checking for conflicts of interest, and checking her identity as a precaution against potential mortgage fraud and money laundering. The date would be noted and full contact …show more content…
There is a history of contamination in England and Wales since the industrial revolution, and it would be necessary to perform this check to protect Miss Troy, in case she bought contaminated land which she could then be responsible to remediate at her own expense. She would then also be likely to file a claim in negligence against Tract & Co.
A typical report such as an RPS Environmental Risk certificate would have sections on statutory registers, site history, mining and radon, and flooding. The statutory registers section would identify nearby industrial processes or installations such as landfill or waste management sites. The site history would show the past and present industrial uses of the land, to identify if any of them may have been contaminative. Mining and radon gas issues relating to the area would be shown, as these are the main sources of insurance claims. Finally the flooding section would reveal any risk, such as the distance from the property to potential groundwater or tidal …show more content…
For example the sellers name should match those given in the Official Copies or unregistered title deeds.
The ‘Date’ section should be left blank until contracts are exchanged. The seller’s full names should be given, and correspond with the Property Register or the last conveyance. The buyers name may be left off until near to exchange.
There should be a Property/Title description that is clear and specifies the tenure of the title (freehold or leasehold) and the class of the title e.g. Absolute, Good leasehold etc. I would be looking for concise and accurate language and terms, as inaccuracies could lead to an action in mis-description or misrepresentation.
A title number/root of title should be present, as given in the Property Register, or conveyance more than 15 years old.
Specified incumbrances should be shown, as they are the seller’s duty to disclose, and include old and new covenants, reservations etc. Also, if appropriate, Greensward & Co. should include a reference to an indemnity covenant. This section, for brevity, will often class the incumbrances as ‘matters referred to in the Property and Charges Register of the
You work for Tract and Co, Licensed Conveyancers of High Street, Northtown, Cornwall. You have an appointment with a new client, Miss Helen Troy.
At your meeting, she tells you that she would like to purchase Lilac Cottage on the edge of the picturesque village of Trepolpen. The price will be £125,000.
1. Briefly outline the matters which you will discuss with your client at this contact. (15 marks)
If not already known, I would request Miss Troy’s full name and address, and a photographic ID, in order to perform client due diligence tests, i.e. checking for conflicts of interest, and checking her identity as a precaution against potential mortgage fraud and money laundering. The date would be noted and full contact …show more content…
There is a history of contamination in England and Wales since the industrial revolution, and it would be necessary to perform this check to protect Miss Troy, in case she bought contaminated land which she could then be responsible to remediate at her own expense. She would then also be likely to file a claim in negligence against Tract & Co.
A typical report such as an RPS Environmental Risk certificate would have sections on statutory registers, site history, mining and radon, and flooding. The statutory registers section would identify nearby industrial processes or installations such as landfill or waste management sites. The site history would show the past and present industrial uses of the land, to identify if any of them may have been contaminative. Mining and radon gas issues relating to the area would be shown, as these are the main sources of insurance claims. Finally the flooding section would reveal any risk, such as the distance from the property to potential groundwater or tidal …show more content…
For example the sellers name should match those given in the Official Copies or unregistered title deeds.
The ‘Date’ section should be left blank until contracts are exchanged. The seller’s full names should be given, and correspond with the Property Register or the last conveyance. The buyers name may be left off until near to exchange.
There should be a Property/Title description that is clear and specifies the tenure of the title (freehold or leasehold) and the class of the title e.g. Absolute, Good leasehold etc. I would be looking for concise and accurate language and terms, as inaccuracies could lead to an action in mis-description or misrepresentation.
A title number/root of title should be present, as given in the Property Register, or conveyance more than 15 years old.
Specified incumbrances should be shown, as they are the seller’s duty to disclose, and include old and new covenants, reservations etc. Also, if appropriate, Greensward & Co. should include a reference to an indemnity covenant. This section, for brevity, will often class the incumbrances as ‘matters referred to in the Property and Charges Register of the