Introduction To Conveyancing
27th October 2008
Assignment 1
Q1.
Basic client information and anti money laundering information:
Firstly I would ask for the name and address of the client. As there is no evidence in the scenario of a second purchaser, advice on co-ownership is not necessary at this stage. In order meet anti money laundering obligations, the client would be asked to provide photo ID such as a passport or driving license and a recent (not more than 3 months old) utility bill showing her current address. I would point out the firm’s policy of only accepting money in the form of a personal cheque drawn on the clients own bank account or a bankers draft.
Details of the property being purchased:
I would need the purchase price and her National Insurance number incase Stamp Duty Land Tax is payable at the end of the transaction. As the purchase price is right on the lower Stamp Duty threshold, ask the client if there are any chattels included in the sale as apportioning the costs could bring the Consideration for the purchase below the threshold and no duty would be payable. Also any details that she has regarding the property such as address, observations from having visited the property or information she got from the seller or Estate Agents (if any used). It would appear with A name like Rose Cottage and the description of it’s location, that the property is likely to be old and as such I would advise her to have a full structural survey done. Although this survey is more expensive than the others available, the client will have peace of mind that she is fully aware of the structural soundness of the property before she buys and she can ask for a reduction in the asking price or pull out of the purchase altogether if she is not happy with the results. What use will she put the property to? This is relevant to planning permission, building regulations and restriction in the title etc. Check the tenure is it Freehold or...