The Practical Lawyer

In a falling property market, it is not surprising that many buyers are wanting to back out of contracts that were exchanged at the height of the market. However, what can a reluctant buyer do when the seller serves a notice to complete?

When will a defaulting buyer have his deposit returned to him? Given that an increasing number of buyers are finding themselves unable to complete contracts that were exchanged when the property market was less gloomy, this is an issue of considerable importance.

As is well known, forms AP1, DS2 and FR1 now include ‘confirmation of identity’ panels.

Increasing numbers of (desperate?) homeowners are trying to sell their homes via competitions. In response to this increase, the Law Society has issued guidance.

Under the standard conditions, completion must normally take place before 2pm. However, if money is received after 2pm, then another day’s interest is due (but does not prevent completion taking place later that day). See 6.1.2.

New designated LR offices come into force on 1 April.

Suppose you are acting for a seller who is the administrator of the estate of a relative, and probate has not yet been granted. Is an HIP needed?

There is no provision in the Standard Conditions allowing a buyer to rescind if the lender withdraws a mortgage offer.

One way of selling a property is as the prize in a raffle draw. But, such house competitions run the risk of falling foul of Gambling Act 2005.

A Property Information Questionnaire has to be included in a Home Information Pack when the first point of marketing is on or after 6 April.