The following Property practice note provides comprehensive and up to date legal information covering:
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice. For the purposes of this Practice Note, we refer to the parties to the transaction as the seller and the buyer and the document effecting the disposition as the transfer. Covenants for title are warranties and are set out in sections 1–13 of the Law of Property (Miscellaneous Provisions) Act 1994 (LP(MP)A 1994) and apply to both freehold and leasehold transactions. While often considered boilerplate provisions, it is important that both the buyer and the seller are aware of the effect of the title guarantees and implied covenants, how they apply in different scenarios and what amendments should be made to them.
A seller will usually sell with either ‘full title guarantee’ or ‘limited title guarantee’, or with their Welsh equivalents, gyda gwarant teitl llawn and gyda gwarant teitl cyfyngedig (the key words). Inclusion of those key words in the transfer automatically confers the statutory covenants for title into the transfer without the need to set them out expressly in the document itself. If those key words are omitted, no guarantee is implied.
The title guarantee runs
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
This Practice Note discusses Term Loan B (TLB) facilities which frequently appear as a tranche of senior facilities in syndicated loans in leveraged financings. TLBs are an established feature in the US market and increasingly used in the European lending market for institutional investors.This
ContractWhere a contract is made by two or more parties it may contain a promise or obligation made by two or more of those parties. Any such promise may be:•joint•several, or•joint and severalWhether an undertaking is joint, several, or joint and several in contract is a question of construction
The roles of nominated officer and money laundering reporting officerA nominated officer is an individual who is nominated by a firm to receive disclosures under Part 7 of the Proceeds of Crime Act 2002 (POCA 2002) or Part III of the Terrorism Act 2000 (TA 2000)—see Requirement to appoint a
This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.