Law of Property Act 1925: Primary legislation governing real property transactions in England and Wales. Sets out requirements for land contracts, defines legal estates and interests in land, and establishes fundamental property law principles.
Land Registration Act 2002: Establishes the framework for land registration, including requirements for registration of title, priority of interests, and notice requirements for land transactions.
Consumer Credit Act 1974: Regulates credit agreements and provides consumer protection provisions. Particularly relevant if the seller is providing credit to the buyer in the installment sale arrangement.
Housing Act 1988: Addresses rights and obligations related to residential properties, particularly relevant if the property is currently tenanted or has existing occupancy agreements.
Contracts (Rights of Third Parties) Act 1999: Governs how third-party rights are handled within the contract and their ability to enforce terms of the agreement.
Money Laundering Regulations 2017: Sets out requirements for identity verification and source of funds checks in property transactions to prevent money laundering.
Consumer Protection from Unfair Trading Regulations 2008: Provides consumer protection measures, including disclosure requirements and provisions against unfair terms, particularly relevant in residential property sales.
Financial Services and Markets Act 2000: Relevant when the agreement includes regulated financial arrangements or financial services aspects.
Stamp Duty Land Tax Regulations: Governs the tax implications of the property transaction and sets out payment requirements for stamp duty land tax.
Law Society Conveyancing Protocol: Provides best practice guidelines and standard procedures for property transactions as established by the Law Society.
SRA Code of Conduct: Sets out professional obligations and client care requirements for solicitors involved in the transaction.
