Report on title

by Practical Law Property

A standard document that provides a framework for a solicitor's report on title to a client purchasing either freehold or leasehold property in England or Wales. This report on title helps legal advisors structure their findings from the property due diligence process, covering key aspects of the transaction. The standard document emphasises the importance of conducting thorough due diligence and provides sections for reporting on the results of the title investigation and property searches, including local authority, drainage, environmental, flood risk and climate risk searches, and significant issues such as incumbrances, planning permissions and building regulations. The framework also covers important commercial considerations like the purchase price, deposit arrangements, and tax implications, including Value Added Tax (VAT), Stamp Duty Land Tax (SDLT), and Land Transaction Tax (LTT). The report advises on the implications of leasehold versus freehold ownership, highlighting potential costs and legal responsibilities. Legal advisors are encouraged to tailor the report to the specific transaction, ensuring it meets the buyer's needs and addresses any outstanding matters. The report serves as a valuable tool for assessing the quality of title and identifying potential risks .