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LPC Law Notes Property Law and Practice Notes

Completion Notes

Updated Completion Notes

Property Law and Practice Notes

Property Law and Practice

Approximately 490 pages

A collection of the best LPC PLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".

In short these are what we believe to be the strongest set of PLP notes available in the UK this year. This collection of notes is fully updated for recent exams, a...

The following is a more accessible plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:

Date

P284

  • If none is stipulated, then it is the 20th working day after exchange takes place and time is not of the essence (SCPC 8.1)

Time

P284

  • If it is not completed by 2pm on the completion date then completion is treated as having taken place on the next working day (SCPC 8.1.2) and compensation for delay is likely under (SCPC 9.3)

Place

P285

  • If it is in England & Wales, then it is the seller’s solicitor’s office or some other place that the seller reasonably specifies (SCPC 8.2)

Method of Payment
  • By a direct transfer of cleared funds and an unconditional release of a deposit held as stakeholder (SCPC 8.7)

The Transfer Deed
  • Under (s.52 LPA) the transfer must be by deed & under (s.1 LP(MP)A ’89) the deed must :

  1. Make it clear that it is a deed. For registered, it is by a Form TR1 (if registered, buyer is free to choose wording)

  2. Be signed by the seller (s.52 LPA)(and buyer if contains a covenant or declaration on B’s behalf). Signatures by private parties must be witnessed (to counter allegations of undue influence)

A Company can execute (sign) a deed in one of two ways:

1. By the affixing of the Co.’s seal in the presence of and attested by two :

  • members of the Board of Ds or,

  • A D and a Co. secretary or,

2. By being signed by either

  • two authorised signatories or

  • by a single D of the Co. in the presence of a witness to attest the signature

  1. Be delivered (LP(MP)A’89 s.1). Letter to client accompanying the letter should: explain purpose and contents of the TR1 / instructions regarding execution / deadline for return / ask not to date the TR1

In Person P287 By Post (Relies on undertakings) P290
  • B phones S to arrange the appointment

  • All the documents are executed prior to completion and held by S

  • B attends S’s office and takes with him:

    • Contract & evidence of title

    • Transfer deed

    • Completion checklist and statement saying how much is needed to complete

    • Documents (e.g. release of deposit, surrender of tenants, insurance policy, etc.)

  • B to check the title documents and evidence of title previously sent

  • B to arrange money to be sent electronically (SCPC 8.7)

  • S undertakes to discharge the old mortgage (wording of undertaking P289)

  • S hands over title and relevant documents

  • New mortgage is put in place

  • Solicitors report to their clients

  • Use Law Society’s Code for Completion by Post

  • B sends written instructions and necessary documents (see In Person) to S (who acts as B’s agent – at no cost)

  • B sends the funds to S by direct transfer

  • Once S receives the money, they will carry out B’s instructions as requested

  • S then phones B to confirm completion and sends on all the documents on to him by 1st class post or document exchange

Upon Effective Completion (p294-296 Prop Law & Practice)
Seller’s Solicitor Buyer’s Solicitor
  • Phone estate agent to release the keys

  • S sends balance money to his client after he has discharged any existing mortgage on the property (send transfer money to lender and send Form DS1 requesting lender to discharge the mortgage)

  • Send bill to client along with letter reminding them to notify the Local Authority, insurer and water authority to notify them of the change in owners

  • Deal with any remaining deeds or documents as per the client’s instructions (pay estate agents)

  • Complete and date the mortgage deed

  • Complete file copies of all necessary documents

  • Stamp documents (with buyer present)

  • Ask to be released from any undertaking

  • Send bill to client

  • Acknowledge receipt of DS1 (discharged mortgage)

  • Certify documents for registering title and company charges and send to Land Registry and CH

  • Register the title using either AP1 (reg) or FR1 (unr) within the priority period (See below)

  • Discharge any C(iv) entries

  • Land Registry provides Title Information Document (TID) as confirmation of buyer’s ownership.

  • Store the deeds as instructed by your client

Post-Completion (p. 297-300)
Undertakings
  • Any Undertakings must be honoured and any obligations accepted must be fulfilled.

  • Once performed the undertaker asks the recipient to release him from his undertaking. Release is made by letter, or by returning the original undertaking. Evidence should be kept in file.

Land Transactions Returns and SDLT
  • Certain documents attract Stamp Duty Land Tax (SDLT) payable to HMRC within 30 days of completion.

  • SDLT is payable on value of land but not on chattels (see SDLT Rates Chart)

  • Evasion of SDLT causes fines and penalties

  • A land transaction return Form SDLT 1 must be submitted for each transaction

  • Buyer is personally responsible for completing this tax return (buyer signs personally)

  • Form SDLT 1, together with payment, is submitted to HMRC in Liverpool.

  • Transfer deed need not be submitted

  • HMRC issues a certificate of payment...

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