This is an extract of our Completion document, which we sell as part of our Property Law and Practice Notes collection written by the top tier of Cambridge And Oxilp And College Of Law students.
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Completion Date P284 Time 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) 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) 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)
P285 Method of
? By a direct transfer of cleared funds and an unconditional release of a deposit held Paymen as stakeholder (SCPC 8.7) tUnder (s.52 LPA) the transfer must be by deed & under (s.1 LP(MP)A '89) the deed must : a. Make it clear that it is a deed. For registered, it is by a Form TR1 (if registered, buyer is free to choose wording) b. 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) The Transfe r Deed
A Company can execute (sign) a deed in one of two ways:
1. By the affixing of the Co.'s seal in the 2. By being signed by either presence of and attested by two :
? two authorised signatories or
? members of the Board of Ds or,
? by a single D of the Co. in the
? A D and a Co. secretary or, presence of a witness to attest the signature
c. 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????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: o Contract & evidence of title o Transfer deed o Completion checklist and statement saying how much is needed to complete o 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???By Post (Relies on undertakings) P290 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 keysComplete and date the mortgage deed S sends balance money to his client after he ? Complete file copies of all necessary has discharged any existing mortgage on documents
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