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Completion Notes

LPC Law Notes > Property Law and Practice Notes

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
What method: form TA13 Enq.3
Law Society's Code for Completion by Post
Seller's Solicitor

Buyer's Solicitor 0S1- the 0S1R begins the priority period

Acts as agent for the buyer's solicitor
Holds the money transferred from the buyer until completion occurs. Kept in line by undertakings. NB: Professional conduct point.
Transfers ££ to the seller's solicitor ready for completion [SC 6.7/SCPC 9.7] usually by TT
[TA13 - Enq. 4.2 asks for S's solicitor's bank details]
COMPLETION: Legal title does NOT pass
Advise seller and buyer's solicitor that completion has occurred
Comply with undertaking s in accordance with Code:

Send completed TR1
(executed by S) to buyer's solicitor (+
original title deeds/copies of PP etc.)
Discharge existing mortgage
Provide DS1 as
Upon proof that seller's solicitor has discharged evidence of mortgage the existing mortgage (DS1), formally release discharge*
seller's solicitor from the undertaking
Comply with
Complete & submit SDLT1 Form
SDLT
to HMRC within 30 days (even requirements if no SDLT payable)**
:
Receive SDLT5 certificate
Register transaction at Cancel existing charge
HMLR using AP1 and
Remove restriction send in SDLT5 within
Register proprietor 30 working days of
Register legal charge 0S1R result.
Applications must be in Register new priority order.
incumbrances (if any -
[AN1/UN1]***)
Register restriction
(on behalf of mortgagor) RX1
REGISTRATION: Legal title PASSES

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