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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:

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

* There are two systems:

1. ED: Electronic communication sent by Lender directly to Land Registry confirming discharge of mortgage. The charge is cancelled by Land Registry upon receipt of registration application from the buyer’s solicitor

2. e-DS1: Electronic discharge submitted by Lender via Land Registry portal service

In either case: revised undertaking required to confirm that you are using electronic [TB Paras 30.7.1.10 & 31.3.5]

**There are paper and online versions – If paper, buyer must sign personally

***AN1 – agreed notice registration, UN1 – unilateral notice registration

What docs should you receive from the Seller on completion?

Mandatory: Circumstantial:
  • Completed TR1...

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