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LPC Law Notes Property Law and Practice Notes

Completion And Post Completion Notes

Updated Completion And Post 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:

  • Draft purchase deed – it must be a deed (s.52 LPA) in order to transfer the legal estate.

    • In registered land this is a TR1 form.

  • Submit requisitions on title – these are queries on the title sent to the seller’s solicitor.

    • A series of standard questions which obtain practical information about the completion arrangements (e.g. keys, which bank account to put money into, any new information, confirmation of mortgage discharge upon completion).

      • SCS 4.3.1/SCPC 6.3.1 – the seller’s solicitor must reply in 4 working days.

  • Pre-Completion Searches – these essentially ask whether there have been any changes to the title. They have the effect of freezing the title for 30days.

    • Registered Land:

      • Do a Form OS1 search at the Land Registry to see if any further entries have been made since the date the official copies were supplied (the ‘search from date’). NOTE: if the buyer is taking out a mortgage, the application is in the NAME OF THE LENDER.

        • Sending this form gives a 30 day priority period from the date of the search result. This means the buyer will take priority over any entries placed on the register during the period, provided the buyer applies to register the purchase within the period.

      • Do a bankruptcy search: if an individual use Form K16. If the seller is a company, do a companies house search against it to confirm it exists. The OS1 search will catch out any bankruptcy issues.

    • Unregistered Land: send Form K15 to the Central Land Charges Department to enquire against the seller and all previous known owners of the land. This gives a protection period of 15 working days in which to complete.

  • Draft purchase deedform TR1

  • Finance – CHECK THEY ARE IN PLACE

    • Completion Statement – buyer’s solicitor receives from seller’s solicitor showing the amount the seller requires to complete.

    • Financial Statementsend to buyer showing the total sum due (inc. your fees) in order to complete.

Completion

Methods of completion

  • Personal attendance

  • By post or by telephone – means completion on the phone with original documents to follow by post

Role of Buyer’s solicitor

  • Ensure purchase deed executed by the buyer

  • Ensure requisitions answered satisfactorily

  • Check title documents upon receipt

  • Pay completion monies

  • Get an undertaking from seller’s solicitor that the mortgage has been redeemed (this is usually via simple confirmation from the lender or a DS1 form).

Post-Completion

Companies House

Applicable where the buyer is a company:

  • Register new mortgage within 21 days of the date of the charge

    • Form MG01 plus fee

HMRC

Applicable for all freehold transactions:

  • Pay any SDLT within 30 days of completion

    • Submit Land Transaction Return Form (SDLT 1)

  • Obtain SDLT 5 certificate of payment

Land Registry Application
  • Register the purchase and any new mortgage taken out within the priority period of 30 days (or 2 months if unregistered) after the Form OS1 search (or OS2 search if sale of part)

  • Application made on Form AP1 and sent to LR with fee and the below documents.

  • Check the official copies updated after the application completed (this will be issued by the LR as a Title Information Document).

Also lodge at LR
  • SDLT 5

  • DS1 for any existing mortgage (or form DS3 if sale of part)

  • The purchase deed – Form TR1 (Form TP3 if sale of part)

  • A new mortgage (if any)

  • Any other documents (e.g. death certificates, deeds of appointment of second trustee)

Mortgagee’s (lender’s) on the Charges Register

  • One mortgagee – the LR will remove the mortgage on the registration of the purchase without the need for any documentary evidence.

  • More than one mortgagee – it may be necessary to provide evidence to the LR that another mortgage has been repaid. If there is another mortgage registered before that of the selling mortgagee, the proceeds of sale must be used as laid out below in accordance with s.105 LPA:

    • To pay off the first registered mortgage

    • Pay any costs incurred in carrying out the sale

    • Pay off the selling mortgagee’s mortgage

    • Residue goes to seller

In such cases, the selling mortgagee needs to provide evidence that it has paid off the mortgage which had priority.

Remedies

1) Delayed completion

Completion date
  • This occurs where completion doesn't take place on the completion date set out in the contract but does eventually take place.

  • If there is no completion date on the contract SCS 6.1.1 specifies that the matter will be completed 20days after...

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