This is an extract of our Completion And Post 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.
The following is a more accessble 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 and post-completion
Role of the Buyer's Solicitor
DRAFT PURCHASE DEED - it must be a deed (s.52 LPA) in order to transfer the legal estate. o
In registered land this is a TR1 form.
SUBMIT REQUISITIONS ON TITLE - these are queries on the title sent to the seller's solicitor. o
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. o
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 DEED - form TR1
FINANCE - CHECK THEY ARE IN PLACE o
Completion Statement - buyer's solicitor receives from seller's solicitor showing the amount the seller requires to complete.
Financial Statement - send 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 o
Form MG01 plus fee
Applicable for all freehold transactions:
Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.