This is an extract of our Conveyancing Forms 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:
Application by Purchaser for official search with priority of the WHOLE of the land pending first registration
Purpose: Update knowledge of title from previous search, ensure there are no new incumbrances - search against title number
If taking out a Mortgage:
o Panel 8 - must search in name of the lender if the buyer is buying with the aid of a mortgage
Panel 9 - check "take a registered charge"
o * Searching in name of lender protects lender and buyer from new incumbrances
If cash buyer:
o Panel 8 - buyer's name only
Panel 9 - check "purchase" in first box
Results of OS1 Search
Get OS1R back and have 30 working days from then to be protected from adverse registrations
The Buyer must:
2. Pay SDLT
3. Apply to register
Priority Period [PP] acts as a 'shield' over the land to prevent others from registering interests over the land.
Although B's solicitor can renew OS1 search, if another party had submitted an adverse registration during the PP of the previous OS1 search, this now takes priority over new search.
Adverse Matters revealed by Pre-Completion Searches
Post-exchange requisitions barred [SC 4.2.1/ SCPC 7.2.1]
o BUT: S can only rely on bar if he has disclosed and acts in good faith -
can't be relied on if in breach
If a new incumbrance comes up post-exchange, bar doesn't apply [SC 4.2.2/ SCPC 7.2.2] - S
should have disclosed, so is in breach of SC 3.1/ SCPC 4.1
In these circumstances, B & S must follow set timetable [SC 4.3.1/ SCPC 7.3.1]
The Transfer of WHOLE of Registered Title
Panels 4 & 5
Transferor = seller, Transferee = buyer
Include Co. registered no. here if applicable
Do NOT include addresses here
Address to which Buyer will want docs sent in the future
Price of land only (not contents)
If VAT is payable, include in this figure
*Leave blank if sole buyer.*
If more than one buyer:
1st box if JTs
3rd box if:
2 box if TiCs - LR will automatically enter
TiCs in unequal shares the restriction on the Proprietorship
Trustees holding for 3rd parties
Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.