1.9 Freehold Estates - Post-Completion

Question 1

What must Seller’s solicitor do?

Answer 1

Transfer deeds to Buyer

Mortgage discharge

• Send redemption monies (vacating receipt/DS1) => Lender
• Pay net balance sale price => Client
• Send sealed vacating receipt/DS1 => Buyer

NO mortgage discharge

• Pay net balance sale price => Client
• Transfer cost cover monies then disbursements (from Client to Office account)

Question 2

What must Buyer’s solicitor do?

Answer 2

Complete and check transfer deeds

Complete SDLT1 form > Pay SDLT

Check issued Title Information Document

Advise Buyer re completion and registration

Within priority protection period => Send to Land Registry;

• Transfer deed
• AP1/FR1
• Mortgage certificate > Form MR01 (companies) (within 21 days of completion); SDLT5/Self-certificate + fees (within 14 days of completion)

Question 3

What must Tenant’s solicitor send to Landlord?

Answer 3

Notice re docs affecting legal title

• Transfers
• Mortgages

Relevant docs within lease period + fee (reasonable and agreed)

Question 4

What is required for registering S’s share transfers in company?

Answer 4

1) Seller gives share certificate + signed stock transfer form
2) Send request to register > Secretary

3) Either;
- Co updates members’ register + issue new share certificate in B’s name
- Co limited by guarantee > Secretary to confirm ownership change + guarantee