4. Completion Flashcards
OS1 search - what is this?
The OS1 ascertains from the Land Registry whether any further entries have been made on the register of title since the date of the Official Copies used to investigate title
When should you carry out an OS1 search and why is it done?
Must always carry this out.
The search confers a priority period of 30 working days from the date of the certificate.
Gives the buyer protection against any additional entries made on the register during the priority period. The buyer will take the property free from any additional entries made on Title during the priority period provided that he submits his application for registration before the end of the priority period.
If the buyer is responsible for late completion, what might the seller be entitled to?
Compensation under SCPC 10.3.
Could bring a civil claim for damages.
May serve a notice to complete, requiring the parties to complete in 10 working days. If a buyer fails to complete in this period then a seller may rescind the contract.
If the seller is responsible for late completion, what might the buyer be entitled to?
No contractural right to compensation, they will have to bring a civil claim for damages for breach of contract.
Buyer may serve a notice to complete, requiring the parties to complete in 10 working days. If the seller fails to complete in this period then a buyer may rescind the contract.
What are the three methods of completion?
- Personal attendance
- Post
- Telephone (most commonly used in practice)
Who will discharge the mortgage and what are the time limits for doing so?
Seller’s solicitor; immediately on receipt of completion monies
Who will pay SDLT and what are the time limits for doing so?
Buyer’s solicitor; tax is payable within 14 days of completion
Who will register any charge at Companies House and what are the time limits for doing so?
Buyer’s solicitor; must be registered within 21 days, beginning with the day after the mortgage deed was created
Who will register the buyer as the legal owner with the Land Registry and what are the time limits for doing so?
Buyer’s solicitor; the application must be made before the expiry of the priority period of 30 working days given by the OS1 search
What is Form AP1?
The form used to register a buyer as the legal owner of a property with the Land Registry
What is Form TR1?
The form used to record the transfer of legal ownership of the property between parties
