5. Completion Flashcards
What form must a valid transfer of a legal estate take? Formalities?
Must be a DEED
1.make it clear that it is a deed
2. be signed by the parties
3. be delivered
4. IF DEED IS EXECUTED BY A PRIVATE INDIVIDUAL, signature must be witnessed by an independent witness to counter potential allegation of undue influence
How can a company execute a deed?
- Using company seal in accordance with the articles of association
- Having it signed by a director and secretary, or by two directors of the company, provided that the deed is expressed to be executed by the company
- having it signed by a single director in the presence of a witness who them attests that signature
Who executes the deed?
- The seller (always)
- the buyer if they are entering into an obligation or making a declaration in the TR1 like an indemnity covenant or declaring a beneficial interest under a trust
Transfer Deed: Registered Freehold Land
Form TR1
- or TP1( deed for transfers of part)
When should form TR1 be dated?
Only on completion
Form TR1: What does the buyer put for their ‘address’
Should put new address (and can include an email) so that correspondence will go to the new house
In Panel 8 of TR1: how should purchase price be communicated?
In figures as well as words (?VAT)
Land Registry Search: After Completion for Registered Land
Form OS1 for whole property or OS2 for sale of part (with title plan attached)
- will confer priority period on applicant form date of results sent
- buyer must submit application for registration by NOON on last day of priority period to take advantage
How long is the priority period with Form OS1R and OS2R
30 working days from the date of the search result
Pre-Completion Searches: Unregistered Land
Land charges search on Form K15 (results on form K18)
- Priority period
How long is the priority period conferred by form K18
15 working days
