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PLP > 5. Completion and Remedies > Flashcards

5. Completion and Remedies Flashcards

1
Q

O in COMP acronym

A

OS1 + other searches

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2
Q

Why is there no need to attach plan in TR1

A

Already in OC

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3
Q

What must happen by end of CLC protection period

A

Completion

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4
Q

What does S’s S do to prepare for completion

A

Replies to TA13, prepares completion statement, agrees to TR1 and arranges execution of PD

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5
Q

M in COMP acronym

A

Money

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6
Q

Who is MR01 sent to

A

CH

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7
Q

What happens to C once transaction completed

A

Merges w/ PD

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8
Q

When is a completion statement unnecessary

A

If only purchase price payable

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9
Q

Three main searches pre-completion for reg land

A

OS1, solvency search on Buyer, and on Seller

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10
Q

SDLT1 sent to

A

HMRC

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11
Q

SCPC on damages for delayed completion

A

10.3

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12
Q

How does a company execute deed

A

Executed as a deed by [C] Acting by [2Ds or 1D + CS] and then signed by both

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13
Q

When is TR1 sent to S’s S for approval

A

After exchange

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14
Q

When is final CLLS sent

A

On morning of completion

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15
Q

P in COMP acronym

A

Purchase Deed

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16
Q

How are damages under CL claim affected by SCPC damages

A

Reduced by any contractual remedy

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17
Q

Docs enclosed w/ SDLT1

A

Cheque for SDLT

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18
Q

10.5/6 SCPC

A

Rescission for delayed completion

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19
Q

7.3.1 SCPC

A

4 working days to reply to TA13

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20
Q

Docs to send to LR to register new M

A

Certificate of reg and copy of debenture

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21
Q

Who always has to execute TR1

A

Always S

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22
Q

Why might B need advance warning to complete

A

To ensure funds are cleared

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23
Q

What must Ss S check before giving undertaking to remit funds to discharge mortgage

A

Check redemption figure of M

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24
Q

What does solvency search on Seller ensure

A

Existence, no insolvency and any floating charges

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25
Q

10.3 SCPC

A

Damages for delayed completion

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26
Q

Do you put addresses of the Transferor and Transferee in the TR1

A

No

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27
Q

If new charges appear in OS1, what should B’s S do

A

Ensure S’s S undertakings extended to cover all

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28
Q

What is the completion statement

A

Shows funds for buyer to complete

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29
Q

What is the remedy if MR = fraud/recklessness/substantial difference

A

Rescission + damages

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30
Q

If time for completion varied after exchange, what must the variation be

A

Incorporated into C

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31
Q

Why does MR for substantial difference under 10.1(b) automatically mean damages also possible

A

Passes ‘material difference’ threshold in (a)

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32
Q

What is an OS1

A

Priority search

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33
Q

What happens if redemption figure of M is more than purchase price

A

Additional funds needed from S

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34
Q

When is it negligent for S to rely on undertaking to remit funds to discharge mortgage

A

Mortgage not standard, or redemption figure above firm’s professional indemnity insurance

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35
Q

What kind of TR1 is sent to LR for registration

A

Certified copy

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36
Q

When should solvency search on seller be updated and why

A

Morning of completion as no priority period

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37
Q

What does CH give if company charge regitered

A

Certificate of reg of charge

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38
Q

Form for SDLT

A

SDLT1

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39
Q

What is the priority period given by OS1

A

30 working days from OS1R

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40
Q

When do you do the OS1 search from

A

The ‘search from’ date on the OCs (FIND THE DATE AND PUT IT IN)

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41
Q

What additional Q is always included in TA13

A

If there have been any changes since exchange

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42
Q

What does S’s S check prior to completion

A

Notified of receipt of monies for completion to take place

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43
Q

Is S negligent to rely on undertaking to remit funds to discharge mortgage - case

A

No - Patel

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44
Q

Why is rescission worse than compensation/damages

A

Costs are higher, as S keeps deposit AND has CL damages claim

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45
Q

Period to register title at LR

A

Within 30 working days of OS1R

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46
Q

What does B’s S check after completion

A

Report to client + date legal charge

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47
Q

SCPC on rescission for delayed completion

A

10.5/6

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48
Q

What does LR issue once transfer registered

A

New Title Docs - check for errors

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49
Q

Who must you do the OS1 search in the name of (2 scenarios)

A

Name of Buyer UNLESS there is a mortgage, in which case in name of Lender

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50
Q

Consequences of late/no SDLT1

A

Penalty + interest + LR will refuse reg

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51
Q

When must B also execute TR1

A

Only if new covenants given, or DoT in panel 10

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52
Q

When might individual get SP under CL

A

If damages inadequate

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53
Q

When is a solvency search on Buyer carried out

A

Only if B’s S acts for Lender as well

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54
Q

What does OS1 ensure (2)

A

No new entires + priority period

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55
Q

What may happen if B does not have sufficient advance warning to get necessary funds to complete

A

May need costly bridging loan

56
Q

What do you round to when working out delayed completion remedies

A

The nearest penny (normal maths rules)

57
Q

What check is done if B = individual, to check not bankrupt

A

K16

58
Q

Doc if sale of part (what transfer deed doc)

A

TP1

59
Q

What is it called when redemption figure of M is more than purchase

A

Negative equity

60
Q

Patel ratio

A

S not negligent to rely on undertaking by S to remit funds to discharge mortgage

61
Q

When can a notice to complete be served

A

If S ready and willing, and time for completion has passed

62
Q

Three things that may be included in Panel 11 of TR1

A

Indemnity covenant, 2T and C(RoTP)A

63
Q

What does B’s S send to B for finance

A

Financial Statement

64
Q

If S had mortgage, what does B send to LR when registering

A

Copy of DS1

65
Q

What is the remedy if MR means transaction materially different

A

Damages, 10.1(a)

66
Q

What acronym is used to prepare for completion

A

COMP

67
Q

What docs are enclosed w/ MR01

A

Fee + certified copy of debenture

68
Q

Need the undertaking to remit funds to discharge mortgage be given in TA13

A

No

69
Q

When is it common to act for Lender and Borrower - kind of transaction

A

If residential

70
Q

What is 10.3 limited to

A

Buyer’s delay, so amend to include S’s delay as well

71
Q

What does B’s S check prior to completion (four things)

A

TA13 replies, TR1 signed, legal charge signed by Buyer, and funds received from Buyer

72
Q

Damages under 10.3 are what?

A

As of right - no need to prove loss

73
Q

What is the effect of OS1 on the register

A

Freezes it

74
Q

What are the remedies for title guarantee largely restricted to after completion and why

A

Damages, as C merges w/ PD once completed

75
Q

Consequences of not registering at LR within period

A

Subject to 3rd party interests reg in period, and beneficial title only

76
Q

What happens if B serves notice to complete and S fails to comply

A

B can rescind + get deposit + retain CL rights

77
Q

How does LLP execute deed

A

Executed as a Deed by [LLP] acting by two Ms, then signatures

78
Q

When are damages under 10.3 NOT available

A

B ready, wiling and able, and only delayed bc S has not vacated

79
Q

MR01 is form for

A

Company Charge

80
Q

Docs to send to discharge S’s M upon reg at LR w/ AP1

A

DS1

81
Q

What is not included in working out damages under 10.3

A

Day of completion (if time for completion hasn’t passed, even if delayed)

82
Q

C in COMP acronym

A

Completion + Undertakings form (TA13)

83
Q

From when does OS1 ensure no new entires

A

OC ‘search from’ date

84
Q

What is the usual way to complete

A

Using Code for Completion by Post

85
Q

Consequences of late/no filing of company charge

A

Invalid against a/l/c, payable on demand, S negligent and cannot register at LR w/o certificate of reg

86
Q

When are CL damages useful

A

Only if loss exceeds damages under C, or no provision for damages if S delays under SCPCs

87
Q

What must happen by end of OS1 priority period

A

Registration

88
Q

Who drafts the TR1

A

The Buyer’s solicitor

89
Q

What doc shows total payable by B to complete

A

Completion Statement

90
Q

When must SDLT1 be remitted to HMRC

A

Within 14 days of effective date

91
Q

What is the default contract rate for damages

A

4%

92
Q

Can an OS1 priority period be extended

A

No

93
Q

Who drafts TR1

A

B’s S

94
Q

What search is carried out pre-completion for unreg land + form

A

CLC, Form K15

95
Q

SCPC on default time for completion + what is time

A

2pm, 9.1.2

96
Q

Once TR1 agrees, what side forwards what

A

B’s S forwards engrossment for execution

97
Q

When must company charge be registered by

A

21 days from day AFTER charge created

98
Q

What suggests reasonable investigation on CPSEs

A

‘not so far as S is aware’

99
Q

Form to register title at LR

A

AP1

100
Q

Time to reply to TA13 for Seller’s S

A

Within 4 working days of receipt

101
Q

Why do you not need to do a separate solvency search on the Seller if they are an individual

A

Will show up on OS1

102
Q

How can parties rectify C/PD

A

At discretion of the court

103
Q

When is date for completion fixed

A

At exchange

104
Q

What does notice to complete force

A

Forces completion within 10 working days

105
Q

What check is done if B = company, to check solvency

A

At CH

106
Q

In whose names should OS1 search be done if there is a Lender

A

In the name of the Lender

107
Q

How does an individual execute deed

A

Signed and delivered by [name] In the presence of: Witness (name + address)

108
Q

When is TR1 dated

A

When funds received and docs sent by DC/1st class post

109
Q

Two ways completion can be done

A

Personally or by Code for Completion by Post (phone)

110
Q

Service of notice to complete under what SCPC - what governs serving of notices

A

1.3

111
Q

Who is TA13 sent to and why

A

Ss S for practical info on completion + undertakings

112
Q

What is the prescribed form to transfer legal estate in unreg land

A

No form, but usually TR1

113
Q

What is always excluded in Panel 11 of TR1

A

3rd party rights

114
Q

Period to complete from notice to complete

A

10 working days, EXCLUDING day of service

115
Q

What does S’s S do after completion (4)

A

Report to client, date TR1 + send docs, arrange to discharge charge, and send client balance of sale proceeds

116
Q

William Sindall ratio

A

‘Not so far as S is aware’ suggests reasonable investigation in CPSEs

117
Q

Doc for transfer

A

TR1

118
Q

Where do you copy wording for 3rd party rights exclusion

A

1.5 SCPC

119
Q

What do the Buyer’s solicitors require before they can draw up the financial statement for the Buyer

A

The Completion Statement from the Seller’s solicitors

120
Q

How does time become ‘of the essence’ to complete

A

By serving notice to complete

121
Q

When must you calculate SDLT for post-completion

A

If purchase price given (USE TABLE AT BACK)

122
Q

Why is MR under CL harder than MR under SCPC

A

B needs to prove inducement as well as error/omission

123
Q

What can be claimed if C rescinded

A

CL damages

124
Q

Docs to send for transfer of land w/ AP1

A

TR1 + SDLT5 + any other relevant docs (e.g. change of name or DoA of 2T)

125
Q

What Panel of TR1 will show 2T appointed

A

Panel 11

126
Q

When is rescission ONLY possible under 10.5/6

A

If time is ‘of the essence’

127
Q

When is the effective date for SDLT1

A

Completion, or substantial performance

128
Q

Remedies for MR under SCPCs

A

10.1

129
Q

Two undertakings S’s S gives

A

Remit funds to redeem charge and forward DS1/ED/e-DS1 upon receipt

130
Q

Why are originals not sent to LR

A

Destroyed

131
Q

What cannot be claimed if C rescinded

A

Contractual compensation under 10.3

132
Q

Why is solvency search on Seller unnecessary

A

B can rely on OC

133
Q

AP1 is form for what

A

Registering title at LR

134
Q

When does solvency search on Seller not apply and why

A

If Seller is individual, as interest of TiB would appear in OS1

135
Q

What is the protection period of CLC Form K15

A

15 working days

136
Q

What is a delay in completion if time is not of the essence

A

Only a warranty

137
Q

How do you set out 10.3 damages

A

Copy out 10.3, then work out base rate + contract rate of outstanding purchase price x delayed days

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