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Property Practice > Chapter 9: Pre-Completion > Flashcards

Chapter 9: Pre-Completion Flashcards

1
Q

What information will a seller’s solicitor require in order to prepare a Completion Statement?

A
  1. An up-to-date redemption figure
  2. Estate agent’s fees
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2
Q

What is the purpose of a completion statement?

A

To show the seller how much money they will have after completion

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3
Q

What is the Completion Information and Undertakings form?

A
  • Standard protocol form
  • Completed by seller’s solicitor
  • Provides details of where to send purchase money on completion
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4
Q

What information does the Completion Information and Undertakings form contain?

A
  • Details of client account to send money to on completion
  • Amount due on completion
  • Where keys can be collected for on the day of completion
  • Undertaking to pay off mortgage out of sale proceeds and to provide evidence of discharge once received
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5
Q

What will the seller execute when freehold property is being sold?

A

The seller executes a transfer

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6
Q

What will the seller execute when a new lease is being granted?

A

The seller will execute a lease

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7
Q

What is the purpose of the purchase deed?

A

To transfer the legal estate in the property pursuant to the contract entered on exchange

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8
Q

Who usually drafts the purchase deed?

A

The buyer’s solicitor usually drafts the purchase deed

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9
Q

What are the types of purchase deed used to transfer property?

A
  1. Conveyance (unregistered land -not used any longer)
  2. Transfer (registered and unregistered - most common)
  3. Assent (used by PRs to transfer to beneficiary)
  4. Assignment (used for unregistered leasehold land - rare as TR1 used these days)
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10
Q

What are the two types of form used when (1) whole of the land and (2) part of the land in a title is being transferred?

A

Whole: TR1Form
Part: TP1 Form

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11
Q

What is the name for the final version of a lease?

A

An engrossment

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12
Q

An engrossment is prepared in two parts. What are these?

A
  1. The Original - Signed by landlord
  2. The Counterpart - Signed by tenant
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13
Q

Which pre-completion searches must the buyer’s solicitor undertake if land is registered?

A

An official search with priorirty:
OS1 - Search against whole of property
OS2 - Search against part of property

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14
Q

What are the two purposes of an official search with priority?

A
  1. Discover any enteries that may have been added to register
  2. Provide buyer with priority period of 30 working days to submit application for registration
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15
Q

If an error is made in the original search certificate, will the buyer be bound by what is on the register?

A
  • The buyer will be bound by what is on the register even if they were not aware of it.
  • The buyer may be able to claim and indemnity from HMLR in respect of any loss suffered.
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16
Q

Which pre-completion search must the buyer’s solicitor undertake if land is unregistered?

A

Full land charges search against the full names of the current estate owner / seller for full period of ownership

17
Q

What priority period does a full land charges search confer?

A

Confers a priority period of 15 working days within which the transaction must complete

18
Q

What are the priority periods for registered and unregistered title?

A

Registered - 30 working days to complete AND register

Unregistered - 15 working days to complete

19
Q

What searches may a buyer’s solicitor repeat in both registered and unregistered titles?

A
  • Bankruptcy search if buyer is obtaining mortgage
  • Company search if seller is a company
  • Physical inspection of property
20
Q

In the pre-completion stage, the buyer’s solicitor will also prepare a completion statement. What information will this include?

A
  • The sum required to complete
  • Sums due e.g. SDLT, legal fees
21
Q

What is the position re service charges?

A
  • Seller pays estimated service charge during tenancy
  • On completion, it may become apparent that the seller has underpaid.
  • Under the Standard Conditions, the buyer will be responsible for any shortfall.

Property Practice (13 decks)

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