Completion Flashcards
What are main tasks in pre-completion stage ?
- Preparation of transfer deed
- pre-completion searches
- making practical arrangements for completion
- ensuring finances are in order for completion
What form for pre-completion search of registered land ?
OS1 for whole property being sold or OS2 for only pet being sold
What form for pre-completion search on unregistered land ?
K15
What form are practicalities of completion done on ?
Completion information form - commonly TA13.
Form also contains undertakings that sellers solicitor gives to redeem the mortgage out of completion money on completion
What will lender expect before releasing mortgage advance ?
- A certificate of title to confirm that property is adequate security for the loan being advanced
- a solvency search against the borrowers
- a clear OS1R in name of lender
- an executed but not completed mortgage deed
What are post completion steps ?
- discharge of sellers mortgage (DS1)
- SDLT to be paid (TR1)
- Register of new charge at companies house if company
- Land registry application (AP1)
When must SDLT and mortgage registration take place after completion ?
SDLT within 14 days and mortgage within 21 days and make applications to land registry within priority period
Who executed the transfer deed ?
The seller always executed and the buyer declares in the transfer deed how they own the beneficial interest
How much is owed on delay of completion ?
Contract rate of the (purchase price-deposit)
Gives the yearly interest so divide it by 365 and multiply by the number of late days
What is a notice to complete used for ?
notice to complete can be served after contractual completion time - it gives 10 days and then the right to rescind
What is a k16 form ?
Bankruptcy search -> no priority period so should be completed as close to completion as possible
