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Completion Flashcards

1
Q

What is the buyer’s checklist before completion?

A
  • draft transfer deed
  • buyer to sign if indemnity covenants
  • send requisitions on title
  • pre-completion searches
  • certificate of title to lender
  • request loan advance
  • statement of money to buyer
  • SDLT form approved by client
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2
Q

What is the seller’s checklist before completion?

A
  • approve transfer deed
  • transfer executed by seller
  • reply to requisitions
  • redemption statement from lender
  • seller/agent final meter readings
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3
Q

What is the transfer form?

A

TR1

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4
Q

What is a TP1 used for?

A

transfer of part

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5
Q

What is a TR5 used for?

A

transfer of portfolio of registered titles

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6
Q

Is a TR1 required for unregistered land?

A

may still be transferred in the form of a conveyance

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7
Q

On the TR1, what should be provided if the registered proprietor’s name is different?

A

Marriage certificate

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8
Q

Who should also be mentioned in the transferor section other than the proprietor?

A

Second trustee appointed for sole surviving tenant in common

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9
Q

What should be mentioned in the transferor section where it is a company?

A

CRN

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10
Q

What is the max number of transferees?

A

4

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11
Q

What are the types of consideration?

A

a) paying a sum of money for the property – the figure is inserted
b) no monetary consideration
c) Other receipts eg parties swap properties or paying off debt

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12
Q

Who must execute a transfer?

A

Transferor

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13
Q

When must a transferee execute a TR1?

A
  • they are tenants in common or agree to hold the property on trust for someone else
  • they are providing an indemnity covenant or any other obligation
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14
Q

How should an individual execute the transfer?

A

signs the transfer in the presence of an independent witness who also signs and prints their full name and address

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15
Q

When is a transfer considered delivered?

A

when it is dated, usually by the transferor’s solicitor.

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16
Q

What are the options for a company executing the transfer?

A
  • Company seal attached, and signed by two directors, or one director and the company secretary
  • No company seal, but signed by two directors or one director and the company secretary
  • Signed by one company director and witnessed by an independent witness
  • Signed by a senior employee (not a director or the company secretary) who is authorised under a power of attorney
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17
Q

What precompletion search is carried out for registered land?

A

search with priority (OS1/OS2)

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18
Q

What does the OS1 do?

A

updates Office copies initially provided + identifies any changes that have been made

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19
Q

What is the OS1 priority period?

A

30 working days

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20
Q

What precompletion search is carried out for unregistered land?

A

land charges search of the Land Charges Registry (Form K15).

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21
Q

What does the K15 do?

A

identifies any incumbrances or other adverse matters registered against the owner/seller

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22
Q

What is the K15 priority period?

A

15 working days

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23
Q

What types of application does the K15 take priority over?

A

other applications lodged before, if lodged within priority period

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24
Q

When is the search from date?

A

the date of the original office copies sent

25
What precompletion search is carried out when acting for a buyer and lender?
Bankruptcy search (K16)
26
What is the priority period for a K16?
15 Working days
27
What precompletion search is carried out when acting for a company buyer and lender OR if the seller is a company?
company search
28
What is the priority period for a company search?
none
29
What form is used for requisitions on title for residential transactions?
Law Society TA13
30
What form is used for requisitions on title for commercial transactions?
own precedent/CPSE Solicitor’s completion requirements
31
What are the five parts of the TA13?
1 Vacant possession 2 Deeds and documents 3 Completion 4 Money 5 Mortgages and charges
32
What does vacant possession address?
arrangements for collecting the keys rent-paying tenant – asks for authority for tenant to pay rent to buyer following completion
33
What does deeds and documents address?
Unregistered property - asks for a list of deeds and documents to be sent on completion
34
What does completion address?
confirmation that completion will take place according to the Law Society’s Code for Completion by Post
35
What does money address?
Asks for client account details + exact amount payable on completion
36
What does mortgages and charges address?
Asks the seller’s solicitor to list any mortgages secured on the property and confirm their undertaking to redeem them on completion.
37
What does the seller's solicitors undertakings require them to do?
redeem the mortgage forward form of discharge to buyer's solicitor
38
Who discharges a mortgage and how?
Lender Electronically at Land Registry or Form DS1
39
What happens on completion?
* balance of the purchase price (ie, after the deposit) being paid to the seller, * legal title in the property being passed to the buyer.
40
after completion, how does the seller's solicitor hold the transfer deed and documents?
to the buyer's solicitor's order
41
When does the seller's solicitor send written confirmation/undertake to send transfer deed and other documents?
As soon as possible, and no later than the end of the working day after completion
42
What does seller's failure to complete mean?
seller’s solicitor is unable to date an executed transfer
43
What does buyer's failure to complete mean?
means that the seller’s solicitor has: * not received the money needed to complete from the buyer’s solicitor or * has received the money, but the buyer instructs the buyer’s solicitor not to release it to the seller’s solicitor
44
What is the party who fails to complete known as?
Defaulting party
45
What happens If either party fails to complete by time/date in contract?
obliged to pay interest for each day’s delay
46
What interest rate is used for default?
specified in the contract None = Law Society interest rate (S 1.1.1(e))
47
What common law damages can be claimed for default?
damages for the buyer’s losses
48
What is recission?
contract is set aside and the parties are put back in pre contract position
49
Can a non-defaulting party apply for recission automatically and why?
No - time is not of the essence
50
How can a party make time of the essence?
Serve notice to complete
51
When must parties complete if a notice to complete is served?
Within 10 working days
52
What is the time to complete under standard contracts?
2pm
53
What happens if a notice to complete is served and it the buyer defaulting had not paid the full 10% deposit?
Must make up 10% without delay
54
When does the 10 days (notice to complete) start?
first day being day after notice served
55
Who is bound by a notice to complete?
Both parties
56
Can a notice to complete be withdrawn?
Only with agreement of both parties
57
What are the seller's remedies for failure to complete?
* may rescind the contract, and * forfeit the deposit and any interest accrued on it * resell the property and any contents included in it * claim contractual damages
58
What are the buyer's remedies for failure to complete?
* may rescind the contract, and * demand return of the deposit with any interest accrued on it * claim contractual damages or even specific performance

Property Practice (11 decks)

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