Completion

Question 1

Appropriate Transfer Deed

Answer 1

TR1 = transfer of whole
TP1 = transfer of part
TR5 = transfer of porfolio (registered and unregistered)

If unregistered: deed or TR1

Question 2

Who should sign transfer deed

Answer 2

Seller: ALWAYS
Buyer: Only if trust, indemnity cov, new cov or easement

in presence of witness

Question 3

Pre-completion searches

Answer 3

Registered Land:
- OS1 (priority period of 30 working days) - search from date of original copies
- Bankkruptcy search against BUYER (K16): (priority period 15 working days) if acting for lender and borrower (means mortgage monies are protected)
- Companies search if buyer / seller is a company (no prioity period)

Unregistered land
- Land Charges search (K15) against SELLER: (priority period 15 working days) - should complete within 15 working days

Question 4

Requisitions

Answer 4

TA13 or CPSE SCR
- practical matters (keys, account details, amount due)
- Seller undertakings (redeem mortgage / hold purchase monies to order / post docs no later than end of next working day after completion)

Question 5

Procedure for Completion by Post

Answer 5

Seller solicitor acts as buyer’s agent (buyer sends purchase monies and seller calls buyer adn dates transfer)

Seller gives undertakings: complete when receive monies, redeem, hold TR1 to buyer’s order, post TR1 next working day

Question 6

Remedies for delayed completion

Answer 6

As soon as completion time passes, need to serve notice to complete to make time of essence.

Notice to complete means = must complete within 10 working days otherwise can recind + top up deposit to 10%.

If complete within 10 working days:
- contractual damages (interest for every calendar day delayed)
- additional damages if contractual damages do not cover losses

If does not complete:
- NO contractual damages
- Recission
- Damages
- if buyer at fault seller keeps deposit / if seller at fault returns deposit

Question 7

How to calculate contractual rate for delayed completion

Answer 7

Daily Rate = Purchase price x interst rate x 1/365
Total Amount = DR x no. of calendar days delayed

Question 8

SDLT

Answer 8

Payable on PP + VAT
Pay within 14 days of completion (30 days if Wales)

Additional 3% if second home

Submit SDLT1 and receive SDLT5 in return (WRA if wales)

Question 9

Docs to send to LR (registered land) on completion

Answer 9

No timelimit (but should be within OS1 priority period)

• AP1
• TR1 / TP1 / TR 5
• DS1 (if discharging mortgage)
• SDLT 5 (if payable)
• Any other appropriate (death cert)

Question 10

Docs to send to LR on first registration

Answer 10

• FR1
• Form DL
• TR 1 / TP1
• SDLT 5
• Epitome of Title
• Land charges searches for whole chain
• other appropriate docs (death cert…)