Completion Flashcards
What does the SCPC state about what happens if there will be a late completion.
Only the buyer is liable to pay compensation for late completion.
The seller is not liable even if they are also late.
How do you calculate compensation for late completion?
The contract rate is applied to an amount equal to the purchase price less the deposit.
What does a seller need to do if a buyer is late on completing?
Serve a notice to complete if they are ready & willing
The contract cannot be terminated until notice is served
When should a mortgage be registered at the companies house by?
Within 21 days of completion
What post contract search is required for unregistered titled?
Central land charges search to check for pending land actions
What post contract search is required for companies?
A companies search to make sure the company is solvent
What post contract search is required for individuals?
A bankruptcy search
What post contract search is required for registered titles?
An official search at land registry
How long is the official search of whole priority period? / time limit for applying to the land registry to register a client as a registered proprietor
30 working days from the date of the search result
Who carries out the completion procedure?
The seller
Who dates the transfer deed?
The seller’s solicitor on completion
What does the SCPC say about who holds the purchase money?
the balance of the purchase price will be sent from an account held in the name of the buyer’s solicitor (not the buyer) at a clearing bank.
