Completion Flashcards
How may a company execute a deed
- company seal with the articles of association
-signed by director and secretary/ or two directors - signed by a single director + witness
Who executes the transfer deed
Buyer [transferor]
When will the seller [transferee] also execute the transfer deed
If they are giving an indemnity, overeaching or making a decleration in the TR1.
What is the deed used to execute a transfer of property
TR1
When is the transfer dated in the TR1 form?
On completion
What does an OS1 search do?
Search of the whole of the property, conferring a priority period of 30 days from the date of search
What does the priority period do?
protects against any new entries in the register after the search and before the new owner is registered
When is the last time to submit a search ?
12 noon last day of the priority period
If there is a mortgage, when doing a search of the land registry, whose name should it be in?
Lender
For unregistered land, what searches can you do on completion
K15 Land charges search against the owners name
What does a K15 Land Charges search do?
Confers a priority period of 15 days from date of result
Completion must take place within these 15 days
On completion, what does the lender recieve if there is a mortgage?
- certificate of title
- solvency search
- OSR1 form
- executed mortgage deed
In person completion formalities
BS attends the SS office
BS transfers electronically by 2pm
SS dates the TR1, sends over the forms and documents, acts as an agent for the BS
Post completion formalities
BS sends electronically to SS
SS dates the TR1 and posts the documents 1st class/DX Exchange
How long does the buyer have to pay SDLT after completion
14 DAYS
How long does the buyer have to pay LTT after completion
30 DAYS
When should the new owner register their new property by [post completion]
30 days
When should the buyer register the new mortgage at the Companies House by?
21 DAYS
When applying for first registration of a unregistered title - what form is it and how long to sent it?
FRI
2 months of completion
Under the SC’s, when can a notice to complete be served?
When the buyer fails to complete on the completion date [gives 10 days]
Post completion, how is the previous seller’s mortgage discharged?
Seller relies on an undertakig and discharges it using form DS1 or e-DS1.
Lenders solicitor —-Sellers solicitor —Buyers solicitor,
