Completion Flashcards
1
Q
what documents does LL receive on completion?
A
o Counterpart executed by T;
o Any premium payable for the lease (minus any deposit paid)
o Any apportioned sum of rent
2
Q
what documents does T receive on completion?
A
o Lease executed by LL
o Certified copied of FH title deeds (unreg. land only)
o Certified copy of any lender’s consent
3
Q
when is VAT payable and what is it charged on?
A
If the LL opts to tax, T pays VAT on:
o Any premium (= sum paid for the lease) +
o Rent reserved (= rent agreed in the lease)
