Freehold conveyancing process – (4) Pre- completion

Question 1

What is the first task for the seller’s solicitor in pre-completion?

Answer 1

Apply to the lender for an up-to-date redemption figure calculated to the completion date (amount needed to pay off the mortgage).

Question 2

What is a completion statement?

Answer 2

A document prepared by the seller’s solicitor that shows all sums required from the buyer to complete the transaction.

Question 3

What is the Completion Information and Undertakings Form?

Answer 3

A form completed by the seller’s solicitor containing administrative information about the property, such as where to find the keys, sent to the buyer’s solicitor.

Question 4

What deed is typically used to transfer the whole land?

Answer 4

A TR1 form is used to transfer the whole land.

Question 5

What deed is used to transfer part of the land?

Answer 5

A TP1 form is used to transfer a part of the land.

Question 6

What is the first task for the buyer’s solicitor in pre-completion?

Answer 6

Check the Completion Information and Undertakings Form received from the seller’s solicitor.

Question 7

What is submitted to the lender by the buyer’s solicitor?

Answer 7

A Certificate of Title is submitted to the lender requesting the drawdown of the mortgage funds.

Question 8

What is the Official Search with Priority (OS1 Form)?

Answer 8

A pre-completion search for registered title that updates the register for any new interests, preventing new interests from being registered after the search if the transaction is completed within the 30-working day priority period.

Question 9

What is required for unregistered titles before completion?

Answer 9

A full land charges search against the full name of the seller, which must be completed within a 15-working day priority period; first registration must occur within 2 months of a triggering event.

Question 10

What additional searches might the buyer’s solicitor conduct?

Answer 10

A Bankruptcy Search (if the buyer is getting a mortgage), Company Search (if the seller is a company), and a physical re-inspection of the property.

Question 11

What is the final task for the buyer’s solicitor before completion?

Answer 11

Draft the Purchase Deed (TR1/TP1) and send it to the seller’s solicitor for review and signature.