Freehold conveyancing process – (5) Completion Flashcards
What happens on the day of completion?
The buyer’s solicitor sends the balance of the purchase money to the seller’s solicitor, and the seller moves out while the buyer moves in.
What is the deadline for completion under the Standard Conditions of Sale?
Completion must take place by 2 PM; otherwise, some rights to remedies may arise.
What is one method of completion that is considered rare?
Personal attendance, where the buyer’s solicitor goes to the seller’s solicitor’s office in person to hand over the cheque and take possession of the deeds.
What is an agent method of completion?
Similar to personal attendance, but an agent from a different firm attends on behalf of the buyer’s solicitor if the buyer’s solicitor is based far away.
What is the most common method of completion?
Completion by post, where the seller’s solicitor acts as an agent for the buyer’s solicitor, and completion monies are sent by bank transfer.
When does legal title pass on completion for unregistered titles?
Legal title passes immediately on completion.
When does legal title pass on completion for registered titles?
Title passes when the buyer becomes registered at the Land Registry.
What happens to the contract upon completion?
The contract merges with the purchase, meaning the purchaser can no longer sue on the contract terms, resulting in fewer remedies available for breach.
