Freehold conveyancing process – (6) Post completion Flashcards
What is the first task of the seller’s solicitor after completion?
Report completion to their client.
What does the seller’s solicitor do regarding the seller’s mortgage?
Pay off the seller’s mortgage.
What financial responsibility does the seller’s solicitor handle?
Pay the estate agent’s bill.
What must the seller’s solicitor send to their client?
Send a bill for their own legal fees.
What is the final step for the seller’s solicitor?
Close the file.
What is one of the first tasks for the buyer’s solicitor post-completion?
Report completion to their client.
What must the buyer’s solicitor send to the buyer?
Send a bill for their own legal fees to their client.
What must be registered if the buyer is a company that took out a mortgage?
Register the company charge with Companies House within 21 days.
What tax must the buyer’s solicitor handle post-completion?
Stamp Duty Land Tax—submit the return to HMRC and ensure any tax is paid within 14 days of completion (threshold £125K).
What happens if the Stamp Duty Land Tax deadline is missed?
A penalty is payable, which increases the longer the tax remains outstanding.
What is required if the property is registered?
Register the title within 30 days of the date of the official search with priority.
What is the timeframe for registering title if it’s unregistered?
Register within 2 months if unregistered/first registration is required.
