Post-Completion Flashcards

1
Q

What 8 things may be required for registration at the Land Registry?

A

o Form AP1
o Land Registry fee
o Form DS1/confirmation of electronic discharge as evidence of discharge of the existing mortgage
o Executed TR1 (or certified copy) showing the transfer of the property to the client
o Mortgage deed in favour of the client’s lender, which is the new mortgage to be protected by registration (or a certified copy).
o SDLT5 to evidence payment of stamp duty
o Form DI to disclose any overriding interests affecting the property.
o If applicable, evidence of seller’s change of name

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2
Q

Why should Land Registry requisitions be replied to?

A

Registration application will not proceed without satisfactory answers, failure to do so will mean delayed completion, transfer and new mortgage will not take effect at law until registration, application may be cancelled and therefore priority period may expire, lawyer will be in breach of duty to both client and lender and may be liable for losses.

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3
Q

What happens if you fail to register before expiry of the OS1 priority period?

A

You will be in breach of duty of care to the client and the mortgage lender and so may be liable for costs. The client will only hold a beneficial interest and will not be the legal owners. The mortgage will not be a legal charge until registered. Third party interests may be registered and gain priority over the buyer and lender.

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4
Q

What should your completion statement include on a sale?

A

sale price, disbursements (Land Reg fee), solicitor’s fees, chattels, mortgage redemption figure, estate agent’s fee, net amount due

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5
Q

How long from completion do you have to pay Stamp Duty?

A

14 days

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6
Q

What should you do on receipt of the TID?

A
  1. Check names have been entered correctly in proprietorship register (If not ask Land Reg to amend)
  2. If buying as tenants in common, check a Form A restriction has been placed in proprietorship register.
  3. Check mortgage has been registered correctly as a charge in the charges register.
  4. Send copy to client and also to lender if required under Handbook.
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7
Q

What are the steps to comply with Stamp Duty requirements after completion?

A

The buyer should sign the SDLT1 form (land transaction return / LTR) and this and the duty payable should be submitted to HMRC within 14 days of completion. They will then issue the SDLT5 certificate to be sent with the registration application to the Land Registry.

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8
Q

What are the four things to do post completion on the sale?

A

Discharge existing mortgage / bill client / check accounts are clear / close file

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9
Q

What are the eight things to do post completion on the purchase?

A

bill client / submit LTR to HMRC + duty to obtain SDLT5 / apply for registration / reply to any requisitions from Land Reg / check TID and send to client / send title docs to lender / check accounts are clear / close file

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