Post-completion

Question 1

what are the post-completion steps?

Answer 1

these steps must be completed in the following order:
1. discharge seller’s mortgage
2. payment of tax
3. registration of new charge at companies house
4. HMLR applications

Question 2

explain the ‘discharge seller’s mortgage’ step

Answer 2

Procedure agreed pre-completion. Lender confirms once money received.

Question 3

when must SDLT be paid by?

Answer 3

within 14 days of completion

Question 4

when must LLT be paid by?

Answer 4

within 30 days of completion

Question 5

explain the ‘registration of new charge at companies house’ step

Answer 5

• Relevant if B client is company with a mortgage
• Lender must register charge at CH within 21 days of completion, otherwise charge is void (i.e. money still owed but becomes creditor becomes unsecured)

Question 6

when must the HMLR applications for registered land be filed?

Answer 6

within the priority period

Question 7

what forms must be filed with HMLR for registered land?

Answer 7

• Essential: Form AP1 + copy of TR1 + fee + tax certificate
• • if applicable: Form DS1 + Form DSI + copy of mortgage deed + certificate of registration if a company

Question 8

when must the application for 1st registration of unregistered land be made?

Answer 8

within 2 months of completion

Question 9

what forms must be filed with HMLR for unregistered land?

Answer 9

• Essential: Form AP1 + Form FR1 (1st reg) + Form DL + fee
• • if applicable: Form DS1 + Form DSI + copy of mortgage deed + certificate of registration if a company

Question 10

what is the purpose of Form DL and what does it include?

Answer 10

Form DL inc. all documents for HMLR to assign title. Inc.: evidence of title, enquiry results, contract, transfer deed, tax certificate

Question 11

what happens once HMLR have assigned title of the unregistered land?

Answer 11

Once complete, HMLR sent official copy to B’s solicitor