POST COMPLETION (STAGE 6)

Question 1

SELLER’S SOLICITOR

Answer 1

1. Report to Client
2. Discharge mortgage
3. Pay estate Agent
4. file closure

Question 2

Report to client
seller’s solicitor

Answer 2

The seller’s solicitor must call the client to confrm completion has taken place, followed by written confrmation. The seller’s solicitor will also remind the seller to cancel their buildings insurance.

Question 3

Discharge Mortgage (IfAny)
Seller’s Solicitor

Answer 3

1. If the property being sold is subject to a mortgage, the seller’s solicitor must transfer sufficient funds to the lender, in accordance with the mortgage redemption statement, to redeem the mortgage. The seller’s solicitor must then discharge any mortgage(s).
2. If the property being sold is unregistered, the original mortgage deed should be sent to the lender, for them to acknowledge receipt of the redemption payment.
3. The mortgage deed will then be sent back to the seller’s solicitor, who should then send the mortgage deed
   to the buyer’s solicitor to comply with their undertaking to redeem the mortgage.

Question 4

Buyer’s solicitor

Answer 4

1. report to the client
2. Registration of Company Charge (IfAny)
3. Payment of Stamp Duty Land Tax
4. Registration at HMLR

Question 5

Registration of Company Charge (IfAny)

Answer 5

If the buyer is a company, the buyer’s solicitor must register any company charge at the Companies Registry within **21 days. **This is a strict deadline. If it is missed, a court order is needed to register the charge.

Question 6

Payment of Stamp Duty Land Tax

Answer 6

Stamp Duty Land Tax (‘SDLT’) may be payable when a free-hold property is purchased or a new or existing leasehold is bought.

Question 7

Registration at HMLR

Answer 7

The buyer’s solicitor must register the title within the 30-working-day period for registered land or the two-month period for unregistered land.**

Question 8

Effect of First Registration

Answer 8

Again, if the registration was a first registration, the unregistered title deeds no longer have any legal signifcance once the registration is completed and are then known as the ‘pre-registration deeds.’

Question 9

New Lease Post-
Completion Tasks

Answer 9

a.Register Lease forTerm Over Seven Years
If the lease is granted for a term of over seven years, the buy-er’s solicitor applies to register the lease at HMLR to create a new title for that lease. If the property has been leased with a mortgage, the new mortgage will be registered at the same time and the tenant’s solicitor must serve notice of mortgage on the landlord after completion.
b.Apply for Share in Management Company
If the leasehold property is located in a block to be managed by a management company, the buyer may need to apply for a share in the management company.

Question 10

Compare Leasehold: Assignment of
Existing Lease Post-Completion Tasks
If the conveyance was an assignment of an existing lease,
post-completion the solicitors will do the following:

Answer 10

*The seller’s solicitor will send the buyer’s solicitor the original lease and original share certifcate (if applicable) and the original licence to assign (if applicable);
*The buyer’s solicitor will arrange for payment of SDLT;
*The buyer’s solicitor will serve notice to the landlord of the assignment to the buyer (and notice of any new mort-gage created);
*The seller’s solicitor will prepare the final service charge adjustment (if retention has been agreed); and Transfer of Share in Management Company
If the seller holds a share in the property’s management company, the seller will provide a signed stock transfer form to transfer their share in that company to the buyer.