POST COMPLETION (STAGE 6) Flashcards

1
Q

4

SELLER’S SOLICITOR

A
  1. Report to Client
  2. Discharge mortgage
  3. Pay estate Agent
  4. file closure
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Report to client
seller’s solicitor

A

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

3

Discharge Mortgage (IfAny)
Seller’s Solicitor

A
  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.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

4

Buyer’s solicitor

A
  1. report to the client
  2. Registration of Company Charge (IfAny)
  3. Payment of Stamp Duty Land Tax
  4. Registration at HMLR
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Registration of Company Charge (IfAny)

A

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Payment of Stamp Duty Land Tax

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Registration at HMLR

A

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.**

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Effect of First Registration

A

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.’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

2

New Lease Post-
Completion Tasks

A

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

4

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:

A

*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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly