Post-completion steps Flashcards
What are the post-completion steps a buyer’s solicitor must undertake?
Pay SDLT
Register the buyers title at the LR
Register charge at CoHo
When must SDLT be paid?
SDLT return must be submitted and paid within 14 days.
When must LTT be paid?
Within 30 days of completion
When must a charge be registered at Companies House?
within 21 days of the creation of the charge?
Companies House have no discretion to extend the deadline.
If there is a problem with the application, CoHo will return it and the 21 day period will still be running.
If the deadline is missed, it will be necessary to apply for a court order to allow the filing out of time.
What is the consequences of failing to register the charge on time?
The charge is void against any liquidator or administrator and the lender is not protected.
What land registry form is required for the registration of registered title?
AP1
What is included in the AP1
The transfer deed (eg TR1)
SDLT5 or WRA certificate to prove payment of SDLT or LTT
Form DS1 to discharge the seller’s mortgage if appropriate (this can be sent on later if not yet available)
Mortgage deed in favour of the buyer’s lender
If appropriate, certificate of registration of charge at Companies House
Other documents as appropriate (eg, death certificate for deceased joint proprietor if the seller is a sole surviving beneficial joint tenant)
What land registry form is required for the registration of unregistered title?
FR1
What information is included in the FR1 form?
Numbers 1-6 from the AP1
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epitome of title and deeds and documents referred to in it
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land charges searches for the seller and previous owners in the chain of title
How are overriding interests provided for in the AP1 and FR1?
There is an option to tick a box in both forms that states there is no overriding interests. If there are overriding interests a Form DI needs to be completed.
How can solicitors submit the Land Registry application?
Most solicitors have an account on the Land Registry online portal.
However, if the solicitors do not have an account or it is application for first registration it must be submitted by DX or post.
If the latter is the case, it is best to send certified copies of the transfer and mortgage deed as the LR does not return papers.
When must the land registry application be submitted for registered land?
There is no strict deadline, however, if the application is not submitted within 30 working days of the buyers solicitor’s OS1 search with priority, priority will be lost.
When must the land registry application be submitted for unregistered land?
Must be submitted within 2 months from completion otherwise the transaction is void.
What happens once the land registry application has been completed?
LR will issue new official copies showing the buyer as the registered proprietor and the lender as the proprietor of legal charge (if one). They are accompanied by a title information document (TID).
