Post-completion steps Flashcards
What are the main things buyer’s solicitor has to do post-completion?
Settling Stamp Duty Land Tax and registering buyer’s title at Land Registry
What is the difference between SDLT and LTT?
SDLT is England. LTT is Wales.
When must SDLT be submitted and paid?
Within 14 days of completion
When must LTT be submitted and paid?
Within 30 days of completion
What will buyer’s solicitor receive once tax is paid?
HMRC / WRA certificate
Why is it important to register a charge given by a Company on Companies House?
Otherwise the charge is void against any liquidator or administrator and lender is not protected
What is the deadline for lender registering a charge?
Within 21 days of creation of charge
What happens if deadline for registering a charge on Companies House is missed?
Will need to apply for court order
What is the application for registration of registered title?
Land Registry Form AP1
What information will be included in the AP1?
- Transfer deed
- SDLT5 / WRA certificate
- DS1 to discharge seller mortgage
- Mortgage deed in favour of buyer’s lender
- If appropriate, certificate of registration of charge at Companies House
- Other documents as appropriate
What is the application for registration of unregistered title?
Land Registry Form FR1
What additional items are included in the FR1?
- Epitome of title
- Land charges search and previous owners in chain of title
Can first registration for title be made online?
No, will be made by post or Document Exchange
What is Land Registry application deadline for registered land?
Should be submitted within 30 working days of buyer’s solicitor’s OS1 search with priority – but otherwise no actual deadline
Can you extend OS1 search with priority?
No, a new one would have to be made
What is the Land Registry deadline for unregistered land?
2 months – otherwise transaction is void
