PP 6 - Post-completion steps Flashcards
1
Q
What is SDLT and when must it be paid?
A
Stamp Duty Land Tax (SDLT) applies in England
- Based on purchase price
- Must be submitted & paid within 14 days of completion
- Filed online via HMRC portal
- Buyer’s solicitor receives SDLT5 certificate
2
Q
What is LTT and when must it be paid?
A
Land Transaction Tax (LTT) applies in Wales
- Based on purchase price
- Must be submitted & paid within 30 days of completion
- Filed online via Welsh Revenue Authority portal
- Buyer’s solicitor receives WRA certificate
3
Q
When must a charge be registered at Companies House for company buyers?
A
- Within 21 days of creation (i.e., completion date)
- Includes amendments to charges
- If missed → Court order required to register later
4
Q
What is the time limit for maintaining priority after OS1 search?
A
- 30 working days from date of OS1 pre-completion search
- No other formal deadline
- Losing priority risks interference from third-party claims
5
Q
What form is used to register a transfer for registered land?
A
Form AP1, submitted with:
- TR1 transfer deed
- SDLT5/WRA certificate
- Form DS1 (if mortgage redeemed)
- Mortgage deed (if new charge created)
- Companies House charge certificate (if applicable)
- Form DI (for overriding interests)
- Any supporting documents
6
Q
What forms are used for first registration of unregistered land?
A
- Form FR1 (first registration)
- Form DL (list of enclosures)
- Certified copies of deeds if sent by post/DX
7
Q
What documents must be submitted for unregistered land registration?
A
- Transfer deed
- Mortgage deed
- Epitome of title
- Land Charges searches (seller & past owners)
- SDLT5/WRA certificate
- FR1 & DL forms
8
Q
What is the time limit for registering unregistered land after completion?
A
- Within 2 months of completion
- Can be extended via application to Land Registry
- Failure = transaction is void
9
Q
What document does the buyer receive once registration is complete?
A
- New Official Copies
- Title Information Document (TID)
