Pre-Completion

Question 1

What 6 pre-completion checks should be made on the client’s purchase?

Answer 1

• mortgage deed is executed
• mortgage advance received from lender
• TA13 replies are satisfactory
• results of pre-completion searches (OS1 and K16) are satisfactory
• SDLT form has been signed
• balance to complete has been received from client

Question 2

What 5 things should be included in a pre completion checklist for a sale?

Answer 2

• a suitable heading
• checking replies to TA13 have been given including undertaking to discharge existing mortgage on completion
• redemption statement is in date
• TR1 executed correctly
• check amount of completion monies to be received
• any specific instructions from other side / where keys held / all misc documents are available (e.g., planning consents, NHBC, insurance cover etc.)

Question 3

What does a TA13 deal with and why is it required?

Answer 3

Required under the Protocol (seller’s sol will complete and send to buyer’s sol to complete). Deals with procedural matters such as the undertaking to discharge the existing mortgage, arrangements for the release of the keys and where completion will take place.

Question 4

What are the remaining steps for buyer’s solicitors between exchange and completion?

Answer 4

• arrange for execution of TR1 (if joint owners for declaration of trust or if entering into indemnity covenant)
• send executed TR1 to seller’s sols
• execute mortgage deed
• request mortgage funds, send lender certificate of title
• ask client to sign LTR form
• OS1 and K16 searches
• send completion statement and bill to client requesting balance to complete
• make completion arrangements with seller’s solicitor

Question 5

What are the remaining steps for the seller’s solicitor between exchange and completion?

Answer 5

• ask seller to execute TR1
• get up to date redemption figure to date of completion ready to redeem mortgage
• make completion preparations (e.g. handing over keys)
• send client completion statement and bill