Pre-completion Flashcards
Who prepares the draft transfer deed post-exchange of contracts?
The buyer’s solicitor produces the draft transfer deed, which transfers legal estate/ownership to the buyer.
Seller approves.
What are the two transfer deeds?
Form TR1: used for the transfer of the whole of the land.
Form TP1: used for transfer of part of the land.
Transfer deeds must be used for registered land/may be used for unregistered land.
Execution by a company - procedure:
The company acting by 2 directors or by 2 directors and company secretary.
A single director may execute on company’s behalf by signing in the presence of an independent witness.
Registered title - pre-completion searches:
What is the purpose of a Land Registry pre-completion search and when is it relevant?
The search updates official entries and provides a 30 working day priority period to submit the HM Land Registry app.
Relevant to registered title.
OS1: whole of the land in the title is being transferred
OS2: part of the land in the title is being transferred
Search should be in the name of the lender if there is a mortgage. Otherwise, in name of buyer if no mortgage.
Registered title - pre-completion searches:
What is the purpose of a Land Registry pre-completion search and when is it relevant?
The search updates official entries and provides a 30 working day priority period to submit the HM Land Registry app.
Relevant to registered title.
OS1: whole of the land in the title is being transferred
OS2: part of the land in the title is being transferred
Search should be in the name of the lender if there is a mortgage. Otherwise, in name of buyer if no mortgage.
Unregistered title - pre-completion searches:
What is the purpose of a pre-completion land charges search (K15)?
Search is made against the seller/seller to give the buyer a 15 day priority period to complete the transaction.
Provided completion takes place within the priority period, buyer will not take subject to any land charges.
Pre-completion searches - registered and unregistered land:
What is the purpose of an insolvency search?
When buyer is an individual and is borrowing to fund the purchase, a bankruptcy search must be made for the lender’s benefit.
If buyer is a company and borrowing, a company search must be made against them - lender’s benefit.
Pre-completion searches - unregistered and registered land:
What is the purpose of a company search?
Where seller is a company, a company search must be made.
Checks whether company is in existence, subject to insolvency proceedings, whether it’s granted any fixed/floating charges.
Pre-completion searches - unregistered and registered land:
What is the purpose of a company search?
Where seller is a company, a company search must be made.
Checks whether company is in existence, subject to insolvency proceedings, whether it’s granted any fixed/floating charges.
What is form DS1?
A form executed by the lender confirming that a charge over the whole of a registered title has been discharged.
What is form DS3?
A form executed by the lender confirming that a charge has been discharged over part of a registered title.
What information would you normally expect to be revealed by the seller’s solicitors in the completion information and undertakings form (TA13) from the seller’s solicitors?
Details of the whereabouts of the keys to the property;
An undertaking given by the seller’s solicitor to redeem the mortgage;
Confirmation of the exact amount required to complete the purchase.
What information would you normally expect to be revealed by the seller’s solicitors in the completion information and undertakings form (TA13) from the seller’s solicitors?
Details of the whereabouts of the keys to the property;
An undertaking given by the seller’s solicitor to redeem the mortgage;
Confirmation of the exact amount required to complete the purchase.
