Pre-completion and Completion

Question 1

What are the 3 main steps the BUYER’S SOLICITOR should take pre-completion?

Answer 1

(1) Draft TRANSFER DEED (TR1 / TP1)
(2) Send seller’s solicitor ‘COMPLETION INFORMATION AND UNDERTAKINGS FORM’ (TA13)
(3) PRE-COMPLETION SEARCHES

Question 2

(1) What transfer deed is used to transfer the whole of land?

(2) Which transfer deed is used to transfer part of land?

Answer 2

(1) TR1

(2) TP1

Question 3

Is it compulsory to use a TR1 / TP1 to transfer:
(a) Registered Land
(b) Unregistered Land

Answer 3

(a) Yes
(b) No (but recommended)

Question 4

For an INDIVIDUAL:

(1) Will the seller always execute the transfer deed (TR1 / TP1)?

(2) Will a witness always execute the transfer deed (TR1 / TP1)

(3) What are the 2 main circumstances a buyer will execute the transfer deed (TR1 / TP1)?

Answer 4

(1) Yes ( Seller ALWAYS executes & Buyer sometimes)

(2) Yes

(3) Buyer will execute IF:
(a) Giving a COVENANT (e.g. indemnity covenant)
(b) Declaring a BENEFICIAL INTEREST UNDER TRUST

Question 5

What are the 4 options a COMPANY has execute the transfer deed (TR1 / TP1)?

Answer 5

(1) Company Seal (if Articles allow)
(2) 2 Directors
(3) 1 Director + 1 Company Secretary
(4) 1 Director + 1 Witness

Question 6

Who carries out pre-completion searches and enquiries?

Answer 6

Buyer’s solicitor

Question 7

What are the 4 key pre-completion searches?

Answer 7

(1) Land Registry Search (OS1/OS2)
(2) Land Charges Search (K15)
(3) Bankruptcy Search (K16)
(4) Company Search