Pre-completion and docs Flashcards
What should the buyer’s solicitor do before completion?
- Draft transfer deed for S’s solicitor’s approval
- Once approved, arrange for buyer to sign if it contains indemnity covenants
- Send requisitions on title to S’s solicitor
- Carry out relevant pre-completion searches
- Send certificate of title to L and request the loan advance in time for completion
- Send B a statement of money needed to complete purchase
- SDLT form approved by client
What must the seller’s solicitor do before completion
- Approve transfer deed
- Arrange for the transfer to be executed by S
- Reply to requisitions on title
- Request a redemption statement from S’s lender
- As S or agent to take final meter regents
Who usually drafts the draft transfer form?
Buyer’s solicitor drafts transfer contract under SCS and SCPC, although it is becoming more common for the seller to draft it
In what form must the transfer of land occur?
Transfer of land must be in the form of a deed - the Land Registry forms are used
What is TR1 used for?
Transfers the whole of leasehold/freehold title
What is TP1 used for?
This is used for the transfer of part only of a registered title
What is TR5 used for?
This is used for the transfer of a portfolio of registered titles
TR5 is useful in transactions involving multiple properties.
What is required for Unregistered Land transfer?
May be transferred in a conveyance but more commonly TR1 is used.
What are the panels on the TR1 form
- Title number (leave blank if unreg)
- Proeprty description - address
- Date - handwritten on completion
- Transferors
- Transferees (max 4)
- Address for service - address of proeprty
- The Transferor transfers to the transferee (can’t amend)
- 3 options for consideration
- Title guarantee
- Declaration of trust
- Additional provisions
- Attestation clauses
What details are needed for Transferors?
Seller’s name. Marriage certificate needed if new name. Second Trustee details if needed. Company Registered Number.
What information is required for Transferees?
Buyer’s full name. Maximum 4.
What are the 3 options for consideration?
- Transferee is paying a sum of money for the property.
- Transferee is giving no monetary consideration or anything that has a monetary value.
- Other receipts – less frequently used.
What does Declaration of Trust indicate?
- Leave blank if no trust
- Tick relevant box if trust
What are Additional Provisions?
Indemnity covenants, new covenants.
What extra provisions are made in the form TP1?
- Plan is attached to the form and Panel 3 refers to the plan
- Additional provisions at Panel 12 - provides headings likely to be appropriate
What extra panels are in the TR5?
Panel 1 contains a table where a number of properties and their title numbers can be set out
How is the transfer deed executed by an individual?
An individual signs the transfer in the presence of an independent witness, who also signs and prints their full name and address.
What are the options for executing the transfer deed as a Company?
Options include:
1. Company seal attached, signed by two directors or one director and the company secretary.
2. No company seal but signed by two directors or one director and the company secretary.
3. Signed by one company director and witnessed by an independent witness.
4. Signed by a senior employee who is authorised.
