Pre-Completion (Stage 4) Flashcards

1
Q

What does the Seller’s Solicitor need to do during the pre-completion stage?

A

Completion Statement

Completion Information & Undertakings Form

Sign the Purchase Deed

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2
Q

What is an “Engrossment”?

A

Final version of the document for signature (e.g., lease or deed)

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3
Q

What does the Buyer’s Solicitor need to do during the pre-completion stage?

A

1) Completion Statement + Buyer’s Finance

2) Completion Information & Undertakings Form

3) Pre-Completion Searches
- Official Search with Priority (registered title)
- Whole property: OS1
- Part property: OS2
- Full land charges search (unregistered title)

4) Repeat certain searches (e.g., bankruptcy, company, physical inspection

5) Prepare Purchase Deed

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4
Q

What is the purpose of an Official Search with Priority?

A
  • Discover recent entries and, if there are any, require seller’s solicitor to deal with them
  • Priority period for 30 working days from the date of the search
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5
Q

What priority period is conferred on the buyer when an Official Search with Priority is carried out?

A

This is done with registered titles.

30 working days to COMPLETE and REGISTER the title from the date of the search

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6
Q

What priority period is conferred on the buyer when an full land charges search is carried out?

A

This is done with unregistered titles.

15 working days to COMPLETE only

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7
Q

Types of Purchase Deeds

A

CONVEYANCE: selling unregistered land, not used today since registration is required on sale.

TRANSFER: selling registered and unregistered land.
- TR1Form (whole transfer)
- TP1Form (part transfer)

ASSIGNMENT: Unregistered leasehold land (TR1 would be used for this)

ASSENT: Personal rep transfers land to a beneficiary

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8
Q
A
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