Pre-Completion (Stage 4) Flashcards
What does the Seller’s Solicitor need to do during the pre-completion stage?
Completion Statement
Completion Information & Undertakings Form
Sign the Purchase Deed
What is an “Engrossment”?
Final version of the document for signature (e.g., lease or deed)
What does the Buyer’s Solicitor need to do during the pre-completion stage?
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
What is the purpose of an Official Search with Priority?
- 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
What priority period is conferred on the buyer when an Official Search with Priority is carried out?
This is done with registered titles.
30 working days to COMPLETE and REGISTER the title from the date of the search
What priority period is conferred on the buyer when an full land charges search is carried out?
This is done with unregistered titles.
15 working days to COMPLETE only
Types of Purchase Deeds
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