Pre-completion Steps

Question 1

Who drafts transfer deed?

Answer 1

Buyer

Question 2

Form required for transfer deed?

Answer 2

TR1 - transfer of whole of leasehold/freehold

TP1 - transfer of part

TR5 - transfer of portfolio of titles

Question 3

Who executes transfer deed

Answer 3

Seller - always

Buyer - if giving indemnity covenant or giving covenants or easements

Question 4

How to execute transfer deed as an individual?

Answer 4

Signed in presence of a witness who also signs

Question 5

How to execute transfer deed as a company

Answer 5

• Signed by two directors, or one director and company sec (with or without company seal)
• one company director with an independent witness
• one senior employee authorised under Power of Attorney

Question 6

Pre completion search for registered land and priority period

Answer 6

OS1 for whole or OS2 for part from date when seller sent official copies.

Priority period - 30 working days to register transfer

Question 7

Pre completion search in unregistered land

Answer 7

K15 central land charge search against name of seller

Priority period - 15 working days to register transfer

Question 8

Search needed if acting for buyer and lender?

Answer 8

Bankruptcy search against buyer to ensure mortgage advance cannot be claimed by trustee in bankrupty

Priority period - 15 days

Question 9

Why isnt a bankruptcy search required against a seller?

Answer 9

Because it would show on OS1

Question 10

When is company search required and why?

Answer 10

If buyer or seller is a company. Checks for pending insolvency proceedings.

No priority period so do just before completion

Question 11

Certificate of title

Answer 11

Send by buyer’s solicitor to lender, with request for loan advance in time for completion

Question 12

Requisition on title/ completion information and undertakings

Answer 12

Covers necessary procedural matters, eg keys and meter readings.

Also covers undertakings.

Question 13

Form used for requisitions on title, completion info and undertakings?

Answer 13

Residential - TA13
Commercial - firm’s precedent form on law society form

Question 14

Contents of TA13 ?

Answer 14

Confirms-
- vacant possession
- deeds and docs required if purchasing unregistered land
- where to send money and how much
- confirmation that completion will take place according to Law Society’s Code for Completion by post
- asks seller to list any mortgages secured on property and confirm undertakings to redeem on completion

Question 15

Undertakings given by seller’s solicitor pre-completion?

Answer 15

To redeem mortgage upon completion

Question 16

How can seller’s mortgage be redeemed?

Answer 16

Mortgage company discharge at land registry

Seller sends DS1 form confirming mortgage has been redeemed to buyer, who sends to land registry