Preparing For Completion

Question 1

Buyers Solicitor

Answer 1

1. Send lender standard form certificate of title and request the advance cheque in time for completion
2. Draft the purchase deed/transfer and send duplicate to sellers solicitor with standard form requisitions on title
3. Engross purchase deed/transfer and the standard form of mortgage deed
4. Buyer execute purchase deed/transfer in escrow and send to sellers solicitor, have buyer execute the mortgage deed
5. Send buyer financial statement and submit bill
6. Check received all monies necessary to complete

Question 2

Sellers solicitor

Answer 2

1. Approve/amend purchase deed/transfer and reply to standard form requisitions
2. Seller execute the purchase deed/transfer and advise them of the terms
3. Send seller financial statement, submit bill and request settlement from the sale of proceeds
4. Check you have lenders authority
5. Completion

Question 3

Precompletion search shows adverse entry

Answer 3

1. Ascertain what it relates to
2. Check the contract to determine whether you have agreed to buy subject to it
3. If not contact sellers solicitor and obtain an undertaking for its removal on completion
4. Do not complete until it has been removed
5. Remember your obligations to lender under your certificate of title
6. As a last resort you may have to consider defective title insurance

Question 4

Bankruptcy search

Answer 4

K16

Question 5

Land charges search

Answer 5

K15

Question 6

Official search of whole with priority

Answer 6

OS1

Question 7

Official search of part with priority

Answer 7

Os2

Question 8

Official search of whole or part without priority

Answer 8

Os3

Question 9

Land charges search results

Answer 9

K17- no entries revealed
K18- entries revealed

Question 10

Land charge entry C(I)

Answer 10

Puisne mortgage- mortgage without deeds, likely a second mortgage

Question 11

Land charge entry C(iv)

Answer 11

Estate contract- contract for sale of property

Question 12

Land charge entry D(ii)

Answer 12

Restrictive covenant

Question 13

Land charge entry F

Answer 13

Notice of spouses interest under the Family Law Act 1996

Question 14

Failure to complete

Answer 14

SC 6.8

Not automatically entitled to terminate contract.
Notice to complete needs to be served, making time of the essence.
Can also apply to the court for an order requiring the transaction to complete- specific performance.