Property: Stage 6 Post Completion

Question 1

What must the sellers solicitor do post completion?

Answer 1

1. Report to client
   - call and written confirmation of completion
2. Discharge Mortgages
3. Pay Estate Agent
4. File Closure

Question 2

How should the sellers solicitor discharge mortgages?

Answer 2

If unregistered land
- original mortgage deeds sent to lend (to acknowledge discharge)

• sent back to sellers solicitor
• finally sent to buyers solicitor

Question 3

What are the buyers solicitors post completion tasks?

Answer 3

1. Report to client
   - call and written statement confirming completion
2. Register
   - company charges with CH in 21 days
   - registration with HMLR
3. Pay Stamp-duty Land Tax

Question 4

When does stamp duty land tax have to be paid?

Answer 4

Even if not due still have to submit form

Must be paid in 14 days of completion

Question 5

What needs to be registered with HMLR and when?

Answer 5

For freeholds and leaseholds over 7 years

Registered title
- 30 working day priority period

Unregistered Land
- first registration
- 2 months

Question 6

What must be done if leasehold was bought with mortgage?

Answer 6

If leasehold is registrable
- mortgage must be registered at same time
- must serve notice of mortgage on landlord

Question 7

What are the post completion tasks (both sides) for assignment?

Answer 7

1. Seller send buyer original lease (and original share certificate if management company)
2. Seller send buyer original licence to assign (if applicable)
3. buyer to pay SDLT
4. seller prepare final service charge adjustment
5. registration by buyer