SGS 4 - Completion Flashcards
How would you draft an indemnity covenant in Panel 11?
“The Transferee covenants with the Transferor to observe and perform the convenants contained in entry [number] of the Charges Register of title number [title number] and to indemnify the Transferor against any liability for any future breach or non-observance of the covenants”
How would you draft an exclusion of third party rights clause in Panel 11?
“A person who is not party to the transfer will not have any rights under it or in connection with it by virtue of the Contracts (Rights of Third Parties) Act 1999.”
How would you draft a clause where you have a sole surviving tenant in common appointing a second trustee for the purposes of the transfer in Panel 11?
“For the purpose of giving a valid receipt for the purchase price, [NAME OF SOLE TENANT] ‘Current Trustee’ in exercise of the power under s36(6) of the Trustee Act 1925 appoints [NAME OF ADDITIONAL TRUSTEE] to be a trustee of the Property with the Current Trustee.”
How should a transfer deed be executed if the person executing is an individual?
Needs to be signed and delivered as a deed in the presence of a witness who attests the signature. The witness’s name, address and occupation should be given
How should a transfer deed be executed if the person executing is a company?
Executed as a deed either by two directors signing or one director and one company secretary. Or executed as a deed by signature of one director in the presence of a witness who attests the signature.
What Form must you send to the Land Registry to register the transfer and with what enclosures?
Form AP01 Enc: - TR1 - DS1 - SDLT5 - Debenture - Companies house certificate confirming registration of the charge - Certificate showing change of name of the company if relevant - the fee for registration
What form must you send to companies house to register the charge (if relevant) and when must you do this by?
Form MR01
Must be done within 21 days starting with the day after the creation of the charge
When must you pay SDLT by? What Forms will you need?
Must pay SDLT within 14 days from the effective date, which is usually the date of completion. Need to pay SDLT and file a return which is Form SDLT1 although you can now do this online. HMRC will then send you SDLT5 to confirm receipt of the return.
What pre-completion form does the buyer’s solicitor need to send to the seller’s solicitor for them to respond to?
The Completion Information and Undertakings Form which can be a TA13 but does not HAVE to be that form.
