Completion

• What is the role of the seller's solicitor in the pre-completion stage?

  To prepare the completion statement and manage the completion process.
• What does the completion statement show the seller?

  It shows the seller how much money they will have after completion.
• What form must be completed by the seller's solicitor during pre-completion?

  TA13 FORM.
• What information is included in the TA13 FORM?

  Details of client account purchase money, amount due on completion, key location, and mortgage discharge evidence.
• What document does the seller's solicitor execute if the property is freehold?

  A transfer document.
• What form is used for all registered and unregistered land transactions?

  TR1 form for whole land or TP1 for part of land.
• What is an assent in property transactions?

  It is used by personal representatives to transfer land to a beneficiary.
• What is a conveyance?

  An older document used in unregistered land transactions.
• What does the landlord's solicitor prepare if the property is leasehold?

  The final copies of the lease for signature.
• What type of search does the buyer's solicitor conduct for registered property?

  OS1 search - Official search with priority.
• What does an OS1 search reveal?

  Any entries added to the register since the OCE were supplied by the seller's solicitor.
• What is the priority period provided by an OS1 search?

  A 30 working day priority period to complete registration.
• What is the purpose of a Full Land Charges Search (K15 search)?

  To search against the full names of the current owner/seller for the full period of their ownership.
• What happens if an application to register a charge is made within the priority period?

  It will not be registered if the buyer registers the transfer by the end of the priority period.
• What must the buyer's solicitor do regarding the physical inspection of the property?

  The buyer's solicitor must repeat the physical inspection of the property.
• What is presumed if completion is done by post?

  That the seller's solicitor acts as the agent for the buyer's solicitor.
• What does the buyer's solicitor do upon receipt of completion monies?

  They notify the seller's solicitor immediately when the funds are received.
• What is the latest time the seller's solicitor may send written confirmation to the buyer's solicitor?

  End of the working day following the day of completion.
• What happens to the contract after completion?

  The contract merges with the purchase, and the buyer can no longer sue under the contract terms.
• What does the seller's solicitor do post-completion?

  Redeems and discharges the mortgage and pays the estate agent.
• What must be done if the buyer is a company regarding the mortgage?

  The mortgage must be registered at Companies House within 21 days.
• What is the deadline for paying Stamp Land Duty Tax (SDLT)?

  Within 14 days.
• What must be submitted to HMRC even if no payment is due for SDLT?

  The SDLT1 form must still be completed and submitted.
• What is the registration deadline for registered property?

  Register title within 30 working days of the date of the official search with priority.
• What is required for first registration of a mortgage?

  It must be registered within 2 months of completion of the mortgage.
• What must be done for a new leasehold of 7+ years?


  The lease must be registered to create a new title.
• What does the seller's solicitor do in the assignment of an existing lease?

  Send the buyer's solicitor the original lease and original licence to assign.
• What must the buyer's solicitor do after paying SDLT in the assignment of an existing lease?

  Serve notice on the landlord of the assignment to the buyer and any mortgage created.
• What happens if there are errors by the seller in the contract after exchange and before completion?

  The buyer is entitled to damages sufficient to put them in the position they would have been in if the property was as described.
• Under what conditions can a buyer rescind the contract?

  If an error or omission was made fraudulently or recklessly, or if the property is substantially different from what was expected.
• What must happen if landlord consent was required and the licence to assign has not been provided?

  The buyer is entitled to rescission of the contract.
• What is the consequence of a delay in completion if payment is made after 2pm?

  It is treated as received the next day.
• How is interest calculated for a breach of contract due to delay in completion?

  Interest is calculated on the amount equal to the purchase price plus contents price minus the deposit.
• What can the innocent party do if the property has a tenant in situ during a delay in completion?

  They can take the rental income until completion rather than compensation.
• Under what condition can a party cancel the contract for delay?

  If a Notice to Complete is served.
• What happens if the buyer is in default and has paid less than a 10% deposit?

  The buyer must pay the difference between the deposit paid and 10% of the purchase price.
• What can the buyer do if the seller is in default and fails to complete within 10 days?

  The buyer may rescind the contract, reclaim the deposit with interest, or claim damages.
• What claims are viable after completion?

  Only claims for breach of title guarantee or for damages for misrepresentation.