Post Completion Flashcards

1
Q

Steps required by buyer’s solicitor

A

Pay SDLT/LTT
Register charge at companies house (if applicable)
Register transfer at Land Registry

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2
Q

When must SDLT be paid

A

Within 14 days of completion to avoid penalties

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3
Q

What does solicitor get after paying SDLT?

A

SDLT5 certificate

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4
Q

When must solicitor involve Companies House?

A

When acting for a buyer who is a company taking a loan secured by legal charge

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5
Q

When must legal charge for loan taken out by company be registered?

A

Within 21 days, beginning day after creation of charge

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6
Q

What happens if legal charge is not registered at companies house?

A

Charge is void and lender not protected
Loan immediately repayable
Likely negligence by solicitor

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7
Q

Deadline for registering transfer at Land Registry for registered land

A

No deadline as such, but should register before expiry of OS1 search priority period (30 working days)

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8
Q

How to register registered title at land registry (form and enclosures required)

A

AP1 form, with below docs
- TR1
- SDLT5
- DS1 to discharge seller’s mortgage (if applicable)
- mortgage deed in favour of lender
- certificate of registration of charge at CH (if relevant)
- death certificate for deceased joint proprietor if seller is sole surviving tenant in common

Can apply by post or on online portal

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9
Q

Deadline for registering transfer at land registry for unregistered land

A

Within 2 months of transaction

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10
Q

Docs/form needed to register transfer of unregistered title at land registry

A

Form FR1 - with below docs

  • TR1
  • SDLT5
  • DS1 to discharge seller’s mortgage (if applicable)
  • mortgage deed in favour of lender
  • certificate of registration of charge at CH (if relevant)
  • death certificate for deceased joint proprietor if seller is sole surviving tenant in common
  • epitome of title deeds
  • results of Central Land Charges (K15) searches
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11
Q

When does legal ownership pass?

A

Upon registration

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12
Q

How to register transfer of unregistered title

A

By post only - cannot use online portal

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13
Q

When does principal private residence exemption apply (CGT)

A

Seller owned one home and lived in it as main residence
Property has not been let out
Has not been used for business
Grounds less than 5000 square metres
Did not buy property just to make a gain

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14
Q

Steps to calculate chargeable gain

A

Consideration received
- minus cost of asset
- minus allowable expenditure
= chargeable gain

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15
Q

Allowable expenditure for CGT purposes

A

Costs of disposal
Money spent on enhancing value
Costs of purchasing

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16
Q

Rates of tax for CGT on property where principal private residence exemption does NOT apply

A

Basic rate tax payer - 18% on gain
- if gain + income takes them over £50k then 28% on the rest

Higher rate tax payer - 28% on gain

17
Q

When is CGT payable

A

On or before 31 January following the tax year in which disposal occurs