Post Completion Flashcards
Steps required by buyer’s solicitor
Pay SDLT/LTT
Register charge at companies house (if applicable)
Register transfer at Land Registry
When must SDLT be paid
Within 14 days of completion to avoid penalties
What does solicitor get after paying SDLT?
SDLT5 certificate
When must solicitor involve Companies House?
When acting for a buyer who is a company taking a loan secured by legal charge
When must legal charge for loan taken out by company be registered?
Within 21 days, beginning day after creation of charge
What happens if legal charge is not registered at companies house?
Charge is void and lender not protected
Loan immediately repayable
Likely negligence by solicitor
Deadline for registering transfer at Land Registry for registered land
No deadline as such, but should register before expiry of OS1 search priority period (30 working days)
How to register registered title at land registry (form and enclosures required)
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
Deadline for registering transfer at land registry for unregistered land
Within 2 months of transaction
Docs/form needed to register transfer of unregistered title at land registry
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
When does legal ownership pass?
Upon registration
How to register transfer of unregistered title
By post only - cannot use online portal
When does principal private residence exemption apply (CGT)
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
Steps to calculate chargeable gain
Consideration received
- minus cost of asset
- minus allowable expenditure
= chargeable gain
Allowable expenditure for CGT purposes
Costs of disposal
Money spent on enhancing value
Costs of purchasing