Completion Flashcards
(36 cards)
Who traditionally drafts the transfer deed in a property transaction?
The buyer’s solicitor, although it’s increasingly common for the seller’s solicitor to draft and annex it to the contract.
What Land Registry form is most commonly used for a transfer of whole title?
Form TR1.
What form is used for transfer of part of a registered title?
Form TP1.
What form is used for transfer of a portfolio of titles?
Form TR5.
What is the effect of dating the TR1 form?
It completes the deed and legally transfers title to the buyer.
When must the buyer sign the TR1?
If they are taking on obligations (e.g., indemnity covenant), or where Panel 10 includes a trust declaration.
What is required to execute a deed as an individual?
Signature in the presence of an independent witness who signs and provides their full name and address.
What are the main methods of company execution of a deed?
By seal, by two authorised signatories, or by one director and a witness.
What search protects priority of registration in registered land?
OS1 (or OS2 for part) search with priority at the Land Registry.
How long does OS1 priority last?
30 working days.
What pre-completion search is used in unregistered land?
A Land Charges search (Form K15).
How long does K15 priority last?
15 working days.
What happens if the priority period expires before registration?
Priority is lost, and a new search must be carried out.
When is a company search required before completion?
If either the buyer or the seller is a company, to check for insolvency or crystallisation of floating charges.
Why must a buyer’s solicitor not forget to carry out OS1?
Failing to do so may result in another interest taking priority—potentially professional negligence.
Does the buyer’s solicitor need to update K15 for previous owners?
No—only the seller’s position matters at the time of completion.
What is the aim of pre-completion searches?
To confirm the seller can give title and to protect the buyer’s/lender’s registration priority.
What are requisitions on title?
Questions raised by the buyer’s solicitor shortly before completion to confirm readiness.
What is the standard residential requisitions form?
TA13 – Completion Information and Undertakings.
What information does TA13 cover?
Vacant possession, completion arrangements, deed delivery, mortgage redemptions, and client account details.
What must the seller’s solicitor undertake in TA13 regarding mortgages?
To redeem the mortgage using sale proceeds and provide confirmation.
What does the buyer’s solicitor check in TA13 about keys?
Who will hold the keys and when/how they’ll be released after completion.
When is a DS1 required?
To remove a mortgage from the register if it is not discharged electronically.
What is the Code for Completion by Post?
A Law Society protocol that governs how solicitors handle completion without a physical meeting.
