PLP - Completion

Question 1

What is the correct form of transfer for the purchase of the whole of an unregistered freehold estate?

Answer 1

TR1 executed by deed

Question 2

What is the effect of dating the TR1?

Answer 2

Dating the TR1 completes the deed and causes legal title to transfer to the buyer.

Question 3

What is the difference between TR1, TP1, and TR5?

Answer 3

TR1 = whole title
TP1 = part of a title
TR5 = portfolio of registered titles

Question 4

When should Panel 3 (date) of the TR1 be completed?

Answer 4

On the day of completion — it must be left blank when the TR1 is drafted.

Question 5

What must be sent to the Land Registry if one joint owner has died and the second trustee is named in the TR1?

Answer 5

Only the death certificate of the deceased proprietor.
No separate deed of appointment needed

Question 6

How is a TR1 executed when a company is the seller and two individuals are buying in unequal shares?

Answer 6

Company executes by director + secretary (or 2 directors)
Each individual buyer signs in front of a witness
Panel 10 (declaration of trust) and Panel 11 (if needed) must be completed

Question 7

How can a company execute a deed under the Companies Act 2006?

Answer 7

Using a company seal with 2 authorised signatories
Without a seal, by 2 directors or 1 director + company secretary
Or by 1 director signed in front of an independent witness

Question 8

What is the priority period provided by an OS1 search?

Answer 8

30 working days from the OS1 search result

Question 9

What is the protection period given by a K15 Central Land Charges search?

Answer 9

15 working days?

Question 10

What is the time period for first registration at the Land Registry (post completion of the purchase of unregistered land)?

Answer 10

2 months

Question 11

Do you ever carry out both a bankruptcy search and a company search?

Answer 11

No.

Bankruptcy search (K16) is only for individual buyers
Company search is only for company buyers

Question 12

What are requisitions on title?

Answer 12

They’re final questions the buyer’s solicitor asks the seller’s solicitor before completion - they confirm practical readiness for completion.

Question 13

What form do requisitions on title take?

Answer 13

For residential: Form TA13

For commercial: Use CPSE SCR or the firm’s own checklist

Question 14

What does TA13 ask about in relation to possession?

Answer 14

Vacant possession — who has the keys, where they will be left, and if tenants are present, what arrangements are in place.

Question 15

What does TA13 ask about if the property is unregistered?

Answer 15

A list of deeds and documents that will be handed over on completion.

Question 16

What does TA13 confirm about the mechanics of completion?

Answer 16

That the completion will take place in accordance with the Law Society Code for Completion by Post.

Question 17

What money details are covered in TA13?

Answer 17

Seller’s client account details
Exact amount payable on completion

Question 18

What does TA13 ask about mortgages and charges?

Answer 18

Whether there are any mortgages on the property and confirmation that the seller will redeem them on completion.

Question 19

What is the seller’s solicitor undertaking in TA13?

Answer 19

To redeem the mortgage against the seller’s title immediately after completion using sale proceeds — so the buyer’s solicitor can register the buyer’s title and mortgage.

Question 20

Why is the undertaking to redeem the mortgage important?

Answer 20

Because the buyer’s solicitor cannot register the buyer’s transfer or mortgage until the seller’s mortgage is cleared — and relies on this legal promise to proceed.

Question 21

Is the seller’s solicitor legally bound by the TA13 responses?

Answer 21

Yes — TA13 includes formal undertakings, which are enforceable obligations under professional rules.

Question 22

Does the seller’s solicitor undertake to discharge the charge?

Answer 22

No — the undertaking is to redeem the mortgage, not to discharge the charge itself, as that is done by the lender (either electronically or via Form DS1).

Question 23

What is a DS1 and when might it be used?

Answer 23

A DS1 is a paper discharge form used to remove a mortgage from the register.
It may be requested in advance (executed but undated) for high-value transactions as extra security.

Question 24

What is the correct form of the seller’s solicitor’s undertaking for redeeming a mortgage on registered land?

Answer 24

To undertake forthwith to pay the lender the money required to redeem the mortgage, and to forward Form DS1 to the buyer’s solicitor as soon as it is received from the lender.
(The solicitor cannot undertake to discharge the mortgage, as only the lender can do that.)

Question 25

Who sends and who signs the Completion Information and Undertakings Form (e.g. TA13)?

Answer 25

The buyer’s solicitor sends the form to the seller’s solicitor, who completes and signs it. Only the seller’s solicitor (not the seller) can sign, as it includes binding undertakings (e.g. to redeem a mortgage).

Question 26

What two actions must the seller’s solicitor take immediately after receiving completion funds?

Answer 26

Date the TR1 Confirm completion to the buyer’s solicitor and estate agent.

Question 27

What risk arises if the buyer completes without a solicitor’s undertaking to redeem the seller’s mortgage?

Answer 27

The seller could keep the money without redeeming the mortgage, leaving the buyer unable to register their title or mortgage, and the property still charged.

Question 28

How is completion money usually sent, and when?

Answer 28

By telegraphic transfer (TT), typically on the morning of completion, often a Friday.

Question 29

By when must the seller’s solicitor send the TR1 and other documents to the buyer’s solicitor after completion?

Answer 29

As soon as practicable, and no later than the end of the next working day following completion. Also same for written confirmation

Question 30

What undertakings does the seller’s solicitor give under the Code?

Answer 30

Complete by dating the TR1 on receipt of funds Send the TR1 and documents to the buyer’s solicitor Redeem any mortgage using sale proceeds Forward any DS1 from the lender as soon as received

Question 31

What documents must a buyer sign before completion if they are giving an indemnity covenant and taking a mortgage?

Answer 31

The transfer deed (TR1) — required because they are giving an indemnity covenant The mortgage deed — to create the legal charge

Question 32

When can a seller rescind the contract under the Standard Conditions of Sale?

Answer 32

Only after serving a notice to complete and waiting 10 working days without the buyer completing.

Question 33

Can a seller rescind the contract immediately if the buyer fails to complete on the contractual date?

Answer 33

❌ No — under the SCS, time is not of the essence. The seller must first serve a notice to complete.

Question 34

What is the effect of serving a notice to complete?

Answer 34

It makes time of the essence and gives the other party 10 working days (starting the day after service) to complete. If they don’t, the non-defaulting party can rescind.

Question 35

Can the seller claim both SCS compensation and rescind the contract?

Answer 35

❌ No — once the contract is rescinded, contractual compensation under the SCS no longer applies. The seller can only claim common law damages.

Question 36

If the seller chooses not to rescind and the buyer completes late, what is the seller entitled to?

Answer 36

Contractual compensation under the SCS: interest on the balance of the purchase price for the period of delay.

Question 37

What happens if both parties agree to withdraw a notice to complete?

Answer 37

The notice is cancelled, and the contract continues as if it was never served.

Question 38

What are the seller’s remedies if the buyer fails to complete after a valid notice to complete expires?

Answer 38

✅ Rescind the contract ✅ Forfeit the deposit ✅ Claim contractual interest under SCS (if not rescinded earlier) ✅ Claim damages for losses (e.g. costs of resale, wasted expenses)

Question 39

What are the buyer’s remedies if the seller fails to complete after a valid notice to complete expires?

Answer 39

✅ Rescind the contract ✅ Recover the deposit with interest ✅ Claim damages (e.g. for wasted removal costs or rent) ✅ In some cases, seek specific performance

Question 40

What kind of damages can be claimed under common law?

Answer 40

Losses caused by the breach that are not too remote — e.g. Cost of removal vans Storage fees Extra legal costs Difference in resale price (for sellers)

Question 41

What is the main remedy when neither party rescinds and completion is simply late?

Answer 41

✅ Contractual compensation under the SCS — i.e. interest for delayed completion.

Question 42

What are the Land Transaction Tax (LTT) non-residential rate bands (Wales)?

Answer 42

0 % on the first £0 – £225 000 1 % on the slice £225 001 – £250 000 5 % on the slice £250 001 – £1 000 000 6 % on the slice above £1 000 000

Question 43

SDLT bands for non-residential property (England)?

Answer 43

0 % on £0 – £150 000 2 % on £150 001 – £250 000 5 % on £250 001 +

Question 44

First-time buyer SDLT bands (England)?

Answer 44

0 % on £0 – £425 000 5 % on £425 001 – £625 000 £625 000 → no relief

Question 45

SDLT “additional dwelling” rule?

Answer 45

Add 3 % to the entire consideration after working out the normal SDLT.

Question 46

SDLT rule: do you add the price paid for genuine movable contents (e.g. furniture, white goods) to the purchase price when working out the tax?

Answer 46

No – exclude it. If the contents are movable and fairly valued, their price is left out of the SDLT calculation. Only the amount paid for land and buildings counts.

Question 47

Four elements that must ALL exist for a CGT charge?

Answer 47

1️⃣ Chargeable disposal 2️⃣ Chargeable asset 3️⃣ Chargeable person (UK taxpayer) 4️⃣ Chargeable gain (If any one is missing → no CGT.)