Pre-completion formalities (Procedural steps for the assignment of a lease)-FS Flashcards
(8 cards)
What are pre-completion formalities in the assignment of a lease?
Steps taken after contract exchange to ensure lawful completion, similar to freehold conveyancing.
What is rent apportionment?
Division of rent between assignor and assignee based on the assignment date, calculated pro rata.
Who provides the completion statement?
The assignor, detailing apportioned rent and charges due at completion.
Why are pre-completion searches needed?
To confirm no register changes since earlier searches and protect the assignee.
What is an OS-1 search?
A priority search that confirms title and gives 30-working-day protection for registration.
What does the 30-day OS-1 priority period do?
Prevents third parties from registering interests during that time.
Who performs pre-completion searches?
The assignee’s solicitor, to secure clean title and registration priority.
What is included in a completion statement?
Rent, service charges, and any other sums due—split between parties. Due from each party at the completion date.
