Pre-Completion Searches Flashcards
(13 cards)
What is the purpose of pre-completion searches?
To check and protect buyer’s ability to obtain title to property
What are pre-completion searches concerned with?
1) The property
2) The parties
What is a pre-completion search for registered land?
Form OS1 or OS2 for part of land at the Land Registry
What is an OS1 form?
Search with priority
How long is OS1 priority? What is the effect?
Priority period of 30 working days – will take priority over any application even if lodged
What is the pre-completion search for unregistered land?
Form K15 at Land Charges Registry
What does K15 search for?
Any incumbrances or adverse matters registered against owner/seller of unregistered land
What is the priority period of K15 form?
15 working days
Does the seller need to disclose any adverse issues that may have resulted in changes to official copies originally provided?
Yes – or may face claim for damages / rescission of contract
What happens if solicitor does not carry out OS1 search with priority?
Would be clear case of professional negligence
What is form K16?
Bankruptcy search against buyer to protect lender
What search if buyer / seller is a company?
A company search
Does a company search give priority?
No, so should be carried out as late as possible
