Pre-Completion (Stage 4)

Question 1

If the seller (S) has a mortgage, S will ask the lender (L) for an updated mortgage ___________ ______ and ask the estate agent their fees so the Solicitor can prepare a ________ _________ showing how much money S will have after completion

Answer 1

redemption figure, completion statement

Question 2

Who fills out the Completion Information and Undertakings form?

Answer 2

The seller’s solicitor

Question 3

What 4 things will a Completion Information and Undertakings form include?

Answer 3

1. Client account purchase money should be sent to
2. Amount due
3. Location of keys
4. Undertaking to pay off the mortgage out of sale proceeds

Question 4

What are the four types of deed in which a purchase deed (used in transfers of freehold estates) may be executed?

Answer 4

1. Transfer
2. Assent
3. Conveyance
4. Assignment

Question 5

A transfer can be used to convey all ___________ and ______________ land

Answer 5

registered, unregistered

Question 6

What are the 2 types of forms used for transfers and how are they different?

Answer 6

TP1 Form - whole of the land being transferred
TP2 Form - part of the land being transferred

Question 7

When is an assent used?

Answer 7

By PRs to transfer land to a beneficiary

Question 8

When was a conveyance typically used and where can they typically be found?

Answer 8

When unregistered land was sold

They can be encountered in an epitome of title

Question 9

When were assignments used?

Answer 9

For unregistered leasehold land

Question 10

What is an engrossment?

Answer 10

The final version of a lease which is drafted by the landlord’s solicitor

Question 11

What are the two parts of an engrossment and who are they respectively signed by?

Answer 11

1. Original - signed by landlord
2. Counterpart - signed by tenant

Question 12

What type of searches are carried out at the pre-completion stage and who carries them out?

Answer 12

Pre-completion searches

Buyer’s solicitor

Question 13

What are 4 main pre-completion searches can carried out by the buyer’s solicitor?

Answer 13

1. Official search with priority (reg. land)
2. Full land charges search (for unreg. land)
3. Bankruptcy search (if B is obtaining a mortgage)
4. Company search (if S is a company)

Question 14

For an official search with priority, what is the difference between an OS1 and an OS2 search?

Answer 14

OS1 - against whole of property
OS2 - against part of property

Question 15

What does an official search with priority reveal?

Answer 15

Any entries added to the register since official copies were supplied by S’s solicitor

Question 16

What is the priority period under an official search (registered land), in which the buyer should complete and register the transaction?

Answer 16

30 working days

Question 17

What is the priority period for a full land charges search (unregistered land), in which the transaction must be completed?

Answer 17

15 working days

Question 18

If an application to register a charge (e.g. a puisne mortgage) is made within B’s priority period, when will the charge not be registered?

Answer 18

If B registers the transfer to them by the end of the priority period

Question 19

What is a service charge apportionment?

Answer 19

If the seller has paid service charges in advance, they will expect reimbursement of the advance payment from the buyer on completion