30/10/2019
Completion
PRE-COMPLETION
Acting for Buyer – PRE-COMPLETION Procedure
Signed Transfer Deed (form TR1 or TP1?)
Signed Mortgage deed
Submit Certificate of Title to lender – so the lender is aware there are no issues in relation
to releasing funds
Send Completion Information and Undertakings Form to seller – many practical issues in
this form e.g. where do we get the keys / where to send money
Pre-completion searches
Prepare FINAL completion statement
Request any final balance due and ensure it will have cleared pre-completion
Transfer Deed
• Rule 58 Land Registration Rules 2003:
TR1 where transfer of whole of registered land
TP1 where transfer of part of registered land
• Buyer drafts and send to Seller for approval – Seller drafts contract, Buyer drafts transfer
• Seller’s solicitor agrees or amends the draft
• If agreed transfer can be engrossed (prepare as original/formal deed) – means a final copy,
should be bound
• Does the Buyer need to sign?
• Send to seller’s solicitor to be held to order
• Executed as a deed
S1 Law of Property (Miscellaneous Provisions) Act 1989:
o Intended as a Deed
o Signed, Witnessed and Delivered
Different attestation clauses relating to individuals and corporate
entities
Who needs to sign the transfer deed?
Seller ALWAYS signs the transfer
Buyer if: entering into new covenants/agreements, entering into indemnity covenant or trust
declaration or joint ownership declaration – if the buyer is agreeing to an indemnity covenant
(allows chain of indemnities to continue), they must sign. Declaration of trust? buyer must sign
transfer which will give effect to declaration
Attorneys on behalf of parties?
Pre-Completion Searches for Registered Land
Do not get these confused with pre-exchange searches
1. Bankruptcy Search (K16) – To ensure that there is no pending action in bankruptcy or
bankruptcy order against the buyer
2. Official Search with Priority (OS1 for sale of whole/OS2 for sale of part) – To check that the
information provided about the legal title is still the same and prevent any changes to the
legal title being made before completion
3. Company Search
, 30/10/2019
Pre-Completion Searches for Registered Land: OFFICAL SEARCH OF
WHOLE WITH PRIORITY (OS1)
• Why:
• To check that the information provided about the legal title is still the same and prevent
any changes to the legal title being made before completion
• Date of OCEs is relevant to this e.g. 1st October 2019, when you come to do OS1 you
can search from that date. It will say that nothing has changed on the registered
title from that original date OR it may say since that date numerous things have
changed e.g. entries in charges register.
• Prevents anyone registering anything against the legal title to the property during the
30 working day ‘priority period’
• Done online, cannot be done on OCEs that are more than 12 months old and must
remember when priority period comes to an end. It cannot be extended but you can
put in another priority search.
• How:
• Form OS1 submit via Land Registry Portal
• ‘Search from’ date no more than 12 months old (from official copies)
• Search result provides 30 day PRIORITY PERIOD
• MUST
• submit application to register during the day priority period – negligent
• Diarise expiry date of priority period
• If buyer and lender search in name of lender
• If act or buyer only, then just in buyer’s name
Pre-Completion Searches for Registered Land: BANKRUPTCY
Why:
• To ensure that there is no pending action in bankruptcy or bankruptcy order against the
buyer – searching against the borrowers rather than property
How:
• Form K16
• Full names of all borrowers, including former names and aliases – must tell lender
immediately about anything that comes up
• No spelling mistakes
• Not necessary for cash buyers
Must
• Obtain clear search certificate
• take lenders immediate instructions if any entries revealed
Insolvency Service
Pre-Completion Searches for Registered Land – COMPANY
SEARCHES
Why:
o An insolvent company does not have the power to transfer legal title
o To check whether there are any floating charges in existence
These only affect registered land if registered as a charge BUT could
affect any sale of chattels.
How:
o In name of seller company including company registration number
No specific search for this – different providers to complete this search
Completion
PRE-COMPLETION
Acting for Buyer – PRE-COMPLETION Procedure
Signed Transfer Deed (form TR1 or TP1?)
Signed Mortgage deed
Submit Certificate of Title to lender – so the lender is aware there are no issues in relation
to releasing funds
Send Completion Information and Undertakings Form to seller – many practical issues in
this form e.g. where do we get the keys / where to send money
Pre-completion searches
Prepare FINAL completion statement
Request any final balance due and ensure it will have cleared pre-completion
Transfer Deed
• Rule 58 Land Registration Rules 2003:
TR1 where transfer of whole of registered land
TP1 where transfer of part of registered land
• Buyer drafts and send to Seller for approval – Seller drafts contract, Buyer drafts transfer
• Seller’s solicitor agrees or amends the draft
• If agreed transfer can be engrossed (prepare as original/formal deed) – means a final copy,
should be bound
• Does the Buyer need to sign?
• Send to seller’s solicitor to be held to order
• Executed as a deed
S1 Law of Property (Miscellaneous Provisions) Act 1989:
o Intended as a Deed
o Signed, Witnessed and Delivered
Different attestation clauses relating to individuals and corporate
entities
Who needs to sign the transfer deed?
Seller ALWAYS signs the transfer
Buyer if: entering into new covenants/agreements, entering into indemnity covenant or trust
declaration or joint ownership declaration – if the buyer is agreeing to an indemnity covenant
(allows chain of indemnities to continue), they must sign. Declaration of trust? buyer must sign
transfer which will give effect to declaration
Attorneys on behalf of parties?
Pre-Completion Searches for Registered Land
Do not get these confused with pre-exchange searches
1. Bankruptcy Search (K16) – To ensure that there is no pending action in bankruptcy or
bankruptcy order against the buyer
2. Official Search with Priority (OS1 for sale of whole/OS2 for sale of part) – To check that the
information provided about the legal title is still the same and prevent any changes to the
legal title being made before completion
3. Company Search
, 30/10/2019
Pre-Completion Searches for Registered Land: OFFICAL SEARCH OF
WHOLE WITH PRIORITY (OS1)
• Why:
• To check that the information provided about the legal title is still the same and prevent
any changes to the legal title being made before completion
• Date of OCEs is relevant to this e.g. 1st October 2019, when you come to do OS1 you
can search from that date. It will say that nothing has changed on the registered
title from that original date OR it may say since that date numerous things have
changed e.g. entries in charges register.
• Prevents anyone registering anything against the legal title to the property during the
30 working day ‘priority period’
• Done online, cannot be done on OCEs that are more than 12 months old and must
remember when priority period comes to an end. It cannot be extended but you can
put in another priority search.
• How:
• Form OS1 submit via Land Registry Portal
• ‘Search from’ date no more than 12 months old (from official copies)
• Search result provides 30 day PRIORITY PERIOD
• MUST
• submit application to register during the day priority period – negligent
• Diarise expiry date of priority period
• If buyer and lender search in name of lender
• If act or buyer only, then just in buyer’s name
Pre-Completion Searches for Registered Land: BANKRUPTCY
Why:
• To ensure that there is no pending action in bankruptcy or bankruptcy order against the
buyer – searching against the borrowers rather than property
How:
• Form K16
• Full names of all borrowers, including former names and aliases – must tell lender
immediately about anything that comes up
• No spelling mistakes
• Not necessary for cash buyers
Must
• Obtain clear search certificate
• take lenders immediate instructions if any entries revealed
Insolvency Service
Pre-Completion Searches for Registered Land – COMPANY
SEARCHES
Why:
o An insolvent company does not have the power to transfer legal title
o To check whether there are any floating charges in existence
These only affect registered land if registered as a charge BUT could
affect any sale of chattels.
How:
o In name of seller company including company registration number
No specific search for this – different providers to complete this search
