STEPS BETWEEN EXCHANGE OF CONTRACT AND
COMPLETION
TA13
We now have a binding legal contract which includes the date agreed between the parties
on which completion will take place
Buyer’s Request for Completion Information
- The solicitors on both sides now need to agree practical arrangements for
completion (for example, where to collect the keys from)
- This involves the Buyer’s solicitor requesting “completion information” from the
Seller’s solicitor
- This information will include the Seller’s solicitor’s client account details for
payment of the balance of the completion monies
- The Seller’s solicitor will also be required to give an undertaking that they will
forward the redemption monies for any mortgage to the bank and forward the
completed DS1 to the Buyer’s solicitor
This information is usually collected via a Completion Information and Undertakings Form
(TA13). The Buyer’s solicitor will send this to the Seller’s solicitor after exchange and the
Seller’s solicitor will provide replies. The TA13 is not the only way to collect this information
though, some firms will have their own form that they might use, but if the Conveyancing
Protocol is being used then the form TA13 must be used.
Note: you must not give undertakings for things that are outside of your control – that
includes discharge of a mortgage. Only the bank who loaned the money can discharge the
mortgage. All you can do is forward them the amount they have told you they need in order
to do so.
Undertaking: Law Society approved wording
In consideration of you today completing the purchase of [Property] we hereby undertake
forthwith to pay over to [Lender] the money required to discharge the mortgage/legal
charge dated [date] and to forward the receipted mortgage/Form DS1 to you as soon as it
is received by us from [Lender]
, Preparation of the Transfer Deed : TR1
• You may recall that it was the Seller’s solicitor who was responsible for drafting the
contract for sale
• However, it is now the responsibility of the Buyer’s solicitor to draft the second most
important document in the conveyancing transaction: the Transfer Deed
• The Transfer Deed is usually prepared shortly after exchange and sent to the Seller’s
solicitor along with the Request for Completion Information and Undertakings
mentioned previously
The Transfer Deed/The Purchase Deed
• Buyer’s solicitor to prepare
• Standard form – TR1
• Need to refer to contract when preparing the TR1
• Sends 2 copies to Seller’s solicitor
• Deed must be correct and also contain any NEW legal obligations agreed between
the parties
Section 52 LPA 1925
• Must be executed as a deed
• “Signed as a Deed by James Palmer”
• Seller must always sign
• Buyer only in limited circumstances
The Transfer Deed is very important because it transfers the legal estate from the Seller to
the Buyer.
The Buyer will be required to sign the TR1 if there are new covenants contained in the
transfer (either restrictive or positive), if the Buyer is providing an indemnity covenant or if
the Buyer is more than one person and the declaration of trust at box 10 is being used.
Land Registry will not accept Buyer’s right to the Property unless the deed is correct.
COMPLETION
TA13
We now have a binding legal contract which includes the date agreed between the parties
on which completion will take place
Buyer’s Request for Completion Information
- The solicitors on both sides now need to agree practical arrangements for
completion (for example, where to collect the keys from)
- This involves the Buyer’s solicitor requesting “completion information” from the
Seller’s solicitor
- This information will include the Seller’s solicitor’s client account details for
payment of the balance of the completion monies
- The Seller’s solicitor will also be required to give an undertaking that they will
forward the redemption monies for any mortgage to the bank and forward the
completed DS1 to the Buyer’s solicitor
This information is usually collected via a Completion Information and Undertakings Form
(TA13). The Buyer’s solicitor will send this to the Seller’s solicitor after exchange and the
Seller’s solicitor will provide replies. The TA13 is not the only way to collect this information
though, some firms will have their own form that they might use, but if the Conveyancing
Protocol is being used then the form TA13 must be used.
Note: you must not give undertakings for things that are outside of your control – that
includes discharge of a mortgage. Only the bank who loaned the money can discharge the
mortgage. All you can do is forward them the amount they have told you they need in order
to do so.
Undertaking: Law Society approved wording
In consideration of you today completing the purchase of [Property] we hereby undertake
forthwith to pay over to [Lender] the money required to discharge the mortgage/legal
charge dated [date] and to forward the receipted mortgage/Form DS1 to you as soon as it
is received by us from [Lender]
, Preparation of the Transfer Deed : TR1
• You may recall that it was the Seller’s solicitor who was responsible for drafting the
contract for sale
• However, it is now the responsibility of the Buyer’s solicitor to draft the second most
important document in the conveyancing transaction: the Transfer Deed
• The Transfer Deed is usually prepared shortly after exchange and sent to the Seller’s
solicitor along with the Request for Completion Information and Undertakings
mentioned previously
The Transfer Deed/The Purchase Deed
• Buyer’s solicitor to prepare
• Standard form – TR1
• Need to refer to contract when preparing the TR1
• Sends 2 copies to Seller’s solicitor
• Deed must be correct and also contain any NEW legal obligations agreed between
the parties
Section 52 LPA 1925
• Must be executed as a deed
• “Signed as a Deed by James Palmer”
• Seller must always sign
• Buyer only in limited circumstances
The Transfer Deed is very important because it transfers the legal estate from the Seller to
the Buyer.
The Buyer will be required to sign the TR1 if there are new covenants contained in the
transfer (either restrictive or positive), if the Buyer is providing an indemnity covenant or if
the Buyer is more than one person and the declaration of trust at box 10 is being used.
Land Registry will not accept Buyer’s right to the Property unless the deed is correct.
