Chapter 10: Completion

Question 1

What is completion?

Answer 1

• When the buyer’s solicitor sends purchase money to seller’s solicitor
• Seller moves out
• Buyer moves in

Question 2

How can completion occur?

Answer 2

1. Personal attendance
2. Agent
3. Post (most common)

Question 3

When must completion take place?

Answer 3

Unless amended in the contract’s special conditions, completion must occur by 2pm on the date specified in the contract.

Question 4

What is the Code for Completion by Post?

Answer 4

Sets out procedure for completion by post:
- Seller’s solicitor acts as agent for buyer’s solicitor
- Buyer’s solicitor sends completion monies by bank transfer and the seller’s solicitor notifies the buyer’s solicitor as soon as aware funds received
- Seller’s solicitor to complete transfer documents

Question 5

When will title pass?

Answer 5

Registered land: When purchaser registered at LR
Unregistered land: On completion

Question 6

On completion, the contract merges with the purchase. What does this mean?

Answer 6

The purchaser cannot sue under the contract terms

Question 7

The Standard Conditions of Sale contain a non-merger clause. What is this?

Answer 7

• The effect of a non-merger clause is that completion will not cancel liability to perform any outstanding obligation under the contract
• If the outstanding obligation is not performed, the buyer may still sue under the contract.

Question 8

Under SCS and SCPC, when will completion take place?

Answer 8

20 working days after exchange, however completion now commonly occurs much quicker