What is the buyer’s checklist before completion?
- draft transfer deed
- buyer to sign if indemnity covenants
- send requisitions on title
- pre-completion searches
- certificate of title to lender
- request loan advance
- statement of money to buyer
- SDLT form approved by client
What is the seller’s checklist before completion?
- approve transfer deed
- transfer executed by seller
- reply to requisitions
- redemption statement from lender
- seller/agent final meter readings
What is the transfer form?
TR1
What is a TP1 used for?
transfer of part
What is a TR5 used for?
transfer of portfolio of registered titles
Is a TR1 required for unregistered land?
may still be transferred in the form of a conveyance
On the TR1, what should be provided if the registered proprietor’s name is different?
Marriage certificate
Who should also be mentioned in the transferor section other than the proprietor?
Second trustee appointed for sole surviving tenant in common
What should be mentioned in the transferor section where it is a company?
CRN
What is the max number of transferees?
4
What are the types of consideration?
a) paying a sum of money for the property – the figure is inserted
b) no monetary consideration
c) Other receipts eg parties swap properties or paying off debt
Who must execute a transfer?
Transferor
When must a transferee execute a TR1?
- they are tenants in common or agree to hold the property on trust for someone else
- they are providing an indemnity covenant or any other obligation
How should an individual execute the transfer?
signs the transfer in the presence of an independent witness who also signs and prints their full name and address
When is a transfer considered delivered?
when it is dated, usually by the transferor’s solicitor.
What are the options for a company executing the transfer?
- Company seal attached, and signed by two directors, or one director and the company secretary
- No company seal, but signed by two directors or one director and the company secretary
- Signed by one company director and witnessed by an independent witness
- Signed by a senior employee (not a director or the company secretary) who is authorised under a power of attorney
What precompletion search is carried out for registered land?
search with priority (OS1/OS2)
What does the OS1 do?
updates Office copies initially provided + identifies any changes that have been made
What is the OS1 priority period?
30 working days
What precompletion search is carried out for unregistered land?
land charges search of the Land Charges Registry (Form K15).
What does the K15 do?
identifies any incumbrances or other adverse matters registered against the owner/seller
What is the K15 priority period?
15 working days
What types of application does the K15 take priority over?
other applications lodged before, if lodged within priority period
When is the search from date?
the date of the original office copies sent
