Transfer is usually by who?
What must it also contain?
Usually prepared by the buyers solicitor.
Must be a deed where the land is registered
What is the purpose of pre-completion searches?
To check that nothing adverse to the buyer has happened to the property or the seller since exchange, and to protect the buyer against any adverse change.
Where do you find information about the property’s title, for land that is registered and unregistered land?
Registered land - land registry search
Unregistered land - central land charges search
What is the reason for a priority period?
It protects the buyer in which no other entires may be registered
Which searches do not involve a priority period?
Bankruptcy search - individual.
Company search - corporate entity.
These searches should be done close as possible to the date of completion.
When will the transfer be dated on the contract?
On the day of completion (in which both parties will agree on)
How can completion take place?
By personal attendance or through the post using the law society’s code
When must SDLT/LTT be paid on the purchase?
Within 14-30 days of completion.
What is the difference in SCs and SCPCs in terms of paying contractual compensation - when there is a delay in completion?
SCs - either party is liable.
SCPCs - only the buyer is liable.
What can you do if you are ready to complete but the other person is not?
Serve a notice which will make time of the essence, and if completion does not take place within 10working days, then that party must terminate the contract. - if it is the buyer, they will forefront the deposit.
