Property: Stage 5 Completion

Question 1

How can completion be done (methods)?

Answer 1

1. Personal attendance
   - solicitors to meet and buyers solicitor to take possession of deed
2. By Agent
   - buyers solicitor to appoint local firm to attend sellers solicitors office
3. By post
   - sellers solicitor acts as buyers solicitors agent and posts deeds and documents after completion

Question 2

What must be done ahead of completion by post?

Answer 2

Law Society Code for Completion by Post

1. sellers solicitor gives warranty they act for true seller (buyers solicitor can rely on this)
2. Sellers solicitor confirms in writing which mortgages are to be redeemed on completion
3. completion money sent by bank transfer
4. buyers solicitor provides list of deed and docs to be examined (against originals)
5. Sellers solicitor must agree to complete transfer documents upon receipt of sum required
6. Sellers solicitor agrees to confirm date and time of completion to buyers solicitor and to key holder (by phone, fax or email asap)
7. Sellers solicitor to agree to send transfer documents to buyers solicitor by first class post or DX asap

Question 3

What is the process for sending transfer docs under Code of Completion?

Answer 3

Sellers solicitor to agree to send transfer documents to buyers solicitor by first class post or DX asap
- no later than EOD of working day following completion

Once posted they are held at risk of buyer

Question 4

When must you notify other side you can no longer use Code of Compleation

Answer 4

If sellers solicitor cannot comply with code must provide statement to other side by 4pm on day before completion

Question 5

What is done by sellers solicitor when they receive purchase money?

Answer 5

1. Complete transfer documents
2. Sellers solicitor confirms date and time of completion to buyers solicitor and to key holder (by phone, fax or email asap)
3. Redeem any mortgages
4. send transfer docs by first class post or DX (latest EOD day after completion)
5. Transfer the balance
   - to clients purchase file if they have related transaction
   - to clients bank account if no related transaction

Question 6

When will the title pass after completion

Answer 6

Unregistered land (unless triggering event)
- on completion

Registered Land
- on registration

Question 7

What is merger and when does it take effect?

Answer 7

Means that on completion contract merges with purchase deed
- so buyer cannot sue on contract terms

HOWEVER

Standard conditions of sale have NON-MERGER clause
- so liability to perform obligations under contract stand and can be enforced
- eg. term by seller to give vacant possession

Question 8

When will completion by post take place?

Answer 8

Must normally be agreed by parties
- Protocol implies post if used if not specified