Essential steps in property buying – completion and post-completion

To many people, conveyancing this mysterious mystery – what exactly do your property solicitors do when it comes to completing your house purchase or sale –

Responsibilities of vendor’s conveyancing solicitor

• · Checks that completion monies have been received from the buyer
• · Ensures the executed transfer and all necessary title documents are passed to the buyer’s solicitor
• · Ensures any charges affecting the property have been discharged (this should have been actioned on completion)
• · Ensures any document that needs to be executed by the buyer has been received by the vendor

Responsibilities of buyer’s property lawyers

• · Arranges for completion monies to be transferred to the vendor
• · Arranges to receive the executed transfer and all the necessary title documents
• · Ensures that any charges affecting the property have been discharged (this should have been actioned on completion)
• · Registers the conveyance, transfer and assignment with the Land Registry on behalf of the buyer (usual but not obligatory – see below)

Registration

• · Any registered land remains the legal estate of the vendor until registration has been completed
• · Following registration, the effects of registration are backdated to the date of the application
• · Where there is no registered land, the legal estate passes from the vendor to the buyer on completion
• · Transfer of property will trigger compulsory first registration from the Land Registry
• · The buyer is responsible for registration of the conveyance, transfer and assignment with the Land Registry (usually completed by their own Solicitor)

Stamp Duty Land Tax

• · The buyer must notify HM Revenue & Customs (HMRC) of the property purchase by completing Form SDLT1
• · On receipt, HMRC will issue a certificate which must accompany any application for registration at the Land Registry

Contact our team of specialist Salisbury and Andover Conveyancing Solicitors for a free quote on Andover [01264] 364433 or Salisbury [01722 422300] today and we will guide you through the whole process.