Completion Pitfalls - A Roundup for Conveyancers

Introduction

Once you have exchanged contracts you might feel the hard part is over and you can safely let the file continue to an unremarkable completion. Unfortunately, conveyancing life is simply not like that and there are numerous steps and pitfalls with many traps for the unwary.

Although you may hope that reaching the conclusion of the transaction, everything will go according to plan but sometimes the seller, buyer, or even the lender will simply not complete - you need to be prepared.

What You Will Learn

This webinar will cover the following:

• The ‘New Homes Quality Code’ and completion dates for new build properties
• Shared ownership purchases - extra considerations
• SDLT considerations - ‘granny annexe’ - are you completing on one or multiple linked transactions? CQS and ‘Core Practice Management Standards’
• Contractual obligations conditional on completion at a certain price - Barton and others v Morris for Gwyn-Jones (deceased) Advising clients on CGT potential liability on completion of sale of home where part has been used for ‘home working’
• Completing on more than one property purchase and multiple dwellings relief - time limits - Secure Service v HMRC
• Post completion warranty claim - statute barred?
• Your potential liability when completion doesn’t take place
• The Law Society Code for completion by post
• Unwittingly completing a matter for a fraudster or buying from one- what is your liability?
• Undertakings given at completion and discharge of mortgages. Release of net sale proceeds after completion
• Withdrawal of a mortgage offer prior to completion and other mortgage problems
• The Standard Conditions of Sale 5th Edition on Completion and can a seller be compelled to complete a sale to a party other than the buyer?
• Land Registry Requisitions which may follow errors at completion
• NHBC assistance if a builder fails to complete a new home
• Effect of multiple errors in the drafting of a notice to complete
• Effect of a notice making ‘time of the essence’ and problems it might cause
• What can go wrong if you complete too quickly (as opposed to not completing on time), exchange and complete together and the funds are wrong
• Examining the difference between ‘actual’ and ‘contractual’ completion dates - Long stop completion dates
• Agreeing to extend the completion date and its effect and enforceability. The last day of a notice to complete and acting for the buyer you send the wrong balance purchase money
• Bankruptcy of the seller

This webinar was recorded on 23rd May 2023