Drafting Sale Contracts

Once we send Contract Papers to the buyers solicitors, what else should we do?

• Wait for any enquiries to be raised

• Send the Contract & TR1 to the client to sign and return

• Request a Redemption Figure if there is a Mortgage on the property

• Follow up any incomplete answers on the SPIF with the seller

Before requesting Official Copies from the Land Registry what should you have on the sale file?

• Money on the client account

• Signed Instructions and ID received from the client

• Sales Memorandum from the Estate Agents

• Verbal confirmation from the client to go ahead

What is detailed in the Charges Register of the Official Copies

• The property address

• The owner of the property

• Any mortgages on the property

• The date the Official Copies were ordered

What is detailed in the Proprietorship Register of the Official Copies?

• The owner of the property

• Any Restrictions

• any mortgages on the property

• The property address

What is detailed in the Property Register of the Official Copies

• The Tenure of the property (Freehold or Leasehold)

• What the seller paid for the property

• Property Address

• Any Restrictive Covenants

What is the best Grade of Title in the Official Copies

• Qualified

• Good Leasehold

• Possessory

• Absolute

If you see a Restriction on the Title what should you do?

• Ignore it

• Follow this up immediately. Ask a senior college if you need guidance on what to do

• Wait for the buyers solicitors to raise an enquiry on it

• Proceed to Exchange of Contracts

What is included in the draft Contract Papers we send to the buyers solicitors?

• Contract and TR1

• Protocol forms (SPIF, F&F and SLIF if Leasehold)

• Official Copies, Title Plan, any Conveyances, Transfers, Leases etc

• Sales Memo from the Agents

What extra steps are required when issuing draft Contract Papers to the buyers solicitors on a Leasehold property

• We include both the Freehold and Leasehold Official Copies and Plans

• We Include a copy of the Lease

• We request an LPE1 from the Landlord & Management Company and ask the seller to pay for this

• We send a copy of the Sellers Leasehold Information Form (TA7