Completion

Introduction

**Completion** is the moment at which the property transaction is performed: the purchase money is paid, the **transfer deed** takes effect and the buyer takes the property. This chapter follows the transaction through its final phases — **pre-completion** (preparing the transfer deed, carrying out pre-completion searches and putting the finances in order), **completion and post-completion** (the methods and effect of completion, discharging the seller's mortgage, paying **Stamp Duty Land Tax** and registering at **Companies House** and **Land Registry**), and the **remedies for delayed completion** (common-law damages, contractual compensation, the **notice to complete** and rescission).

Assessment focus

For the SQE1 FLK2 assessment, you must understand the **pre-completion, completion and post-completion steps** in a residential or commercial conveyancing transaction. You should be able to identify the **purpose of pre-completion searches** (the bankruptcy search on Form K16, the company search, and the official search of the register conferring a **30-working-day priority period**), the **time limits** that apply after completion (SDLT within 14 days, registration of a company charge within 21 days, first registration within two months), and the **remedies** available where completion is delayed. Questions are single best answer questions (SBAQs) set in **realistic client-based scenarios**; you will be expected to **apply** these rules to a transaction rather than simply recall them. This is a closed-book assessment — ensure you can recall the key forms, time limits and remedies from memory.

Study tips

1) Learn the **key time limits cold**: **SDLT — 14 days** of completion; **company charge — 21 days** at Companies House; **first registration — 2 months**; **priority period — 30 working days** from an official search. 2) Remember the **purpose of the pre-completion search**: it confirms nothing has changed since the official copies were obtained **and** confers a priority period — searching in the **lender's name** (Form OS1) protects the buyer too. 3) Distinguish the **effect of completion**: in **unregistered** land legal title passes **at completion**; in **registered** land it passes only **on registration**. 4) Note the **non-merger clause** (SC 7.3 / SCPC 10.4) preserves the right to sue on the contract after completion. 5) For remedies, separate **liquidated damages** (a genuine pre-estimate of loss — enforceable) from a **penalty clause** (punitive — unenforceable), and remember that a valid **notice to complete** makes **time of the essence**.