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12. POST COMPLETION
12.1 Registration
(a) Land Registry
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The Bank's solicitors will be dealing with registration at the Land Registry. You are required to give an undertaking to assist the Bank's solicitors with any correspondence and requisitions raised by the Land Registry (this will be included in the template completion undertaking letter provided to you by the Bank's solicitors during the transaction). To confirm, the registrations will usually include the following:
i. registration of the transfer or lease to the Bank;
ii. noting the promise to sell the Property in favour of the Client on the Property title held by the Bank;
iii. registration of the lease from the Bank to the Client (if for a term over seven years) or noting the lease on the Property title held by the Bank (if for a term of seven years or less); and
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iv. registering the Bank's legal charge over the leasehold title if the lease is registrable pursuant to (iii) above.
v. The consideration and/or the price paid/value to be quoted on Land Registry applications is the purchase price paid to the seller/transferor of the property or, in the case of a re-finance, the property value (not the finance amount).
If the Client’s interest is held jointly, it is the responsibility of the Client’s solicitor to record properly the way in which property is held as joint tenants or tenants in common.
(b) Companies House
If the Client is a corporate entity the Bank's solicitors will deal with the registration of charges (i.e. the Legal charge) at Companies House.
12.2 Removal of Security
If the Client is a corporate entity and there is existing security registered against the Client at Companies House, you are required to apply to discharge these on completion and confirm the same to the Bank's solicitor.
12.3 Legal Representation on Redemption
The Bank will be represented by its own solicitors on redemption. They will arrange for the transfer of title and discharge of the legal charge affecting the property and release of any debenture granted by the Client.
Please note that the Client will need to appoint solicitors to represent them in respect of the redemption. The Bank’s solicitors will not be able to represent the Client jointly with the Bank during the redemption process. This is to avoid a potential conflict of interest, as they would be acting for both the buyer and seller of the title.
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