Which document must be completed before completion and executed by the buyer?

Which document must be completed before completion and executed by the buyer?

• A. TR1 Form
• B. Mortgage Deed
• C. DS1
• D. Transfer of whole title

Answer: (B)

When a buyer is financing the purchase with a loan, the security for that loan is set up by the mortgage deed. This document must be completed and executed by the buyer before completion because it creates the lender’s charge over the property and binds the buyer to repay the loan. Without the mortgage deed in place, funds cannot be drawn down at completion, so completion cannot proceed on the loan terms. The other documents relate to title transfer or tax declarations rather than securing the loan. The transfer of title (often shown as a TR1 or the older “transfer of whole title”) handles passing ownership and is typically arranged around completion; it isn’t the instrument that creates the lender–borrower security and isn’t required to be executed by the buyer in advance for financing. The DS1 concerns Stamp Duty Land Tax and is not a pre-completion security document.

When a buyer is financing the purchase with a loan, the security for that loan is set up by the mortgage deed. This document must be completed and executed by the buyer before completion because it creates the lender’s charge over the property and binds the buyer to repay the loan. Without the mortgage deed in place, funds cannot be drawn down at completion, so completion cannot proceed on the loan terms.

The other documents relate to title transfer or tax declarations rather than securing the loan. The transfer of title (often shown as a TR1 or the older “transfer of whole title”) handles passing ownership and is typically arranged around completion; it isn’t the instrument that creates the lender–borrower security and isn’t required to be executed by the buyer in advance for financing. The DS1 concerns Stamp Duty Land Tax and is not a pre-completion security document.