With the Land Registry now requiring registration applications to be made within 14 days of completion, tmgroup’s post-completion service streamlines the processing of Stamp Duty Land Tax (SDLT) payments and AP1 forms to keep you in control.
Recent figures reveal the average time to complete registration across the industry is between 20 and 22 days. tmgroup analysed the average turnaround time for customers using their post-completion service and found it to be around 7 days.
Average times varied across the regions, with the South West fastest at 19.7 days, followed by East Anglia at 20.4 days. Slowest were the North East at 23.5 days, followed by the North West at 22.5 days.
Using tmgroup’s post-completion services could reduce the time taken to register property sales and transfers for many firms by around two-thirds. Benefits of using the fully integrated system include the following:
No need to enter data
The required information is automatically populated into the relevant forms from the tmgroup system. This means no time spent copying data across and working out which fields need to be completed.
With completion of the SDLT form and AP1 being quick and simple, tmgroup users can make their applications as soon as the transfer document is received. This helps prevent any delay in the registration process and subsequent problems, for example where the buyer may wish to serve notice on a tenant or enforce a right contained in the title.
As well as automatic completion of the relevant forms, the system only displays the fields that need to be filled in, which helps in trickier transactions, for example where part of the property is leasehold or only part is to be transferred. This means that users don’t have to browse through the entire document to find the right boxes to complete.
Completed forms and the current status of the case are visible to all team members, even across different offices, so it is easy to stay on top of cases, respond to buyer queries and manage work in the event of staff absences.
With the SDLT5 form sometimes returned to tmgroup users within seconds, there is the opportunity to cut application times to the absolute minimum. The faster a property transfer is registered, the lower the risk to the new owner from the registration gap.
Reduced risk of error
Automatic population of data fields takes away the risk of human error in transcribing information.
The system shows dates, times and submission status as well as any requisitions raised and records of conversations with the Land Registry. Timely prompts give notice of impending cancellation deadlines, meaning the risk of having to reapply is reduced.
Missing information is highlighted at the time the forms are completed, minimising the number of requisitions and delays.
tmgroup is an approved software partner of both HM Revenue & Customs and HM Land Registry, meaning it is always up to date. It is secure and compliant, with data being encrypted so that anyone outside of your firm or the relevant government bodies is unable to view it.
Thoughts from one of our clients
Once our tmgroup users have tried the post-completion services, they really appreciate how easy it is to conclude a transaction. Victoria Follows, a partner in the property department of Hand Morgan & Owen explains. “We like the tmgroup platform and find it very easy to use. It is colourful and easy to find your way around. I also find it very useful to be able to see everyone’s cases, so if a colleague is off sick or on holiday, I can continue to progress their SDLT and AP1 submissions and meet our tight deadlines.
“The support from the tmgroup team is also fantastic and I can’t commend them highly enough. The Helpdesk is great and our Account Manager is superb. Everyone is just so willing to help.”
If you have any questions about how to fully utilise the post-completion service, please get in touch with your Account Manager or our friendly Helpdesk team on 0800 840 5571 or firstname.lastname@example.org