Conveyancing Jargon Buster
The list below contains jargon often used when dealing with property transactions, click upon a phrase to learn the meaning…
If you have a question about any part of the conveyancing process, please feel free to call one of our friendly JML&Co advisers on 01332 292204 who will be more than happy to help you.
-This is the agreed date on which you are able to take possession of your property, and the date when the balance of the purchase monies is paid to the Sellers Solicitors.
-This is an agreement in duplicate with the one signed by the seller and the other one by the buyers to buy and sell a property which when exchanged is legally binding for the sale and purchase of the property at an agreed fixed price with a fixed completion date.
A deposit is paid on exchange of contracts by the buyer to the seller via the Conveyancers which is usually 10% if the purchase price.
-Monies paid to your conveyancer to be paid over to a third party, which include search fees and Land Registry fees.
Exchange of Contracts
-This is when the agreement to buy and sell property becomes legally binding with a completion date fixed.
Fixtures, Fittings and Contents Forms
-A list of contents etc to be included in the sale price and it will be also list items which will be removed.
-This means ownership of the land and the buildings on such land.
-Is the department which registers title to land in England and Wales and provides guaranteed title to registered Estates and interests in land.
-This means ownership of a property for a fixed period of time set out in the lease, after which it reverts back to the freeholder.
-The monies paid to the Conveyancers as their fees.
Local Authority Search
-Local authority search is a report about the property and its surrounding area. It is site specific and does not include details of anything beyond the boundaries of the property.
-The Bank, Building Society or any other establishment or person who lends money to be used towards the purchase price of a property.
-The legal document which acknowledges the debt signed by the borrower and registered as a charge against the property on the legal title at the Land Registry.
Property Information Form
-A form to be completed by the seller providing details about the property which are personally known to the seller as an occupier of the property. Misinformation given on the document could be sued on.
-The monies due to the mortgagor to pay off a mortgage on a property and the document acknowledgement payment is produced to the Land Registry for removal of the charge on a legal title.
-A fee which may be charged by the lender for their administration costs in dealing with redemption on the mortgage.
-Stamp Duty is a Government tax paid to the Inland Revenue which applies to the purchase of the property over the value of £125,000. All transfers of property have to be declared by the Inland Revenue and there are time limits for doing this after completion of the purchase.
-Before you buy or sell a house it is important to get a report about the property’s overall condition. This report is known as a survey and there are different types. The mortgage lender will always insist on survey or valuation.
-Old documentation relating to the legal title of the property prior to the registration of title at the land registry.
-The document on the sale of property transferring the property from the Seller to the Buyer.
Water Drainage Search
-This search shows you in detail about your property and its water and drainage supply. It tells you whether your property is connected to the mains, shows the location of the nearest mains and an up to date water quality analysis.