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Conveyancing: An A-Z through Conveyancing Jargon

We've updated this post with a visual guide via SlideShare

conveyancing jargonConveyancing Solicitors can be rather blasé with their use of jargon

Some Conveyancing Solicitors promise to speak in Plain English (we at Clutton Cox do at least); other Conveyancing Solicitors no doubt still wallow in the odd “hereinbefore” and “aforesaid mentioned”

So if you are embarking on a sale or purchase here is a little help.

So for viewers at home only, here goes:

Agreement: Another word for the Contract of Sale

Caveat Emptor: Only bit of Latin, we promise: “Let the Buyer Beware

Client Care Letter: Your agreement with your Conveyancing Solicitor, detailing how much you will pay,
how you will be treated and what do if you
have any problems or complaints

Completion: The legal formality of paying over the balance of purchase monies in return for a signed Transfer Deed on the Completion Date

Completion Date: The date in the Contract when possession of the property is given by the Seller to the Buyer in return for any balance of the purchase price a.k.a Handover of Keys day

Contract for Sale: a legal document which sets out the terms of the sale and purchase of the property

Contract Rate: a penalty rate of interest payable by either the seller or the buyer if the Conveyancing transaction does not complete on the Completion Date

Covenant: A legal obligation or restriction affecting a property

Deposit: A sum of money usually 10% of the Purchase Price paid by the buyer to the Seller’s solicitor on exchange of contract. Non refundable if the Buyer does not proceed to completion day

Disbursements: Payments made by your Conveyancing Solicitor but payable by you to Third Parties

Easement: A right benefiting one property over another such as a right of way

Exchange of Contracts: Literally, the exchange of a signed contract by the Seller and the Buyer confirming a legally binding contract to buy and sell a property

Fixtures Fittings and Contents
Form:
What the Seller has agreed to sell to the Buyer either include in the sale price or in addition

Freehold: Ownership which lasts until you decide to sell,
as opposed to Leasehold which is time restricted (although that can be up to 999 years.

Land Registry: or HM Land Registry is the Government office charged with authenticating sales of property and transferring into the Buyers name

Leasehold: Ownership which is time dependent and subject to more restrictions and obligations e.g. flats are leasehold

Local Search: A list of answers given by the Local Authority from their data and records including financial charges, highways and planning

Mortgage: Literally, “death pledge”, but now a deed secured on a property to ensure payment to the Lender

Official Copies of Register: Official copies of registered title to a property from the Land Registry

Property Information Form: A questionnaire in standard form completed by the Seller which gives information about the property

Redemption Figure: The repayment of an existing mortgage on a property

Registered Land: Property (freehold and leasehold) where proof of ownership and matters affecting the property have been authenticated (registered)
by the Government Department known as the Land Registry

Solicitors’ Costs: Solicitors’ fees payable for the Conveyancing transaction

Stamp Duty: Now Stamp Duty Land Tax, a punitive tax paid by the Buyer to the Government on the purchase of a Property

Survey: An independent report carried out on a property for the Buyer detailing any defects, which may include a valuation of the property

Transfer Deed: a new title deed transfer the property from the Seller to the Buyer. Used instead of a Conveyance nowadays. 

Unregistered Land: Property (freehold and leasehold) not yet registered at the Land Registry where proof of ownership and matters affecting the property will be determined by inspection of the Title Deeds

Valuation: If you take out a mortgage, the Lender verifies the price is a fair market value. Not to be confused with a Survey

Vendor and Purchaser: A bit old fashioned now, we prefer Seller and Buyer of the property

Z: There is no Z 

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