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Glossary of Conveyancing Terms |
Conveyancing Guides |
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Property jargon can be confusing and daunting at times, to overcome this we have provided a comprehensive glossary. Conveyancer A specialist who is trained in property law. Completion Date The agreed date on which ownership of the property passes from the seller to the buyer. Completion Statement This is a summary of your purchase and the costs related to it, including the fees you owe your Conveyancer. Contract This is a written agreement between the seller and the buyer. The contract contains information on exactly what has been agreed with regard to the property, the selling price and the names of the parties involved. Both the Seller and Buyer will have a copy of the contract, which they will need to sign. The Seller’s solicitors draw up the contract and two copies are produced, one for each party. Deposit This term usually refers to the amount of money the Buyer puts down towards the purchase of the property. But with regard to Conveyancers discussing the deposit they can also be referring to the money which is forwarded to the seller’s solicitors when contacts are exchanged. The Seller can request that a 10% deposit is received from the Buyer when contracts are exchanged, but often people cannot put down a 10% deposit, so a lower deposit is accepted. Disbursement This is the term used to refer to the fees, which your Conveyancer pays on your behalf. It could be the fee to the Land Registry for registering your property. Exchange of Contracts As soon as contracts are exchanged the deal becomes legally binding and both parties must complete. The Buyer must purchase the property and the Seller must sell. Until contracts are exchanged either party can drop out and walk away from the deal. Fixtures, Fittings and Contents Form This form identifies the items in the property and whether or not they are included in the fixed price. The form is completed early on in the process by the Seller, so the Buyer knows exactly what is included in the selling price. Freehold Owning both the property and the land. HIP This is the abbreviation for Home Information Pack. This is a government requirement for every property and provides information to the Buyer on the property as well as an Energy Performance Certificate. Land Registry A department, which was established in 1925 to hold information on who owns land, in England and Wales. Leasehold Ownership of the property, excluding the land it is on for a temporary time period. When the lease on the property expires, the freeholder owns the property. Legal Fee A fee payable to the Conveyancer or solicitor dealing with the Conveyancing for your property. Mortgage A loan to help you purchase property. The loan must be repaid when you sell your property. Mortgage Deed The legal charge of the property to the mortgage lender until the loan is repaid. Mortgage Fees Fees charged for acting on behalf of your bank. Property Information Form This is form is completed by the Seller of the property and provides information to the buyer on guarantees, boundaries and any neighbour disputes. Redemption The final payment of a mortgage loan. Redemption Fee Fee for paying off a mortgage earlier. Searches Pack A comprehensive set of searches including Water and Drainage, Environmental and Local Authority all for a fixed fee. Stamp Duty A government tax imposed if you purchase a property, which is more than £175,000. Subject to Contract Negotiations before the exchange of contracts between Buyer and Seller. Survey A report conducted on the property by a Surveyor to assess whether there are any defects in the property structure or interior. Title Document detailing the history of the property. Title Deeds This is evidence for the Buyer that the Seller actually owns the property. The deeds also contain information on any rights or obligations that affect the property. Transfer Deed This involves the ownership of the property being passed from the Seller to the Buyer. This document will be signed by the Seller in the presence of a witness. The document will be forwarded to the Land Registry following completion of the sale, in order for their records to be updated. Vendor Another name for the person selling the property. Water Drainage Search This will allow the buyer to distinguish as to whether or not the property is connected to the main water supply or a private water supply. Information will also be provided on whether the property is connected to the public sewer or has a septic tank. |
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