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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 don’t hesitate to call one of our friendly Conveyancing advisers on 0161 797 4000 who will be more than happy to help.

Completion Date

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.

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Contract

This is the agreement in duplicate one signed by the Seller and the other by the buyers to buy and sell property which when exchanged is legally binding for the sale and purchase of the property at an agreed price with a fixed completion date.

A deposit is paid on exchange of contracts by the buyer to the seller via the solicitors which is usually 10% of the purchase price.

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Disbursements

Monies paid to your Solicitor to be paid over to a third party.

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Exchange of Contracts

This is when the agreement to buy and sell property becomes legally binding with a completion date fixed.

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Fixtures, Fittings and Contents Form

A list of contents etc to be included in the sale price and it will also list items which will be removed.

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Freehold

This means the property is in complete ownership of the land.

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Indemnity Contribution

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Land Registry

Is the department which registers title to land in England and Wales and provides guarantee title to registered Estates and interests in land.

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Leasehold

A leasehold estate is an ownership of a temporary right to land or property.

Legal Fees

The monies paid to the Solicitors as their fees.

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Local Authority Search

Local authority search is a report about the property and its surrounding area.

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Mortgage

The Bank, Building Society or any other establishment or person who lends money to be used towards the purchase price of a property.

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Mortgage Deed

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.

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Mortgage Fees

Any monies charged by the mortgagor to arrange the mortgage.

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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 this document could be sued on.

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Redemption

The monies due to the mortgagor to pay off a mortgage on a property and the document acknowledging payment is produced to the Land Registry for removal of the charge on a legal title.

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Redemption Fee

A fee which may be charged by the lender for their administration costs in dealing with redemption of the mortgage.

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SMS Updates

This is when you receive updates by text message directly to your mobile phone. This is usually done on the key stage of a conveyancing case.

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Stamp Duty

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 to the Inland Revenue and there are time limits for doing this after completion of the purchase.

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Survey

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 a survey or valuation of the property.

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Title Deeds

Old documentation relating to the legal title of the property prior to the registration of title at the land registry.

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Transfer Deed

The document on the sale of property transferring the property from the Seller to the Buyer.

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Water Drainage Search

A search on how the property is connected to the main water supply, how the property is charged for water usage, if connected to the sewer, if the property close to any affected water, location of the nearest wastewater works and water quality information.

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