Conveyancing: An A-Z through Conveyancing Jargon
We’ve updated this post with a visual guide via SlideShare
Conveyancing 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
Be sure to sign up for a chance to have your Conveyancing carried out by Clutton Cox, free of charge.
