Authors, Writers, Publishers, and Book Readers
Conveyancing comes with a lot of jargon. It's sadly impossible to avoid.
However, you can start to familiarise yourself with the technical terms you'll encounter using this easy to read conveyancing information.
Line defining the property.
Property transactions which depend on each other.
Ownership officially changes hands.
Legally binding terms of the property transaction.
The legal process of a property transaction. Most conveyancing specialists, like SAM Conveyancing, provide detailed, easy to read conveyancing information.
Document transferring the mortgage of the property.
Up-front payment of part of the property price.
Payments to a third party (e.g. Land Registry fees or searches).
Legal rights like rights of way, drainage or light.
Any situation that adversely affects the ability to transfer property.
Exchange of Contracts
Buyer and seller’s solicitors exchange contracts and the purchase becomes legally binding.
Complete ownership of the property.
Payments by a leaseholder to the freehold owner of a property.
Where there are two or more owners, they each own the property together rather than holding distinct shares.
The government department that tracks property ownership.
Common for flats. You don’t own the land itself, but you buy the right to live there for a specified number of years. See also Freehold.
Local Authority Search
Information about the property, covering any hazards such as planning breaches or financial charges.
Property Information Form
Questions and answers about the property, reviewed by the buyer’s solicitor.
Payment by a buyer for the exclusive right to buy a property.
Searches - Undertaken to discover any issues you need to be aware of before you take ownership of your new home.
Stamp Duty or Land Transaction Tax
Tax paid on the purchase of a property.
Subject to Contract
Buyer and seller have agreed on the sale but no contract has yet been signed.
Assessment of the property’s condition by a qualified engineer or surveyor.
Tenants in Common
Two or more owners hold separate shares of the property.
Transfers ownership of a property.
A mortgage lender’s assessment of whether a property is worth the amount being asked.