at elephant conveyancing we understand that property solicitors and conveyancers often use legal words and phrases that are difficult to understand and that can seem really confusing. our conveyancing jargon buster has been put together to help you get to grips with some of the terms you might come across during the conveyancing process.
summarises details of the title deeds and other documents that prove the seller’s right to sell a property and any mortgages or claims that relate to the property.
the sum of money being provided by the mortgage provider to purchase the property.
a search to establish if a property might have a chance of structural damage from brine as a result of disused workings near the property.
insurance to cover the cost of repairing damage to the structure of your property usually including garages, sheds, fences, pipes, cables and drains.
approval by the local authority on the minimum standards for design, construction, materials and alteration which apply to virtually all buildings.
certify a document as a true copy of the original by getting it signed and dated by a professional person, like a solicitor. when you apply for something like a bank account or mortgage, you may be asked to provide documents that are certified as true copies of the original.
where a seller is buying another property there is a sequence of linked purchases known as a chain.
on completion the balance of the purchase price is paid by a same day transfer of funds between solicitors’ client accounts by electronic transfer. CHAPS means Clearing House Automated Payment System.
the CLC are the specialist property law regulator. we use CLC licenced conveyancers.
the moment when the buyer becomes the new owner of the seller’s house and ownership changes legally.
a written document that shows all of the receipts and payments due in relation to the purchase / sale
the set of documents sent by the sellers conveyancing solicitor so the legal title over the property can be confirmed.
the legal work which includes the preparation of documents needed to buy and sell properties.
legal obligations contained in a Deed to do or not do something.
the official documents confirming who owns a property, these are held by the lender if the property is mortgaged until all outstanding amounts are paid.
the money that the buyer’s solicitors hand over to the seller’s solicitors upon exchange of contracts.
these are the charges made to third parties that include Local authority, water and drainage, environmental and mining searches as well as stamp duty and Land Registry fees.
an easement is a right that a person or people may have to use land that they do not own in a certain way, or to prevent the owner of that land from using it in a certain way. common examples are rights of way and a right of light.
usually means the difference between the value of a property and the amount owed to the mortgage lender
the formal exchanging of the two parts of the contract between the seller and buyer where they become legally bound to complete on an agreed date.
a standard form completed by the seller which details all items in the property which they have agreed to leave as part of the sale price. this is attached to the contract.
owning the freehold on a property means owning the building and the land outright.
an official certificate issued by the Land Registry where a property is registered detailing the ownership where there is no mortgage on it.
a search at the Land Charges Registry to establish if the seller has any bankruptcy proceedings due or if the property is unregistered to find out if there are any mortgages or interests registered against the property.
where a property is leasehold, the lease is the document giving the lessee the rights to possession of the property for the lease term and setting out all rights and obligations.
where the property is leased from the freeholder (or landlord) for a fixed number of years for and there is a payment of annual ground rent.
this is the document which actually transfers the legal title to the property from one person to another and is signed shortly before completion.
where a property is leasehold the lessee is the current owner of the leasehold property until the leasehold term comes to an end.
this is the landlord or freeholder who owns the freehold title and is entitled to the ground rent under the lease until the end of the lease term.
specific information about a property which is sent to the local authority. It includes whether the road serving the property should be maintained by the council and whether there have been any planning applications on the property.
a search to check whether the property may be affected by past coal mining activity beneath it which could result in subsidence.
the official legal document that the buyer signs to formalise the mortgage agreement.
also known as an ‘offer of advance’ is given by the mortgage lender to a borrower to confirm that they will lend an amount of money.
any person who lives at the property but will not be a part owner will be asked to consent to the mortgage being taken out and agree to move out if the lender takes possession.
this is a questionnaire about the property completed by the sellers that they would otherwise be unable to find through searches.
the full repayment of an existing mortgage.
property which is registered at the HM Land Registry.
some freehold properties are subject to a rentcharge payable to the rentcharge owner. this is usually an annual sum paid by the owner of the freehold land.
formal enquiries made to various authorities to provide the buyer with more information about the property they wish to buy including Local Councils, the Environment Agency and Coal and Water Authorities
a payment levied by landlords for the costs of maintaining and running a development or building.
the Solicitors Regulation Authority (SRA) is the regulatory body for solicitors in England and Wales.
you must pay Stamp Duty Land Tax (SDLT) to the Government if you buy a property or land over a certain price in England, Wales and Northern Ireland.
a search to establish whether the property may have been adversely affected by tin mining activity.
these documents are evidence that the seller actually owns the property, and details any rights or obligations that affect the property.
when someone is added or removed from the title deeds of a property perhaps due to a couple separating or a parent adding a child.
where land has not been registered at the HM Land Registry and ownership has to be proved by the production of a complete chain of documents showing successive ownership.
if we've not answered all your questions in our conveyancing jargon buster, why not take a look at our conveyancing faqs.
stamp duty explained
ellie explains the selling conveyancing process
Leasehold vs Freehold property – what’s the difference?
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