ARTICLES!

QUICK PROPERTY BUYERS?
ESTATE AGENTS?
PROPERTY VALUATION?
CONVEYANCING?
HOUSE REPOSSESSION

Property Conveyancing Glossary: A Guide To The Common Terms Used In Conveyancing

Property Conveyancing Glossary: A Guide To The Common Terms Used In Conveyancing
Building Insurance:

You may be liable for building insurance after you have exchanged contracts, so it is better to establish this sooner, rather than later.  You don’t usually need contents insurance, just buildings insurance. 

Client Care Letter:

This is a letter from your conveyancing solicitor or firm of conveyancers that sets out what standard of service you will receive. 

Completion Date:

It doesn’t matter if you are buying or selling, on completion date the purchase or sale is finalised.  Keys are exchanged and all is sorted!

Completion Statement:

This outlines the cost of your home and how much money your solicitor needs to complete on your purchase.

Contract:

This is a legal document that sets out the terms of the sale or purchase and legally sets out all parties involved.

Contract Pack:

This is a set of documents exchanged between solicitors and outlines all different aspects of the property.

Deposit:

The sum of money you have to pay when contracts are exchanged; usually 10%. 

Exchange of Contracts:

This is when the process becomes legally binding and you will each sign copies of the contract. 

Fixture & Fittings Form:

This is a form that details what is being left and what is not included in the sale.

H.M. Land Registry:

This is a body that keeps and maintains records of all land and property in England & Wales.

Local Authority Searches (when buying):

These searches will ensure that you know all relevant information about the property, building consents, any planned works nearby and so on.  The searches are very important.

Pre-Completion Searches (when buying):

These searches are carried out to ascertain that you are still financially solvent and that the property si still in the ownership of the vendor. 

Property Information Form (SPIF):  or Leasehold Property Information Form

These are forms that ask the vendor to give details about the property, any disputes, noisy neighbours, legal rights etc.   

Be careful when completing this form because if you fail to declare something then it is an offence. 

Redemption Settlement:

It may sound strange but this is actually the penalty that you pay if you pay back your mortgage early.  So there is no incentive to pay it back early if your redemption settlement is high!

Stamp Duty (when buying):

Stamp Duty is actually a misnomer because this is actually a straightforward tax.  When you buy a home then a tax is levied on it and you have to pay this to the Government.  Stamp Duty can vary so check out exactly how much it is currently before you commit to buy; remember that you will need to pay this in one lump sum.

Title Deeds:

Title Deeds show that the property is yours.  Usually, if you have a mortgage then the mortgage company will keep the deeds, because it acts as surety for them.  If you do have the deeds hold on to them and keep them in a safe place!

Transfer Deed:

This is a document that is usually countersigned by another person and you have to sign it, to transfer the ownership of the property to someone else.