Conveyancing is a complex process which involves a lot of legal jargon which can be very new to some. Our list of the conveyancing lingo will help you understand what they mean.
Knowing these will help you understand conveyancing quotes and the conveyancing process a little more.
When someone completely owns the property it is said to be a freehold property. The owner has complete right to do what he may choose with the land or property.
The owner of the property has a temporary ownership of the land or property in question. The ownership may change making conveyancing slightly complex.
The documents that prove the legal ownership of the land or property with evidence.
The documents enlisting the transference of ownership of the property by the seller to the property buyer.
The mortgage is money secured by the borrower from a bank or any institution for the purchase of a real estate property.
A borrower of money is a mortgagor and the lender is the mortgagee.
The agreement document which puts up a property as collateral as a security for a loan.
In England and Wales, Land Registry registers and maintains the titles of land and guarantees the title of properties.
The contract is an agreement document which details all the agreements made by the buyer and seller of the property including sale price and the conveyancing completion date. The contracts have to be signed to be legally binding.
The buyer pays 10% of the total purchase price to the seller through a solicitor on an exchange of contracts.
Seller completes the property information form with all the known details about the property. Falsification of the information in this document can lead to being sued.
All of the subjects which are included with the purchase the property with the purchase price to the buyer. This will also enlist which may not be included.
The right of the borrower of a mortgage to redeem the mortgaged property on or before the foreclosure.
The fee which may be charged by the lender or bank from the borrower as an administration costs regarding redemption or mortgage.
A complete survey of the property is recommended to evaluate the current status of the property. They may include different type of surveys depending on the condition of the property. A mortgagee (mortgage lender) may require survey and valuation on the property before the mortgage is released.
Search performed on the surrounding area of the property in the local authority’s document records to check against the future plans on the property you are buying or selling.
The search to analyse the water supply to and from the property. Checks are performed on charges for the water supply, connection to the sewer, quality of water. It basically searches anything relating to water and drainage installations in and around the property.
Professional indemnity insurance is an insurance that covers professionals like solicitors and accountants. Some solicitor may charge an additional sum of money as a contribution for it.
The sum of money paid as a service charge for a solicitor or a conveyancer.
The additional payments made to the solicitor for third party services.
Stamp Duty is to be paid to the Government (Inland Revenue) as a tax for the purchase of property worth more than £125,000. Done after the purchase of the property the transfer has to be recorded in the Inland Revenue within a set time limits.
When the exchange of contracts occurs from the buyer to seller and vice versa with all the agreements with the complication date included.
The final date of conveyancing where the ownership is legally transferred to the buyer with keys and the agreed balance is transferred to the sellers solicitors.
When you get updates about the conveyancing process through SMS on your phone.
Online case-tracker are online case management systems to connect and communicate with your solicitor about your conveyancing process.
Call us at the following number with any queries you may have about the process of conveyancing.