A fee that is charged by lenders and solicitors for transferring funds
The base fee solicitors charged for their time and skills.
Breach of Contract
Once contracts have been exchanged, if either party pulls out and does not complete the conveyancing process they are in breach of contract and the non-defaulting party can legally seek amends.
Once contracts have been exchanged, you will in most cases become responsible for the new property’s building insurance. This must cover the cost of rebuilding the entire property if it is destroyed by an insured risk. Your mortgage lender may want to see proof of this insurance and they may have their own specific requirements of what should be include or excluded in the policy.
A debt secured against your house or another property that you own.
Personal items left at the property and included in the purchase price, such as furniture. These are described on the Law Society’s Fittings and Contents form (TA10 Form)
The day the ownership of the property is transferred to the buyer, the seller receives the sale monies and the buyer collects the keys.
A document which sets out a breakdown of the funds received and paid on your behalf. This will also confirm the balance due from you or to you on completion depending on which is applicable
The legally binding document which states the terms and conditions of the property sale or purchase, one copy of which is signed by the seller, the other by the buyer.
Your solicitor will require this from the seller’s conveyancer, so they can check that the seller has the legal right to sell. The pack will include a draft contract, Land Registry title documents, Property Information form, Fixtures and fittings form, building guarantees and any planning consents the seller has been awarded.
Declaration of Trust
In arrangements when there is more than one owner, there is a legally binding document that sets out who owns what share of a property, along with other conditions such as who can decide when to sell.
A historic legal document which deals with the transfer or mortgage of the Property.
A percentage of the purchase price (usually 10%), which must be paid to the seller upon exchange of contracts via their solicitor.
Additional costs are paid to third parties during the conveyancing process such as Land Registry fees, Local Authority search fees, and Stamp duty.
A check was carried out to make sure the property is connected to both fresh and foul water sewers.
The rights a person has to access or cross another person's land.
The difference between the value of a property and the figure owed to the mortgagee.
Exchange of Contracts
When the conveyancing solicitors for both parties exchange the contracts, the deposit is paid and the purchase of the property on a fixed date becomes legally binding. This, in most cases, is now carried out by a telephone call between the solicitors.
Early Repayment Charge
A Penalty charged by a mortgage lender in the event of you paying off your mortgage earlier than agreed.
Fittings and Contents Form
Provided by the seller’s property lawyer, this form sets out what parts of the property are included or excluded in the sale. If the buyer wishes to purchase any of the fittings/contents they can instruct their solicitor and the cost will be added to the balance due to buying the property.
Ownership of the property and the land it is built upon.
The seller pulls out, deciding not to move, even though they have previously accepted an offer.
When a seller verbally accepts an offer from a buyer, but then accepts a higher offer from another buyer.
The amount of payment set out in a Lease that a tenant must pay to a Landlord for a leasehold property.
Index Map Search
A search undertaken at the Land Registry to see if a property is registered or unregistered.
A policy taken out to protect the buyer against any issues incurred by a flaw in the legal title or other occurrences which may require the same.
Where the owners of the property hold equal shares. The share is automatically transferred to the surviving owner in the event that they pass away.
The official certificate issued by the Land Registry when a property is registered detailing ownership and interest in the property without any legal charge.
Land Registry Fees
A fee payable in order to Her Majesty’s Land Registry including but not limited to fees to register the new owner when you buy a property and carrying out pre-completion searches.
Land Registry Office Copies
The legally permissible document outlining who owns your property, held by Her Majesty’s Land Registry.
Ownership of a property (usually a flat) for a fixed term but not the land on which it stands. When the lease expires, ownership of the property reverts back to the freeholder.
Local Authority Search
A request sent by your conveyancing solicitor to the local council for information recorded with the council in relation to your prospective property or the land it is built upon. This may include details relating to roadways serving the property, whether there are any planning permission and applications (where they have been granted, issued, or refused), and a vast amount of other information
This is required by a mortgage lender in most circumstances where someone lives in or will live in the property but will not be signing the mortgage deed. The lender requires such consent to confirm that the occupier is agreeing to waive their occupational rights and will move out of the property if the mortgagee takes possession due to the default of the mortgage.
Office Copy Entries
A set of official copies of the register can be obtained from the HM Land Registry confirming the ownership of the property.
Power of Attorney
This document allows a person to act as a legal representative of somebody else with their consent. These are often used to protect the financial interests of the ill or the elderly.
Also known as priority searches, these are searches undertaken by your solicitor before contracts are exchanged. They check to see if you have been made bankrupt and to confirm whether any adverse entries have been registered against the property before exchange.
Property Information Form
This is a questionnaire that is to be filled in by the seller to provide information about the property.
A fee paid to a property developer to reserve a new build property you want to buy.
A charge paid to the landlord to cover any repairs, maintenance or improvements that need to be made to a property.
The tax you must pay to HMRC following the purchase of a property; the amount dependent upon its value. Late payment will incur financial penalties.
Subject to Contract
An agreement on the basis of being (legally) non-binding until contracts have been exchanged.
The assessment of the condition of the property is carried out by qualified surveyors and engineers.
Tenants in Common
Where the owners of the property hold unequal shares or shares equally but wish to pass them on to other parties in the event of their death or separation.
Freehold or leasehold property ownership.
Title deeds provide proof of ownership of a property.
The document that transfers legal ownership of a property from one party to another.
UK Visas and Immigration (UKVI)
The UKVI is a section of the Home Office that is responsible for making decisions about who has the right to visit or stay in the UK.
If you are a Commonwealth citizen, you may be able to apply to work or settle in the UK without a right of abode of you can show that you have a grandparent that was born in the UK.
Carried out by and for the benefit of a mortgage lender, to see whether a property is worth the amount being asked for it.