Conveyancing Glossary


Glossary of Conveyancing Terms

 

We have compiled a list of frequently used words and terms that generally pop up during the course of a conveyancing matter.  Just click on a word to view the definition.

 

Conveyancing

The branch of legal practice dealing with the transfer of ownership or interest in property or land from one person to another.

Chain

A series of related property transactions which are all dependent upon one another.

Completion Date

The date at which ownership of property or land that is the subject of a contract for sale changes hands.

Completion Statement

The financial statement listing all the financial transactions relating to the sale/purchase.

Contract

A legally binding agreement between the purchaser and the vendor of the land or property.

Deposit

A sum of money paid by the purchaser to the seller of the property/land upon exchange of contracts; typically the deposit amount is 10% of the purchase price of the property/land in question, but this can be varied by agreement.

Disbursement

Fees paid to third parties during the course of the transaction, for example, search fees or application fees to HM Land Registry.

Exchange of Contracts

The point at which the solicitor for a purchaser of land/property exchanges a copy of the sale contract, which has been signed by the purchaser, for an identical copy signed by the seller. At this point the contract becomes legally binding on both parties.

Fixtures & Fittings Form

A form to be completed by the seller of a property that sets out which items within the property are to be included in the sale.

Freehold

The most complete form of land ownership: a legal estate held in absolute possession.

Land Registry

The legal department set up in 1862 to register the ownership of land and property in England and Wales.

Land Registry Fees

The fees payable to Her Majesty’s Land Registry

Leasehold

Ownership of property under a lease; the lease determines the period of ownership and also can restrict the tenant’s ownership.

Property Information Form

A form required to be completed by the seller of a property setting out detailed information about the property in question.

Redemption Figure

The sum of money required to be paid to a mortgage lender in order to repay the mortgage in full.

Searches

Enquiries made of third parties, for example the Local Authority, Coal Authority etc, regarding matters which may affect the property.

Stamp Duty

Stamp Duty Land Tax is payable to HM Revenue & Customs on certain land and property transactions in the UK.

Subject to Contract

A provisional agreement between a buyer and seller of a property; the agreement is not yet legally binding because the contract has not been exchanged.

Transfer Deed

The document which must be completed and signed by all parties in order to transfer the property or land from the current legal owner to another party.
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