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Conveyancing Glossary of Terms

Completion Date

The date on which ownership of the property passes from the seller to the buyer.

Completion Statement

Shows what monies will be available to you on sale including estate agents fees and mortgage redemption figures or what, if any monies are due from you in order to complete your purchase. Sent out between exchange and completion.

Conveyancing

The legal and administrative work associated with the sale or purchase of property. This process starts once an offer has been accepted and solicitors' details have been exchanged.

Covenants

The do's and don'ts that affect the property.

Deposit

A sum of money normally up to 10% of the purchase price paid to the seller's solicitor on exchange of contracts.

Exchange

Signed contracts are passed from solicitor to solicitor. At this point the sale/purchase becomes binding and neither party may withdraw. Date for completion is set and penalties will be incurred if this date is not met.

Fixtures and Fittings

This is a list completed by the seller detailing all the items at the property which are being taken or left behind. This is completed early in the process to ensure all parties are in agreement with what is included in the sale.

Land Registry

This organisation keeps a record of ownership of property and land throughout England & Wales. Deeds of any property purchase are supplied to Land Registry for recording of new ownership.

Local Authority Search

This provides information about the property including whether there have been any planning applications on the property, whether the road is maintained by the council and other important information.

Property Information Form

This is a standard questionnaire that is completed by the sellers of the property. It includes questions about boundaries, guarantees and any disputes with neighbours. Any queries raised by the answers on this form can then be looked into in more detail.

Mortgage

A charge over the property to secure the loan provided by a bank or building society to facilitate purchase of a property.

Mortgage Offer

A written confirmation from your mortgage provider that outlines the amount of money being loaned.

Mortgage Valuation Survey

A basic survey carried out by your mortgage lender to ascertain that the property's value is sufficient to protect the lenders interest.

Sale Agreement (Contract)

This sets out the terms of the agreement including the address, price and names of the parties involved, together with the Completion Date. It will also include terms and conditions in case things go wrong.

Stamp Duty

A tax levied by the Government paid by the buyer and not the seller. Banded dependent on the price of the property:

• £120,000 = NIL
• £120,001 - £250,000 = 1% of purchase price
• £250,001 - £500,000 = 3% of purchase price
• £500,001 > = 4% of purchase price

Survey

A report carried out by a qualified surveyor on the condition of the purchase property. A RICS Homebuyer's Survey will give you a good assessment of the defects of the property whereas a full structural survey will give a more in depth view, however this is a more expensive option.

Title Deeds

A very important document. This proves that the person selling the property is the owner and also outlines any rights or covenants that may affect the property. If you have a mortgage your lender will be in possession of your title deeds.

Transfer Deed

This document transfers the ownership of the property from one party to another. It is sent to the Land Registry after completion in order that they can change their records and issue the new deeds.