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Conveyancing Jargon

  1. Freehold Property

Land ownership which essentially runs forever.

  1. Leasehold Property

Land ownership which essentially is for a fixed term of years.

  1. Exchange of Contracts

It is at this point that contracts become legally binding and both parties formally agree a completion date.

  1. Completion Date

This is the date stated in the contract whereby ownership of a property transfer from the seller to the buyer. Moreover, the completion date is the day that the seller is obliged to move out of the property.

  1. Contract

This is the formal written agreement made between both the seller and the buyer. It will convey the full details of the property along with any terms/conditions that have been agreed upon. Both the Seller and the Buyer will have to sign their counterpart Contract.

  1. Mortgage Offer

The mortgage offer confirms the offer of the loan being granted to you. Further, it will confirm how much is being loaned, the duration of the loan, the amount of repayment along with the full terms and conditions of the loan.

  1. Searches

It is the Buyer’s Solicitor/Conveyancer whom will carry out searches. This is an essential part of the Conveyancing process and is carried to check that no problems are revealed about the property. Searches carried out usually include the following:

  • Local Authority Search
  • Water and Drainage Search
  • Environmental/Contaminated Land Search

Furthermore, depending on lender requirements and where your property is based, the following searches may also have to be carried out:

  • Chancel Repair Liability Search
  • Coal Mining Search

 Stamp Duty Land Tax (SDLT)

This is tax payable to the Government on completion of your property/land. The amount payable varies depending on the purchase price.

 Disbursements

These are fees that are to be paid to third parties including Local Authorities and Land Registry.

  1. Energy Performance Certificate (EPC)

This is a certificate which illustrates how efficient your home is at using energy. The rating values are between A to G and the certificate