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Agreement - another word for contract

Auction - This is where a property is bought at an auction house. Once the gavel goes down contracts are exchanged.

Bankruptcy Search – A search made by the conveyancers to check whether a buyer or a borrower has been, is, or is about to be declared bankrupt.

Borrower – The person taking out a loan or mortgage on a property that they own, sometimes also known as the Mortgagor

Boundaries – The boundaries define the extent of the property and are usually marked out on the ground by fencing or hedging. Boundaries are also often although not always shown on the deeds plans.

Bridging Loan – This is a loan taken out to “bridge” the gap whilst waiting for the sale of a property or the receipt of a mortgage.

Building Insurance – Insurance taken out by the owner of the property to insure the property against risks such as fire, landslip etc. The responsibility to insure the property often passes to the buyer on exchange of contracts.

Buyer – This is the person that is buying the Property, sometimes also known as the Purchaser.

Buy To Let – This is where a buyer buys a property with the intention of letting it out on a commercial basis. There are usually mortgages specific to this type of purchase known as Buy to let mortgages.

Caveat Emptor – Literally means let the buyer beware. The buyer is responsible for finding out the condition of the property by survey and any matters affecting the legal title to the property by using a conveyancer to check the title and carry out searches.

Chain – These are the property buyers and sellers that link together to make the chain for your particular sale or purchase. The chain may consist of only two people i.e. you as buyer and the person you are buying from as seller or it may consist of several buyers and sellers. The beginning of the chain usually starts with a first time buyer or a buyer with nothing to sell and the end of the chain usually ends with a seller who is buying a brand new home or who is not buying another property. Your sale or purchase can only proceed at the same pace as every one in the chain. It is a bit like being in a traffic jam.

Client – The person who has asked the conveyancer to act for them in legal matters.

Client Care Letter – The conveyancer must send the client this letter at the beginning of the transaction. The letter must give clear details of what work will be carried out, who will be doing it, at what cost and the complaints procedure of the firm. The client is usually asked to sign and return one copy. The conveyancer is not allowed to start work for a client until the client confirms in writing that they wish the conveyancer to do so.

Coal Mining Search – If the property is in an area designated as a Coal Mining Area the conveyancer will search to see whether there are any issues which currently affect the property.

Completion Date- This is the date that ownership of the property passes from the seller to the buyer. The seller and buyer should discuss dates between themselves and then notify their respective conveyancing solicitors who will try to fit in with the suggested date. If there are unforeseen delays, for example, if the buyer does not receive a search or mortgage offer in time, or the "cash buyer" turns out to have a related sale then the completion date may have to be revised. For this reason you should not make any firm commitments such as giving notice on a job, arranging removals or making holiday bookings without first contacting us so that we can advise you of the situation. Only when contracts are exchanged and a completion date is fixed can you be virtually guaranteed that the completion date will be met. It is not essential for you to be present on the completion date but if you are going to be away, then you should let us know so that we can arrange for one of your relatives (or ourselves) to act for you through a Power of Attorney.

 

Completion Statement – This is the final account that the conveyancer will send and it will detail his fees plus the VAT and all searches etc. This is usually sent after exchange and before completion.

Conditions of Sale – The conditions of the sale are detailed in the Contract that the seller’s conveyancer prepares and sends to the buyer’s conveyancer. There are standard Law Society conditions to which the conveyancer adds any Special Conditions.

Conservation Area – This is an area protected by the Local Authority. Properties in a conservation area may be subject to planning restrictions particularly relating to the exterior of the property.

Contract – The legal document that confirms the sale/purchase of the property. This is prepared in a draft form by the seller’s conveyancer and sent to the buyer’s conveyancer. Once all queries are answered it is then approved and the seller and the buyer each sign their own copy.

Conveyancer/ Conveyancing – Conveyancing is the legal description for the work that is done to transfer ownership of a property from one person to another. Conveyancer is the job description of the person doing the legal work.

Conveyance – This is the old fashioned name for the document that transfers a property from one person to another. Conveyances are rarely used nowadays and property is usually transferred by a Transfer document.
Council for Licensed Conveyancers (CLC) – the organisation that governs Licensed Conveyancers in the same way that the Law Society governs solicitors.

Covenants/Restrictive Covenants – These are obligations/restrictions that are attached to the property. For instance there may be an obligation to maintain a fence or boundary which is a positive covenant or there may be a restriction on the type of building on the land which is a restrictive covenant.

Deeds/Title Deeds – These are the legal documents that contain information about the Property.

Defective Title Insurance – A defective title means that there is a problem with the deeds relating to the property. They may be missing, destroyed, lost or simply inadequate. A buyer will not usually buy a property with a defective title unless the seller provides him with an insurance policy to protect him and his lender against any financial loss which could result from the defective title.

 

Deposit - This causes a lot of confusion. When most people talk about the deposit they mean the part of the purchase price that the buyer is putting down him/herself (i.e. usually the difference between the amount of the mortgage and the purchase price). When Solicitors talk about the deposit they are talking about the money that is handed over to the seller's Solicitors upon exchange of contracts. This might be the same amount, but it might not. On exchange of contracts the seller can insist on receiving from the buyer a 10% deposit of the purchase price. However as many people are not contributing as much as 10% to the purchase, reduced deposits are often agreed. You should be aware, however, that if you are a buyer and you pay a reduced deposit then fail to complete the purchase through no fault of the seller, you will, under the terms of the contract, be required to make the deposit up to the full 10%. You may also have to pay compensation to the seller if the seller loses out through your failure to complete.

 

Disbursements – Simply put, this means items that the conveyancer must pay to other persons on your behalf. Typically these are VAT, Stamp Duty, Land Registry Fees and searches.

Drainage/Water Search – This is a search carried out by the conveyancer for the purchaser to check whether the property is connected to mains water and drainage and whether there are any other issues relating to drainage/water affecting the property.

Easement – This term means a right given to the Property Owner over adjoining property or land. Typically this could be a right of way or access, a right of drainage or a right to a water supply. By law the Seller must disclose all Latent Easements but not Patent Easements. Latent Easements are easements that could not be discovered by search or survey in other words they are not easily found out. Patent Easements are easements that can be discovered by search or survey.

Environmental Search – This is a search that the conveyancer carries out to check whether there are any environmental issues affecting a property. These may include matters such as flooding, coal mining and land fill.

Equity – The equity in a property is the value that is left after you take the current worth of the property and deduct from that any mortgages outstanding on the property.

Estate Agent –The Estate Agent acts on behalf of the seller to sell the property. They will prepare a set of details which must be accurate by law. They will negotiate the sale between the buyer and seller and any specific terms. The Estate Agent will prepare a Memorandum of Sale giving details of the buyer, the seller, their conveyancers, the price and any specific terms which is sent to all parties to the transaction.

Exchange of Contracts – The buyer’s conveyancer and the seller’s conveyancer “Exchange Contracts” on the telephone. If there is a chain the solicitors for everybody in the whole chain “exchanges contracts” at the same time using a Law Society formula. Once contracts are exchanged the sale/purchase is legally binding.

Financial Advisor – The Financial Advisor is usually responsible for arranging the mortgage or finance to purchase the property and will often arrange any life insurance, mortgage protection insurance etc.

Fixtures and Fittings List – This is a list of items that will remain/be taken from the Property. This is completed by the Seller and a copy is attached to each part of the Contract and is legally binding.

Freehold – This is the legal term for the way that an owner holds the property. The other terms are Leasehold and Commonhold. With freehold land the owner owns the property/land outright subject only to any mortgages, charges, easements, covenants etc. shown by the deeds.

Gazumping – This is where the Seller sells to another buyer for a higher price. This can only happen before exchange of contracts.

Gazundering – This is where the Buyer lowers his offer on the property after agreeing a price. This can only happen before exchange of contracts.

Ground Rent – This is the rent paid to the Landlord usually on a Leasehold property where there is a long lease. Ground Rents are payable on some freeholds.

Indemnity Insurance – The Law Society and the CLC insist that all Solicitors and all Licensed Conveyancer firms must take out insurance to the value of £1,000,000 or more to cover defective work or fraud by that firm of its client (s).
Inland Revenue – A government department that collects tax on behalf of the government. The Inland Revenue now insists by law that every purchaser of property must complete a Stamp Duty Land Transaction Form. This form must be sent to Inland Revenue along with any Stamp Duty within 30 days of completion. The Inland Revenue imposes hefty fines if this is not done

Instructions – This means authorisation by the client to the conveyancer. The client must give the conveyancer written instructions to act on his behalf in the property sale, purchase, re mortgage or transfer. After that the conveyancer will from time to time ask the client for instructions as to how the client wishes to proceed. For instance what date the client wants to move on.

Joint Tenants – Where two or more persons buy a property they are called joint tenants or tenants in common whether the property is freehold, commonhold or leasehold. Where property is held as a joint tenancy if one owner dies the property passes to the other owner automatically without a Will. If the property is held as Tenants in Common each buyer owns their own share of the property which can only be passed on by sale or by a Will.

Land Registry – The Land Registry is a government department that holds the records of all property in the United Kingdom. Most property is now registered at the Land Registry.

Land Registry Search/Fees – The conveyancer will make searches at the Land Registry to check matters affecting the property and to get up to date copies of the Land Registry entries that relate to the property. On completion the conveyancer will send the deeds to the Land Registry who will register the new owner and any new lender. The Land Registry charges a fee for searches and for registration of property.

Local Authority Search - This is a list of questions about the property, which are sent to the local authority. It covers such items as, whether the road serving the property should be maintained by the council, whether there have been any planning applications on the property, and a number of other things. The search is against the property only and does not cover the surrounding area. A word of warning - the search will not show any Planning Permissions or matters affecting land or buildings outside the boundaries of the property. It is important that you let us know at the start of the transaction if you require information on any particular point or if you wish us to ask any particular questions of the local authority. We would not normally advise a buyer to exchange contracts without a satisfactory local authority search

Legal Fee - This is a fixed cost that covers the cost of the time our property lawyers spend on your conveyancing

Landlord – A Landlord is the owner of the freehold of a leasehold property. Rent on a leasehold property is paid to the Landlord who has the right to enforce the terms in the Lease.

Lease – A lease is a complicated document which details the matters affecting a leasehold property. Typically these will include the length of the lease, rent, service charges, rights of way, water, drainage and access and it will usually incorporate a plan.

Leasehold – A Leasehold property means that the owner does not own the property or land outright. There is a lease which for a term of years grants the owner the right to occupy the property/land. There may be a rent or a ground rent to pay to the Landlord.

Legal Executive – A qualified legal professional who is governed by the Law Society

Lender – The Bank or Building Society who lend money to property owners, sometimes also known as the Mortgagee

Licensed Conveyancer – a qualified property lawyer who holds a license granted by the CLC

Listed Buildings – Listed Buildings are protected by the Local Authority. Properties that are listed are subject to planning restrictions.

Local Search Indemnity Insurance – This insurance is used on re-mortgages where there is no need to carry out a full local authority search and protects the Lender from financial loss. It is sometimes used on a purchase where there is insufficient time to make a full Local Search if the lender permits.

Management Company – If the property is leasehold there will often be a management company set up to deal with the day to day running of the property and repairs and renewals. The management company collects a service charge from the property owners to pay for their services and for the upkeep and maintenance of the building.

Mortgage- This is a loan to help you buy the house. The mortgage is 'attached' to your title deeds, and means that you cannot sell the property without paying it off at the same time. Contracts should not be exchanged until an acceptable written mortgage offer has been received. It is not enough that you have had verbal confirmation from you bank or building society that they will grant you a mortgage. In many cases a mortgage may be supported by an endowment, pension or mortgage protection policy and in these circumstances we must confirm to the lender before exchange of contracts that whether there are existing policies or arrangements have been made for new policies to be brought into effect immediately contracts are exchanged. If you are selling, we will contact your mortgage lender at an early stage to ask how much it will cost to pay off the mortgage - we will send you a copy of this figure. You may find that you will be charged a financial penalty if you pay the mortgage off early. This is a consideration to be taken into account when agreeing a completion date, and often applies when your existing mortgage was set up on a fixed rate, or you obtained a 'cash back' figure.

Mortgage Deed – This is the document the borrower signs to agree to the terms set out in the Mortgage Offer. This document is sent to the Land Registry who registers the Mortgage as a Financial Charge on the property which is shown in the Charges Register.

Mortgage Offer – A written offer to lend money on a property. The Mortgage Offer will contain all the terms of the Loan and the Condi Deposit. This causes a lot of confusion. When most people talk about the deposit they mean the part of the purchase price that the buyer is putting down him/herself (i.e. usually the difference between the amount of the mortgage and the purchase price). When Solicitors talk about the deposit they are talking about the money that is handed over to the seller's Solicitors upon exchange of contracts. This might be the same amount, but it might not. On exchange of contracts the seller can insist on receiving from the buyer a 10% deposit of the purchase price. However as many people are not contributing as much as 10% to the purchase, reduced deposits are often agreed. You should be aware, however, that if you are a buyer and you pay a reduced deposit then fail to complete the purchase through no fault of the seller, you will, under the terms of the contract, be required to make the deposit up to the full 10%. You may also have to pay compensation to the seller if the seller loses out through your failure to complete.

 

Mortgage Valuation Fee – The borrower generally pays a fee to the Lender to have the property valued for mortgage purposes. This enables the Lender to take a commercial view on whether the property is worth what the borrower says it is and whether it is suitable security for the Mortgage. The Mortgage Valuer will not necessarily inspect the physical condition of the property.

New Build – Where a property is being purchased for the first time from the Builder or Developer.

Off Plan – Where a property is being bought at the planning stage and is yet to be built

Overriding Interests – Not all matters affecting property are registered or capable of being registered at the Land Registry. Nonetheless the property is still subject to such matters.
Preliminary or Pre Contract Enquiries – This is a set of questions that is sent to the seller’s conveyancer by the buyer’s conveyancer relating to the property. Typically these questions will consist of enquiries relating to boundaries, easements, persons living at the property etc.

Property Information Form- This is a questionnaire about the property completed by the sellers. It covers such items as guarantees, neighbour disputes and boundaries. If you are buying then time can be saved if you tell us at an early stage if there are any particular points about the property that concern you. We can then ask the seller's solicitors the relevant questions. If you are selling and the buyer's solicitor asks a question to which you do not wish to give an answer to, for whatever reason, it is essential that you discuss it with us. Failure to disclose information could give the buyer grounds for taking action against you.

Redeeming Your Mortgage – When a property owner pays back the mortgage on the property it is called redeeming the mortgage. You will first need to get a statement of what is owed which is called a Redemption Statement. If you are paying the loan back early you may be charged a Redemption Fee.

Redemption Fee- Penalty sometimes incurred if paying off a mortgage early.

Searches – There are many different types of Conveyancing search. Which searches are needed for your property will be assessed by your conveyancers. A brief list follows:-

Seller – This is the person selling the property sometimes also known as the Vendor

Shared Ownership Property – This is where a property has been bought jointly with the Council or a Housing Association.

Stamp Duty – This is the tax payable on the purchase of a property

Stamp Duty Exempt – Some types of purchase or transfer of land are exempt from Stamp Duty tax. The Government has designated certain areas as exempt from Stamp Duty. Visit the web site where you can check whether your property is exempt by entering the post code. Some transfers of land are exempt from Stamp Duty. Your conveyancer will be able to tell you whether your transaction is exempt.

Stamp Duty Land Tax Form – This is a lengthy form which comes with an even lengthier set of guidance notes.

SMS Updates - SMS Stands for Short Messaging Service. Convex Conveyancing offers this as part of our conveyancing service.

Subject to Contract – Before Exchange of Contracts all negotiations relating to the property are subject to contract this means they are not binding unless contracts are exchanged

Surveyor – The person who is responsible for surveying the property. They will usually be a member of the Royal Institute of Chartered Surveyors RICS.

Survey - This is a report carried out by a surveyor on the physical state of the property you are buying. If you are buying a property you should be aware that the property is "sold as seen". It is for you, as the buyer, to discover any physical defects by means of inspections and surveys. Most houses are bought with the assistance of a mortgage and the bank or building society, will require a mortgage valuation. However, this is not a survey - it merely ensures that they property is of sufficient value to protect the lender's interest. Our advice is that you should at least have an RICS Homebuyer's Report prepared by a qualified surveyor. This will cost more than a mortgage valuation but it is advisable. It is possible to go one step further and have a full structural survey (initially you should not chose this option unless the surveyor who carries out the Homebuyer's Report thinks any matter should be investigated further).

Telegraphic Transfer Fee – This is a bank charge for sending money from bank to bank.

Title Deeds- These documents firstly act as evidence that the person selling the property actually owns it, and secondly set out any rights or obligations that affect the property. If you are selling, then valuable time can be saved if your title deeds can be obtained by us at an early stage. If you have a mortgage then your bank or building society will be holding your title deeds. We will need to know your mortgage account number and the name and address of the lender. Some lenders charge a fee to send out your deeds but this will normally be added to your mortgage account.

 

Transfer Deed- This is the document that passes the ownership of the property from the seller to the buyer. It is dated with the completion date, and will be sent to the Land Registry after completion. The Land Registry needs this deed to change their records, and show the buyer as the new owner of the property.

 

VAT – Value Added Tax is a government tax charged on certain transactions.

Will – This is the legal document that sets out what you want to happen to your property after completion

 

Convex Conveyancing Limited comply with the Solicitor's introduction and Referal code published by the Law Society | © 2005 Convex Conveyancing Limited Registered Office: 1 Peterborough Road, Harrow, Middlesex HA1 2AX, telephone 0870 99 11 030. Registered in England with Company Registration number 4749622. Group VAT registration number 832 6732 26. Convex Conveyancing Limited is an Appointed Representative of Sennocke International Insurance Services Limited of London House, 77 High Street, Sevenoaks, Kent TN13 1LD, who is authorised and regulated by the Financial Services Authority (FSA). Our firm reference number is 436057 and Sennocke International's firm reference number is 309040. We may record and/or monitor telephone calls or intercept other telecommunications between us. This is to protect both of us and for training purposes.

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