Jargon Buster - Conveyancing Terminology Explained
When looking for a Conveyancing Solicitor people can be put off by the legal jargon. Here at Conveyancing Warehouse we offer a full jargonbuster page, all conveyancing terminology in an understandable context!
Jargonbusting helps you understand the meaning of all your conveyancing solicitor's legal words and phrases.
When you own the property and the land fully.
When a property is subject to a Lease and your ownership of the property is temporary but you do not own the land on which it stands. The freeholder will own both the land and property when the lease expires.
CONTRACT (also known as agreement)
This is a form always signed by the buyer and the seller and is the legal agreement between all parties involved. The contract sets out the terms of what has been agreed such as the property address, the sale/purchase price, and the names of the parties. The seller and buyer have a contract each to sign in order to reduce the inconvenience of arranging for both of them to meet at one place to sign the same contract.
This is a document that will always be signed by the seller and occasionally by the purchaser. It passes the property ownership from the seller to the buyer.
Several questions answered by the local authority and it covers items such as, confirming whether or not the road is maintained at public expense, if there are any planning applications against the property, and several other things. The local search is against the property only.
This search confirms of whether or not the property is connected to public water and drains and whether there are any drains within the vicinity of the property.
These are forms completed by the seller including property information and fixtures and fittings. The property information forms cover items such as boundaries, neighbour disputes and guarantees. The Fixtures and Fittings forms are a list of items that are included and excluded in the sale.
Tax that is payable on the property usually starting when the purchase prices exceeds ?125,000.
EXCHANGE OF CONTRACTS
When contracts are exchanged the transaction becomes legally binding, therefore making exchange of contracts very important. The actual exchanging of contracts is carried out by the sellers and buyers solicitors over the telephone. Once the exchange has happened the price cannot be changed, the buyer must buy the house and the seller must sell the house to the buyer. Before exchange of contracts happens both the seller and the buyer are free to walk away from the transaction.
The date in which the matter completes and the buyer obtains the keys to the property. The completion date is agreed between all parties involved prior to exchange of contracts.
The legal process involved in Solicitors buying and selling property and transferring ownership at the Land Registry.
A solicitor that specialises in Conveyancing.
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