Big Words Made Simple
Does the word conveyancing make you say, huh?? We understand. So, let’s start there. Conveyancing simply means the legal transfer of property ownership from one person to another. There are a lot of confusion bubbles popping up for buyers and sellers when it comes to property transactions. Therefore, we thought we would step (or write in) and help. This is the ultimate conveyancing guide for all the big words. From gazumping, stamp duty to completion statements here you will find the simple definition to complicated legal terminology or conveyancing jargon.
Geek mode ON!
The Ultimate Waterstone Legal Glossary For Conveyancing
Contracts
Contracts related to conveyancing is the legal agreement to buy or sell a property often drafted by conveyancing solicitors.
Property Chain
A property chain is where a sale or purchase is dependent on another sale or purchase.
Title Deeds
The deeds examined by your solicitor to confirm good title of the property you are buying.
Legal Searches
These are the searches that are conducted by your solicitor to investigate any issues that need to be raised and protect your interests.
Disbursements
These are payments made by your solicitor to cover certain costs like legal searches and land registration fees.
Deposit
A deposit of 10% – 15% is the norm for buying a home, this is transferred on exchange of contracts.
Leasehold
This is a form of tenure that expires after a number of years.
Freehold
This is a form of tenure that is in perpetuity.
Registered Land
This is land that has been registered at the land registry.
Service Charge
This is a charge of a leasehold property to a managing company paid by the landlord. It is normally a monthly charge and depends on what is included.
Ground Rent
This is a rent paid by the leaseholder or tenant to the landlord.
Covenants
These are legal obligations which transfer with ownership of a property.
Easement
An easement is a positive or negative obligation that passed with ownership. For example, a right of way or restriction on the buyer.
Exchange of Contracts
This is where conveyancing lawyers transfer the signed contracts between a buyer and seller.
Gazumping
This is where a seller accepts a higher price on a property from another buyer than the one he originally agreed to sell to.
Gazundering
This is where a buyer tries to lower the price of a property close to exchange of contracts.
Mortgage
This refers to the loan secured to buy your home and is often paid back in monthly payments.
Redemption
This is the repayment of a mortgage. (A big moment)
Stamp Duty
This is a tax paid on a property over a certain price to HMRC. Furthermore, the higher price of the property often the higher the stamp duty.
Transfer
A document which transfers the ownership from buyer to seller.
Witnessing of Documents
Certain documents require a witness to be present when they are signed.
Completion Statement
This is a document that your solicitor sends to you showing all the costs relating to your purchase and any final balance that you are required to pay.
Completion
This is the stage where the legal property transfer is complete, final payment has been transferred and it is time to pick up the keys.
What Can You Do If You Are Confused About The Conveyancing Process?
The conveyancing process can be complicated for many buyers and sellers. So, if you are confused about a certain word, search or other matter please do get in touch. At Waterstone Legal we love and welcome questions. Also, we understand that every home sale or purchase is personal. Hence, we are here to guide you through the journey, keeping things smooth, simple and straight-forward from the start. To talk to one of our expert conveyancers, give us a call, drop us an email or even pop in and see us at one of our London or Leicester offices.
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