USEFUL TERMINOLOGY USED IN THE CONVEYANCING PROCESS
First things first, we thought it would be helpful to set out below a note of the common terms used in the Conveyancing process in order that you may have a better understanding of what we are talking about:
Items that are not fixed to the property such as furniture and curtains. You may agree with the seller/buyer that you are going to make/receive an additional payment for such items on completion.
This is the date on which you will be moving home.
This is the amount paid by the buyer to the seller on the exchange of contracts as security for the obligations contained in the contract. Once you have exchanged contracts if you decide to withdraw from the transaction the seller can retain these sums and remarket the property.
Exchange of Contracts
This is the point of the transaction where a binding agreement is made between the parties. Once you have exchanged contracts the date for completion is fixed and if this date is missed there will be financial penalties against the defaulting party.
Means the bank/building society or private individual that has lent money against the property. This money is secured by way of a mortgage.
Means the Property Information Form, Leasehold Information Form and Fittings and Contents Form completed by the seller (normally) at the start of the transaction.
This is referring to the application made to the Land Registry following completion to update the records for the property and show that the buyer is the new owner.
These are the checks we carry out with the Local Authority, Water Board and Environmental Agency to check that there are no adverse matters affecting the property.
Stamp Duty Land Tax is the tax paid on the purchase or transfer of a property and is calculated in accordance with the consideration paid.
This generally refers to the Land Registry documentation (formally known as title deeds) in respect of the property. The title will let us know whether there are any adverse entries or restrictive covenants affecting the property.