Conveyancing is the legal process of transferring ownership of a property from one party to another. Here are some commonly used jargon terms in conveyancing and their explanations:
A licensed professional who specialises in handling the legal aspects of property transactions. They ensure that all necessary legal requirements are met and facilitate the transfer of ownership.
2. Title Deed:
A legal document that proves ownership of a property. It contains details such as the property description, ownership history, and any registered interests or restrictions.
The final stage of the conveyancing process when the property transaction is completed. This involves the exchange of legal documents, payment of the purchase price, and the transfer of ownership.
4. Exchange of Contracts:
The point at which the buyer and seller exchange signed contracts, legally binding them to the transaction. After the exchange, the sale or purchase becomes legally binding, and neither party can back out without facing financial penalties.
Various searches are conducted during the conveyancing process to gather information about the property. These may include local authority searches, environmental searches, and water and drainage searches. The results provide details about factors that may affect the property, such as planning restrictions or potential issues.
6. Land Registry:
The government department responsible for maintaining records of land and property ownership in the United Kingdom. The Land Registry issues official documents, including the Title Deed, to confirm ownership.
A type of property ownership where the buyer owns the property and the land it sits on outright. Freehold ownership provides more control and independence compared to leasehold.
A type of property ownership where the buyer owns the property for a specific period, typically long-term (e.g., 99 years). However, the land on which the property is built remains owned by the landlord or freeholder. Leasehold properties are subject to certain obligations, such as payment of ground rent and service charges.
A loan provided by a bank or lender to finance the purchase of a property. The property itself serves as collateral for the loan. The mortgage is typically repaid over a specified period, usually through monthly installments.
10. Completion Date:
The agreed-upon date when the property transaction is finalized, and ownership is transferred. On the completion date, the buyer takes possession of the property, and the seller receives the sale proceeds.
These are just a few examples of the conveyancing jargon you may encounter during the property buying or selling process.
If you are thinking of buying a property please speak to our team at Guardian Solicitors who can guide you through the process and explain any unfamiliar terms on 0203 301 6600 or by email us at email@example.com