We know that moving house can be a stressful time and there is a lot of information to take in and understand. Our experienced conveyancers have pulled together a quick A-Z reference guide of the most common conveyancing terms to help you through the process.
The legal document you sign to agree to sell or buy the house. But do not worry nothing is set in stone until Exchange of Contracts. See below.
B-BREACH OF CONTRACT
Is if either party pulls out once Contracts have been exchanged.
The day you move out of your old home and get the keys to your new one!
This is usually 10% of the purchase price, which we require to be paid to us to Exchange Contracts.
E-EXCHANGE OF CONTRACTS
This is the day you DO NOT look back as you are legally tied into the deal!
F-FIXTURES AND FITTINGS FORMS
A list of things the seller has agreed to leave you.
Where another buyer puts a higher offer in than yours.
H-HOME BUYERS REPORT
A Survey that we would strongly advise you have carried out on the property. BUYER BEWARE!
I-INDEX MAP SEARCH
This is a search carried out to see if a property is registered at the Land Registry.
Means your share in the Property if you passed away would automatically pass to the surviving owner.
This is the trust you can put in us to know how to do the job.
L-LAND REGISTRY OFFICE COPIES
These are your deeds showing your ownership of the property and are held electronically by HM Land Registry.
The document you sign to confirm you will pay your mortgage payments to the mortgage company during the term of your mortgage.
When the amount you owe on your mortgage exceeds the value of the Property.
The signing of a Deed by a person living in the property who is not the owner confirming that they will move out on completion of a sale or if the mortgage company takes possession of the property.
P-PROPERTY INFORMATION FORM
The document the seller fills in which asks lots of questions about the property, such as boundaries, alterations to the property, legal rights, utilities details.
Is a general legal right over land, it could be something which is used for the benefit of the property, such as right of way, drainage etc.
The amount owed on your existing mortgage.
Tax which has to be paid to the Inland Revenue on the purchase of a property.
The document which is sent to the Land Registry on completion and registers the property in your names.
Where someone else has registered an interest on the title deeds to your property.
Another term used for the seller.
A deed entered into by Service Providers to install piping or cabling over or under the property for your use of electricity, water etc,
X-MARKS THE SPOT
We always mark where we require you to sign deeds and documents with an X.
As our client YOU are important to us and we will ensure we do our very best.
Sleep easy while we make Conveyancing a stress free experience for you!
If you would like a conveyancing quote please call 01623 45 11 11 or visit our website for more information. Have a look at our frequently asked conveyancing questions or to see a guide to how the conveyancing process works.