Transfer of a lease from one person to another.
Public sale of property by an auctioneer to the highest bidder.
Generally a short term advance made by a bank to a customer pending the receipt by the customer of funds from some other source.
A series of related property transactions which are all dependent upon each other.
A claim on land which secures payment of money e.g. a mortgage, loan, legal or private charge etc.
The day when the purchaser becomes the legal owner of the property.
A legally binding agreement or a set of promises which the law will enforce.
A transfer of ownership of property by an instrument effecting the transfer conducted by a seller and buyer.
Somebody who prepares transfers, conveyances, contracts and other documentation in connection with sale or purchase f a property.
A promise usually contained in a deed to do or not to do something at a property.
A sum of money paid by a buyer to the seller on exchange of contracts. 10% is the standard total amount of the total purchase price but can be varied by agreement between parties.
Fees paid to third parties during the course of a transaction e.g. search fees, copies of documents, application fees to Land Registry, office copy entries etc.
A search of the local water authority to check the routes of pipes, sewers, drains and other associated items affecting the water flow to and from a property.
The search of various environmental records affecting the property to determine whether there is any known contamination.
Exchange of Contracts
The point at which the sale or purchase becomes legally binding when two parties are bound into a contract to complete on a particular date.
Fixtures and Fittings
The items at the property indicated by the seller to be left and included in the sale as well as those which are not included in the sale.
One of the two tenures recognised by English Law as an estate in land with an unlimited duration of occupancy.
Owner of freehold land with an unlimited duration of occupancy.
When a higher offer is made by another buyer after an acceptance of an offer from one buyer that the seller has already accepted.
When a buyer agrees a price for a property but then makes a lower offer just before exchange of contracts.
The official organisation responsible for recording ownership of land in the UK and where all properties are registered.
The second of the tenures recognised by English Law which is an estate in land with a limited duration of occupancy.
A search of the property in relation to various issues that could affect the property including planning, roads, and other factors information of which is provided by the local authority.
The disposition of an estate or interest in land or property to secure the payment of a debt or discharge of some other obligation.
The legal document evidencing the mortgage lender as owner of a charge on the property.
The number of years over which the mortgage is to be paid and provides a maximum period of time.
When the amount of the mortgage owed to a mortgage lender is more than the value of the property.
Repayment of all of the money secured against a property by a mortgage.
Land and title which is registered under the Land Registration Act.
Repaying one mortgage lender by obtaining a mortgage from another mortgage lender.
Report on Title
A Certificate from a conveyancer that a mortgage lender’s requirements regarding the property have all been complied with and asking for the mortgage funds.
When a home owner cannot afford to pay a mortgage back to the lender and the mortgage lender exercises their right to take possession of the property due to the breach of contract terms and conditions by the mortgagee.
Tax on the purchase or a property proportionate to the value of the property payable to HM Revenue & Customs for fixed amount.
An official right to land or goods.
Documents constituting the evidence of legal ownership of property or land.
The conveyance of a title or other interest in the property from one person to another by sale or gift.
A written statement of evidence sworn on oath or affirmed to be a true and accurate collection of verbal or written information.
Carried out by a surveyor to determine the value and condition of the property to assist a buyer or seller.