Jargon Buster

Understanding Jargon in Conveyancing

Conveyancing is a complex process which involves a lot of legal jargon which can be very new to some. Our list of the conveyancing lingo will help you understand what they mean.

Knowing these will help you understand conveyancing quotes and the conveyancing process a little more.

1. Freehold

When someone completely owns the property it is said to be a freehold property. The owner has complete right to do what he may choose with the land or property.

Back to property terms

2. Leasehold

The owner of the property has a temporary ownership of the land or property in question. The ownership may change making conveyancing slightly complex.

Back to property terms

3. Title Deeds

The documents that prove the legal ownership of the land or property with evidence.

Back to property terms

4. Transfer Deed

The documents enlisting the transference of ownership of the property by the seller to the property buyer.

Back to property terms

5. Mortgage

The mortgage is money secured by the borrower from a bank or any institution for the purchase of a real estate property.

Back to property terms

6. Mortgagor and Mortgagee

A borrower of money is a mortgagor and the lender is the mortgagee.

Back to property terms

7. Mortgage Deeds

The agreement document which puts up a property as collateral as a security for a loan.

Back to property terms

8. Land Registry

In England and Wales, Land Registry registers and maintains the titles of land and guarantees the title of properties.

Back to property terms

9. Contract

The contract is an agreement document which details all the agreements made by the buyer and seller of the property including sale price and the conveyancing completion date. The contracts have to be signed to be legally binding.

The buyer pays 10% of the total purchase price to the seller through a solicitor on an exchange of contracts.

Back to property terms

10. Property Information Form

Seller completes the property information form with all the known details about the property. Falsification of the information in this document can lead to being sued.

Back to property terms

11. Fixtures, Fittings and Contents Form

All of the subjects which are included with the purchase the property with the purchase price to the buyer. This will also enlist which may not be included.

Back to property terms

12. Redemption

The right of the borrower of a mortgage to redeem the mortgaged property on or before the foreclosure.

Back to property terms

13. Redemption Fee

The fee which may be charged by the lender or bank from the borrower as an administration costs regarding redemption or mortgage.

Back to property terms

14. Survey

A complete survey of the property is recommended to evaluate the current status of the property. They may include different type of surveys depending on the condition of the property. A mortgagee (mortgage lender) may require survey and valuation on the property before the mortgage is released.

Back to property terms

15. Local Authority Search

Search performed on the surrounding area of the property in the local authority’s document records to check against the future plans on the property you are buying or selling.

Back to property terms

16. Water Drainage Search

The search to analyse the water supply to and from the property. Checks are performed on charges for the water supply, connection to the sewer, quality of water. It basically searches anything relating to water and drainage installations in and around the property.

Back to property terms

17. Indemnity Contribution

Professional indemnity insurance is an insurance that covers professionals like solicitors and accountants. Some solicitor may charge an additional sum of money as a contribution for it.

Back to property terms

18. Legal Fees

The sum of money paid as a service charge for a solicitor or a conveyancer.

Back to property terms

19. Disbursements

The additional payments made to the solicitor for third party services.

Back to property terms

20. Stamp Duty

Stamp Duty is to be paid to the Government (Inland Revenue) as a tax for the purchase of property worth more than £125,000. Done after the purchase of the property the transfer has to be recorded in the Inland Revenue within a set time limits.

Back to property terms

21. Exchange of Contracts

When the exchange of contracts occurs from the buyer to seller and vice versa with all the agreements with the complication date included.

Back to property terms

22. Completion Date

The final date of conveyancing where the ownership is legally transferred to the buyer with keys and the agreed balance is transferred to the sellers solicitors.

Back to property terms

23. SMS Updates

When you get updates about the conveyancing process through SMS on your phone.

Back to property terms

24. Case Tracker

Online case-tracker are online case management systems to connect and communicate with your solicitor about your conveyancing process.

Back to property terms

Call us at the following number with any queries you may have about the process of conveyancing.

  0845 7419461

Get An Instant Quote
What People Say
I used NBM to remortgage my current property, and handle the purchase of a new house. I found them to be very professional, efficient and reasonably priced (compared to other practices). With them having an office in Chelmsford, it made it easier to take documents in. They were always responsive to emails and calls, and their online Case Tracker tool made it easy to share important documents and keep updated on progress. I would certainly use them again in future.

Mr J from Essex

I found the process stressful, but was guided calmly through this by my conveyancing team at NBM. The tracker was useful, but I found they had a more personal line of contact with direct e-mails. All calls and enquiries were answered in good time and patience extended on a regular basis with some of the anxious calls I had to make to them for reassurance.

Ms A from Essex

Efficient and know the conveyancing market extremely well. I have used the same company several times.

Mr I from Essex