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Agreement -
Another word for Contract (see below)
Auction -
This is where a property is bought at an auction house. Once the gavel goes down
contracts are exchanged (see Exchange of Contracts below).
Bankruptcy
Search - A search made by the
conveyancer to check whether a buyer or a borrower has been, is or is about to
be declared bankrupt.
Borrower -
The person taking out a loan or mortgage on a property that they own, sometimes
also known as the Mortgagor
Boundaries -
The boundaries define the extent of the property and are usually marked out on
the ground by fencing or hedging. Boundaries are also often although not always
shown on the deeds plans.
Bridging Loan -
This is a loan taken out to "bridge" the gap whilst waiting for the sale of a
property or the receipt of a mortgage.
Building
Insurance - Insurance taken out
by the owner of the property to insure the property against risks such as fire,
landslip etc. The responsibility to insure the property often passes to the
buyer on exchange of contracts. See our links page for Buildings Insurance
Buyer -
This is the person that is buying the property, sometimes also known as the
purchaser
Buy To Let -
This is where a buyer buys a property with the intention of letting it out on a
commercial basis. There are usually mortgages specific to this type of purchase
known as buy to let mortgages
Caveat Emptor -
Literally means let the buyer beware. The buyer is responsible for finding out
the condition of the property by survey and any matters affecting the legal
title to the property by using a conveyancer to check the title and carry out
searches.
Chain -
These are the property buyers and sellers that link together to make the chain
for your particular sale or purchase. The chain may consist of only two people
i.e. you as buyer and the person you are buying from as seller or it may consist
of several buyers and sellers. The beginning of the chain usually starts with a
first time buyer or a buyer with nothing to sell and the end of the chain
usually ends with a seller who is buying a brand new home or who is not buying
another property. Your sale or purchase can only proceed at the same pace as
every one in the chain. It is a bit like being in a traffic jam.
Client -
The person who has asked the conveyancer to act for them in legal matters.
Client Care
Letter - The conveyancer must
send the client this letter at the beginning of the transaction. The letter must
give clear details of what work will be carried out, who will be doing it, at
what cost and the complaints procedure of the firm. The client is usually asked
to sign and return one copy. The conveyancer is not allowed to start work for a
client until the client confirms in writing that they wish the conveyancer to do
so.
Coal Mining
Search - If the property is in an
area designated as a Coal Mining Area the conveyancer will search to see whether
there are any issues which currently affect the property.
Completion Date
- This is the date when the purchase becomes final and the Purchase Price is
paid by the buyer's conveyancer and received by the seller's conveyancer. The
seller must move out of the property on this date. The keys are released to the
buyer and they may move into the property.
Completion
Statement - This is the final
account that the conveyancer will send and it will detail his fees plus the VAT
and all searches etc. This is usually sent after exchange and before completion.
Conditions of
Sale - The conditions of the sale
are detailed in the Contract that the seller's conveyancer prepares and sends to
the buyer's conveyancer. There are standard Law Society conditions to which the
conveyancer adds any Special Conditions.
Conservation
Area - This is an area protected
by the Local Authority. Properties in a conservation area may be subject to
planning restrictions particularly relating to the exterior of the property.
Contract -
The legal document that confirms the sale/purchase of the property. This is
prepared in a draft form by the seller's conveyancer and sent to the buyer's
conveyancer. Once all queries are answered it is then approved and the seller
and the buyer each sign their own copy.
Conveyancer/
Conveyancing -
Conveyancing is
the legal description for the work that is done to transfer ownership of a
property from one person to another. Conveyancer is the job description of the
person doing the legal work.
Conveyance -
This is the old fashioned name for the document that transfers a property from
one person to another. Conveyances are rarely used nowadays and property is
usually transferred by a Transfer document.
Council for
Licensed Conveyancers (CLC) - the
organisation that governs Licensed Conveyancers in the same way that the Law
Society governs solicitors.
Covenants/Restrictive Covenants -
These are obligations/restrictions that are attached to the property. For
instance there may be an obligation to maintain a fence or boundary which is a
positive covenant or there may be a restriction on the type of building on the
land which is a restrictive covenant.
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