Special offer details
The Express Mover - jargon buster
Chain: All parties involved in a transaction.
Subject to Contract: A provisional agreement between the house buyer and the house seller that is not legally binding
Valuation Survey: A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey.
Structural Survey: A survey giving details about the building and its integrity.
Searches: A method of checking matters that may affect the value of the property. The only obligatory one before exchange is a Local Authority Search, which covers items such as road maintenance and planning applications. The search covers the property not the surrounding area.
Completion Date: The date when the transaction relating to the sale or purchase of a property are completed. The date you move & become the owner.
Completion Statement: A statement from the solicitor detailing all financial transactions, including all costs.
Conditions of Sale: The terms by which the buyer and seller agree to sell/buy the property. The Law Society sets standard conditions. The lawyer sets special conditions.
Contract: The legally binding agreement specifying details of the property sale or property purchase. The contract legally commits both the buyer and the seller to the transaction. The house seller's conveyancing lawyer draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.
Conveyancer: The property lawyer who manages all of the matters arising from the sale of a house or the purchase of a house. Can be a solicitor or a licensed conveyancer.
Deeds: Legal title document which provides historical information about the property.
Deposit: The amount paid to exchange contracts, which is only refundable in exceptional circumstances. Contracts provide for 10% of the purchase/sale price but can often be negotiated to a lower level.
Disbursements: Out-of-pocket expenses paid by the solicitor/licensed conveyancer on the buyers behalf such as stamp duty, land registry charges and search fees.
Exchange of Contract: The point that both parties are committed to the transaction.
Fixtures and Fittings: A list of the items at the property, which are either included or excluded from the agreed price.
Freehold: One of the two current tenures of land recognised by English law. This recognises the whole of the land not just a building.
Gazumping: When the house seller accepts a higher price offer from another house buyer after the initial offer has been accepted.
Indemnity Insurance: An insurance taken out by conveyancing firms to cover losses to clients arising from errors or fraud in dealing with their matters.
Land Registry Fees: Fees paid by your conveyancing lawyer on the buyers behalf to register the ownership of property with the Land Registry.
Land Registry: The official body responsible for recording the ownership of land.
Leasehold: The second current tenure of land recognised by English law. This is over a term of years and not forever. There will be a landlord who will own the freehold. This usually relates to a flat or apartment.
Licensed Conveyancer: A licensed conveyancer is a specialist property lawyer, someone who is trained and qualified in all aspects of the law dealing with property. Licensed conveyancers are sufficient to secure adequate protection for consumers and that the conveyancing services provided by such persons are provided both economically and efficiently.
Mortgage Deed: The legal agreement that gives the lender a legal right to property.
Mortgage Fees: Normally charged by your financial advisor for acting on behalf of your bank or building society.
Mortgage: A loan to help you buy your house. The loan is secured on the property to prevent you selling the property without paying it off at the same time.
Redemption Fee: A penalty which can be charged by your existing mortgage lender if you pay off your mortgage early or your move to a different mortgage.
Stamp Duty: A government tax payable by every home buyer of a property over £125k. Duty is charged at 1% for homes priced between £125k and £250k. The rate is 3% for homes over £250k but not more than £500k. For homes over £500k the rate is 4%. If the property falls in a disadvantaged area and is being sold for £150,000 or less then no stamp duty is payable.
Subject to Contract: A provisional agreement between the house buyer and the house seller that is not legally binding
Valuation Survey: A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey.
Structural Survey: A survey giving details about the building and its integrity.
Searches: A method of checking matters that may affect the value of the property. The only obligatory one before exchange is a Local Authority Search, which covers items such as road maintenance and planning applications. The search covers the property not the surrounding area.
Completion Date: The date when the transaction relating to the sale or purchase of a property are completed. The date you move & become the owner.
Completion Statement: A statement from the solicitor detailing all financial transactions, including all costs.
Conditions of Sale: The terms by which the buyer and seller agree to sell/buy the property. The Law Society sets standard conditions. The lawyer sets special conditions.
Contract: The legally binding agreement specifying details of the property sale or property purchase. The contract legally commits both the buyer and the seller to the transaction. The house seller's conveyancing lawyer draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.
Conveyancer: The property lawyer who manages all of the matters arising from the sale of a house or the purchase of a house. Can be a solicitor or a licensed conveyancer.
Deeds: Legal title document which provides historical information about the property.
Deposit: The amount paid to exchange contracts, which is only refundable in exceptional circumstances. Contracts provide for 10% of the purchase/sale price but can often be negotiated to a lower level.
Disbursements: Out-of-pocket expenses paid by the solicitor/licensed conveyancer on the buyers behalf such as stamp duty, land registry charges and search fees.
Exchange of Contract: The point that both parties are committed to the transaction.
Fixtures and Fittings: A list of the items at the property, which are either included or excluded from the agreed price.
Freehold: One of the two current tenures of land recognised by English law. This recognises the whole of the land not just a building.
Gazumping: When the house seller accepts a higher price offer from another house buyer after the initial offer has been accepted.
Indemnity Insurance: An insurance taken out by conveyancing firms to cover losses to clients arising from errors or fraud in dealing with their matters.
Land Registry Fees: Fees paid by your conveyancing lawyer on the buyers behalf to register the ownership of property with the Land Registry.
Land Registry: The official body responsible for recording the ownership of land.
Leasehold: The second current tenure of land recognised by English law. This is over a term of years and not forever. There will be a landlord who will own the freehold. This usually relates to a flat or apartment.
Licensed Conveyancer: A licensed conveyancer is a specialist property lawyer, someone who is trained and qualified in all aspects of the law dealing with property. Licensed conveyancers are sufficient to secure adequate protection for consumers and that the conveyancing services provided by such persons are provided both economically and efficiently.
Mortgage Deed: The legal agreement that gives the lender a legal right to property.
Mortgage Fees: Normally charged by your financial advisor for acting on behalf of your bank or building society.
Mortgage: A loan to help you buy your house. The loan is secured on the property to prevent you selling the property without paying it off at the same time.
Redemption Fee: A penalty which can be charged by your existing mortgage lender if you pay off your mortgage early or your move to a different mortgage.
Stamp Duty: A government tax payable by every home buyer of a property over £125k. Duty is charged at 1% for homes priced between £125k and £250k. The rate is 3% for homes over £250k but not more than £500k. For homes over £500k the rate is 4%. If the property falls in a disadvantaged area and is being sold for £150,000 or less then no stamp duty is payable.