Completion
The point at which the property is transferred by the seller to the buyer. On the day agreed for completion (as set out in the contract) the buyer will provide to the seller the remainder of the purchase price (taking into account any deposit already paid) and the seller will provide to the buyer the transfer document and the title deeds to the property. Upon the day agreed for completion the seller will move out of the property and the buyer will be entitled to move in.
Contracts
The document prepared by the sellers solicitor which sets out the terms of the sale including the a description of the property to be sold and the sale price.
Conveyancing
The process by which the ownership of property is transferred from one person to another.
Deposit
The sum which is paid by the buyer to the seller when exchange of contracts takes place (usually 10% of the sale price of the property).
Exchange of contracts
The point at which the contract signed by the seller is exchanged for the deposit paid by the buyer and the contract signed by the buyer. When exchange of contracts takes place both the seller and the buyer are committed to the transaction.
Fixtures Fittings and Contents Form
The form completed by the seller to set out which fixtures, fittings and contents at the property are included in the sale. This form will also set out detail of any items which are not included in the sale which the seller may be prepared to sell.
Land Registry
The body which records details of all land in England and Wales and keeps a record of transactions affecting land and details such as the current owners of any land. Not all land details are currently recorded at the Land Registry as it has not until quite recently been compulsory to register transactions. It is still likely to be a number of years before all land is registered as registration is only compulsory on a transfer of ownership.
Land registration fee
Fee payable to HMLR to register the buyer as the new owner of the property. This fee is only paid by a buyer.
Land registry searches
Searches undertaken to ensure amongst other things that no changes have been made to the title deeds to the property being purchased nor any mortgages entered into by the seller which have not been disclosed to the buyer. In addition a search will be done before completion by the buyers solicitor where the buyer is buying with the aid of a mortgage to ensure that the buyer(s) is not currently bankrupt.
Local search
General enquiries of the Local Authority to determine amongst other things whether or not the property is likely to be affected by Tree Preservation Orders, Smoke Control Orders, Demolition Orders and other Local Land Charges. In addition the search will reveal details of any Planning Applications relating to the property and also whether the roads and services serving the property are adopted or are the responsibility of the owners.
Mining report
Enquiries of the Coal Authority in relation to current and previous mining works in the locality of the property and any compensation claims made in relation to defects resulting from these works.
Mortgage
A loan usually made by a Bank or Building Society to a buyer to assist the buyer in meeting the purchase price. Contracts should not be exchanged until a satisfactory mortgage offer is received if the buyer requires a mortgage to purchase the property.
Office copy entries
Copies of the relevant Land Registry Document of Title to your property.
Property Information Form
This form is completed by the seller and sets out matters such as who has maintained particular boundaries at the property, whether the property has the benefit of mains services and whether any alterations have been carried out to the property during the sellers period of ownership.
Stamp Duty
The tax payable by the buyer of a property. The tax payable is calculated as a percentage of the total purchase price of the property.
Survey
This is a report carried out by a surveyor upon the physical condition of a property. Where the seller is purchasing a property with the aid of a mortgage then the Bank or Building Society will require a mortgage valuation. This is however no more than a surveyors opinion as to the current market value of the property and is intended simply to ensure that the lender is not lending more than an acceptable proportion of the value of the property. We would suggest that you should as a buyer always get a Homebuyers report prepared by a qualified surveyor which will provide a more comprehensive opinion of the property and will consider not just the value of the property but also provide opinion as to the general condition of the property and any remedial work which may be required. It will also provide an indication as to whether any further enquiries should be undertaken such as the obtaining of a full structural survey which is the most extensive type of survey albeit the most expensive.
Title deeds
The documents which set out the description of a property and indicate who are the current owners of the property They will also show details of any particular rights which the owners of the property have over any neighbouring property and any rights which any other persons have over this particular property. The title deeds will also normally show whether there are any mortgages on the property.
When you are selling property time can be saved if the whereabouts of your title deeds is made known to us or where you have a mortgage we are told of your Bank or Building Society and your mortgage account number so that we can obtain your title deeds. This will allow us to be in a position to quickly proceed with your transaction. It may be the case that your Bank or Building Society will make a charge for supplying your title deeds however this is normally simply added by them to your mortgage account.
Transfer Document/Deed
The document prepared by the buyers solicitor which once signed by the seller is provided to the buyer on completion to transfer ownership of the property to the buyer.
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