Posted on 20th December 2018
What does that even mean? The Solicitor said something about the thingy? MG Legal, Solicitors in Chorley, demystify Conveyancing jargon so you can concentrate of the important things. Like your other half talking gibberish about not moving on that day because “the football” or your mother telling you that the walls of your dream house should be magnolia white and your bathroom should, of course, feature snot green tiles.
Right here goes ...
Gibberish Human Being Language
Vendor and Purchaser Seller and Buyer
Subject to contract This is the time in between the price being agreed and before the contracts become binding
Exchange of Contracts Crunch time – this is when contracts become legally binding and quite literally the Seller’s Solicitors swap signed contracts with the Buyer’s Solicitors and vice versa
Deposit Usually 10% of the purchase price which is none refundable if the Buyer does not proceed to the completion date after contracts are exchanged
Gazumping When the Seller accepts a higher offer from somewhere else
Gazundering When the Buyer threatens to pull out if the Seller doesn’t lower the price
Completion Date The Seller gives up possession of the Property to the Buyer. The Buyer pays the balance of the Purchase Price
Fixtures and Fittings Form This is a list of items the Seller intends to either leave or remove from the property. This list is contractually binding
Property Information Form A questionnaire for the Seller to give information about the property such as boundaries, disputes and extensions
Tenure The Legal Title to a Property can be either Leasehold or Freehold
Assignment The Transfer of a Lease – such as the Transfer of ownership of a flat
Ground Rent Annual payments to a Landlord which is usually payable if you own a Leasehold Property (different to Rent Charge)
Deed of Variation Document that changes the terms set out in a Lease
Service Charge Usually only applicable to Flats or Leasehold Properties with Service Areas. The Service Charge is your contribution to the Maintenance of the communal areas such as the lifts.
Survey Independent Surveyors report – sometimes includes a valuation providing details of defects and potential remedies.
Drainage Search A search to find out whether the Property is connected to Mains Water, mains drainage and Surface Water drainage.
Environmental Report A search to establish whether the property is affected by Radon Gas, Flooding, Land Slip, Subsidence or coal mining. Also provides information on firmer land fill sites, waste and industrial sites.
Mortgagor The person borrowing the money
Mortgagee The Bank or Building Society who will be lending the money.
Redemption Figure The amount required to pay off an existing mortgage.
Declaration of Trust An agreement between owners of the property detailing how the proceeds of sale will be divided between the owners should the property ever be sold. The Declaration/Agreement may include terms about what will happen should the parties ever fall out. A Declaration of Trust is usually a good option for people who are not married or in a civil partnership as it can be used should the owners of the property decide that they do not want to own property together any longer.
Equity The value in the property minus the mortgage
Shared Equity Where a buyer purchases a percentage of the property and the Housing Association /developer retains the remaining percentage share. In most cases the buyer has the option to purchase the remaining percentage share should they choose to do so.
Engrossment The final version of a document once any changes to the original document have been made.
Deed A legal document requiring a signature by a witness as well as the parties involved in the transaction.
Covenant A legal obligation or restriction affecting a property.
Here at MG Legal, property Solicitors in Preston, we try our best not to speak in legal gobbledygook so that you get the straight forward advice you need and can understand. To discuss how we can help with your Conveyancing, contact MG Legal for conveyancing in Lancaster (or anywhere for that matter!) via email@example.com or via 01995 602 129.
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