Conveyancing Glossary

Adverse possession

A legal process by which a person can claim ownership of land or property they have occupied without the legal owner's permission for a specific period.

Advance notice

A notice registered to protect a buyer’s or lender’s interest in a property, preventing other transactions from taking priority.

Agreement

A mutual understanding or contract between parties outlining the terms and conditions of a transaction.

Apportionment

The division of costs, such as rent or service charges, between the buyer and seller, usually as of the completion date.

Assent

A legal document used to transfer property from an estate to a beneficiary following the death of the owner.

Basic fee

The standard charge a conveyancer or solicitor requires for their services in handling the legal aspects of buying or selling property.

Breach of contract

Occurs when one party fails to fulfil their obligations under a contract, potentially leading to legal action.

Bridging loan

A short-term loan used to bridge the gap between the purchase of a new property and the sale of an existing one.

Brine search

A search conducted to determine whether a property is affected by brine extraction, which can cause subsidence.

Boundaries

The defined lines that mark the edges of a property, separating it from adjacent properties or land.

Building insurance

A type of insurance that covers damage to the structure of a property, typically required by mortgage lenders.

Caveat Emptor

A Latin term meaning "let the buyer beware," indicating that the buyer assumes the risk for the quality and condition of the property.

Certificate of Title

A legal document issued by a conveyancer or solicitor that confirms the ownership of a property and outlines any encumbrances.

Chain

Refers to the series of linked property transactions where each sale is dependent on the completion of another.

Charge

A legal agreement that secures a loan against a property, usually registered with the Land Registry.

Chattels

Personal property or movable items that are not permanently attached to the building, such as furniture.

Client care letter

A document provided by a solicitor or conveyancer outlining the terms of service, fees, and client responsibilities.

Coal mining search

A search conducted to check if a property is affected by past, present, or planned coal mining activities.

Commons registration search

A search to determine whether the property is on or near common land or a village green, which may affect its use.

Completion date

The date on which the transfer of ownership officially takes place, and the buyer takes possession of the property.

Completion funds

The total sum required to complete the purchase, including the balance of the purchase price, fees, and any taxes.

Completion statement

A detailed breakdown of all financial transactions related to the property purchase or sale, provided by the conveyancer.

Conservation area

A designated area with special architectural or historic interest, where certain alterations and developments are restricted.

Contract

A legally binding agreement between the buyer and seller outlining the terms of the property sale.

Contract race

A situation where multiple buyers are interested in the same property, and the seller agrees to sell to the first one ready to exchange contracts.

Conveyance

The legal process of transferring ownership of property from one person to another.

Conveyancing

The overall legal process involved in transferring property ownership, including searches, contract exchanges, and completion.

Conveyancing protocol

A set of guidelines for solicitors and conveyancers to follow, ensuring consistency and efficiency in the conveyancing process.

Conveyancer

A legal professional who specialises in the transfer of property ownership, either as a solicitor or a licensed conveyancer.

Council for Licensed Conveyancers (CLC)

The regulatory body responsible for licensing and regulating conveyancers in England and Wales.

Covenant

A legally binding promise written into a property’s deeds, restricting or obligating certain actions, such as maintenance.

Deed of covenant

A legal agreement attached to a property deed that imposes specific obligations or restrictions on the property owner.

Deed of trust

A legal document outlining the ownership shares and responsibilities of multiple parties in a property.

Deeds

Legal documents proving ownership of property and detailing any encumbrances, covenants, or easements.

Deposit

The sum of money paid by the buyer at the exchange of contracts, typically a percentage of the purchase price.

Disbursements

Additional costs incurred during the conveyancing process, such as search fees, Land Registry fees, and Stamp Duty.

DIY conveyancing

The process of a property buyer or seller handling the legal aspects of conveyancing without a solicitor or conveyancer.

Drainage search

A search to check whether a property is connected to public sewers and drainage systems, and the location of these services.

Easement

A right granted to someone to use part of another person's land for a specific purpose, such as access to utilities.

Encumbrance

A legal claim or liability attached to a property, such as a mortgage, easement, or restrictive covenant.

Environmental search

A search to determine whether a property is at risk from environmental issues, such as contamination or flooding.

Equity

The value of the property that the owner actually owns, calculated as the market value minus any outstanding mortgage or charges.

Exchange deposit

The deposit paid at the exchange of contracts, which commits both parties to the transaction.

Exchange of contracts

The point at which both buyer and seller sign the contract and it becomes legally binding.

Fixture, Fittings and Contents form

A document that details which items are included in the sale of the property and which are excluded.

Flying freehold

A situation where part of a freehold property overlaps or underlaps another freehold property, such as a room or floor.

Freehold

Ownership of both the property and the land on which it stands, with no time limit on ownership.

Gazumping

When a seller accepts a higher offer from another buyer after initially agreeing to sell to the first buyer, but before contracts are exchanged.

Ground rent

The annual fee paid by the leaseholder to the freeholder for leasing the land on which the property stands.

HM Land Registry

The government department responsible for maintaining the register of property ownership and interests in England and Wales.

Home Report

A pack of documents required for selling a property in Scotland, including a single survey, energy report, and property questionnaire.

Index map search

A search of the Land Registry's index map to determine if the property or land is registered and to reveal any related titles.

Injunction

A court order that either compels or restrains a party from taking certain actions, such as altering a property in a specific way.

Insurance policy

A contract that provides financial protection against specified risks related to property ownership, such as damage or liability.

Joint tenants

A form of property ownership where two or more people own the property equally, with the right of survivorship.

Land Buildings and Transaction Tax (LBTT)

A tax paid on property transactions in Scotland, similar to Stamp Duty in England and Wales.

Land certificate

A document issued by the Land Registry that confirms ownership and includes details of any charges or encumbrances.

Land charges search

A search to identify any charges or restrictions affecting unregistered land, such as bankruptcy or planning restrictions.

Land Registry office copies

Official copies of the title register and plan for a registered property, used to confirm ownership and property boundaries.

Landlord and Tenant Act

Legislation that governs the relationship between landlords and tenants, covering aspects like leases, rent, and rights of occupation.

The Law Society

The professional association that represents solicitors in England and Wales, providing guidance and setting professional standards.

The Law Society of Northern Ireland

The regulatory and professional body for solicitors practising in Northern Ireland.

The Law Society of Scotland

The professional body representing solicitors in Scotland, offering support, training, and regulation.

Leasehold

Ownership of a property for a specified term, typically with the land owned by a freeholder to whom ground rent is paid.

Leasehold property information form

A document completed by the seller of a leasehold property, providing details about the lease, service charges, and management.

Lender's requirements

The conditions set by a mortgage lender that must be met before they release funds, including property searches and surveys.

The Legal Ombudsman

An independent body that handles complaints about legal services, including those related to conveyancing.

Local authority searches

Searches conducted with the local council to obtain information on planning permissions, road schemes, and other issues affecting the property.

Management company

A company responsible for managing the common areas and services of a leasehold property, such as maintenance of communal areas.

Missives

The exchange of letters in Scotland that forms the binding contract for the sale and purchase of property.

Mortgage

A loan secured against a property, typically used to finance the purchase of the property, which must be repaid over time.

Negative equity

A situation where the value of a property is less than the outstanding mortgage, meaning the owner owes more than the property is worth.

NHBC

The National House Building Council, which provides warranties and insurance for new homes in the UK.

Occupier’s consent

A legal document signed by someone living in the property who is not the owner, agreeing to the terms of a mortgage or sale.

Office copy entries

Official copies of the register entries for a property held by the Land Registry, used to verify ownership and details of the property.

Parties to the contract

The individuals or entities involved in the conveyancing transaction, typically the buyer and seller.

Planning permission

Permission granted by the local authority to develop or alter a property, required for certain building works or changes of use.

Power of attorney

A legal document authorising one person to act on behalf of another in legal or financial matters, including property transactions.

Pre-completion searches

Final searches conducted by the conveyancer before completion, including bankruptcy and Land Registry priority searches.

Preliminary enquiries

Questions raised by the buyer's solicitor to the seller before contracts are exchanged, covering details about the property.

Priority searches

Searches conducted to secure the buyer's interest in a property and ensure no other transactions take precedence.

Private road

A road that is not maintained by the local authority, with responsibility for upkeep falling to the property owners who use it.

Property Information Form

A form completed by the seller providing detailed information about the property, such as boundaries, disputes, and utilities.

Redemption settlement

The final amount required to pay off a mortgage in full, usually provided by the lender before the sale of a property.

Reparations

Compensation or restoration required to correct damage or issues with a property, often identified during surveys.

Requisition

A formal request from the Land Registry for further information or correction of errors in a property transaction application.

Reservation fee

A non-refundable fee paid to reserve a new-build property, securing it for the buyer while contracts are being prepared.

Restrictive covenant

A binding condition written into a property’s deeds restricting certain actions, such as building or business use.

Search indemnity insurance

Insurance that covers the buyer or lender against losses resulting from issues not revealed in the property searches.

Service charge

A fee paid by leaseholders to the freeholder or management company for the upkeep of communal areas and services.

Shared ownership

A scheme where the buyer purchases a percentage of a property and pays rent on the remaining share, typically with the option to buy more shares later.

Solicitor

A legal professional qualified to offer advice and represent clients in legal matters, including conveyancing.

Solicitor's Regulation Authority (SRA)

The regulatory body for solicitors in England and Wales, ensuring they meet professional standards and regulations.

Stamp Duty

A tax paid on property transactions in the UK, with the amount depending on the property price and type.

Stamp Duty Land Tax (SDLT)

The specific tax paid on property purchases in England and Northern Ireland, with different rates based on the property value.

STC

"Subject to Contract," indicating that an agreement has been reached but is not yet legally binding.

Subject to contract

A term indicating that the terms of an agreement are not yet legally binding until the formal contract is signed.

Subject to survey

An agreement to proceed with a property purchase dependent on the outcome of a survey to assess the property's condition.

Subsidence

The gradual sinking or downward movement of the ground, which can cause structural damage to a property.

Telegraphic transfer

An electronic method of transferring funds, commonly used to complete property transactions.

Tenure

The legal status by which a property is held, such as freehold or leasehold.

Third party rights

Rights that third parties, such as neighbours or service providers, have over a property, like access or utility easements.

Title deeds

The documents that provide proof of ownership and details of any rights or obligations attached to the property.

Transfer deed

The legal document that transfers ownership of a property from the seller to the buyer, signed by both parties.

Transfer of equity

The process of adding or removing someone from the ownership of a property, often during divorce or partnership changes.

Transfer of part

The process of selling or transferring only a portion of a property, often requiring a new title to be created.

Unregistered land

Land or property that is not yet registered with the Land Registry, meaning ownership is proved by title deeds rather than an official register.

Vacant possession

A term indicating that the property will be empty and free of occupants or tenants upon completion of the sale.

Wayleave agreement

A legal agreement allowing a utility company to install and maintain infrastructure, such as cables or pipes, on private land.