Glossary of Conveyancing Terms

29 June 2016 • Articles

Aapportionment – The division of liability for e.g. rent or service charges between Buyer and Seller before and after completion

Chattels – Free-standing items which are not included in the sale unless specified in the contract

Completion Date – The date when the contract is completed – “the moving date”

Contract – The written document which includes all the terms agreed between Buyer and Seller, one part of which is signed by each party

Covenants – Promises which bind the owners of the property

Deposit – The total amount paid by the Buyer to the Seller on exchange of contracts to secure the contract

Easements – Rights (e.g. of way) which either benefit or affect the property

Exchange of contracts – The point at which the contract becomes binding upon both Buyer and Seller. Ewart Price will supervise this.

Fixtures – Items that are physically attached to the property and which would normally pass to the Buyer with the property unless excluded

Mortgage – A document which secures the money lent to buy the property

Mortgage Advance – The amount of the new mortgage as sent to us

Mortgagee –  The lender

Mortgagor – The borrower (you)

Preliminary deposit – A nominal deposit which may be paid to the estate agent or the builder if the property is a new one

Redemption – Repayment of your existing mortgage

Registration – The process by which the transaction is recorded at HM Land Registry and your ownership confirmed “searches” checks carried out by Ewart Price in various public registries “Stamp Duty money payable to the Government in respect of certain Land Tax” transactions “survey” an inspection of the property which contains the legal transfer of the property from the Seller to the Buyer

Transfer – The document which contains the legal transfer of the property from the Seller to the Buyer

Valuation – a procedure whereby the value of the property is formally established e.g. for the building society