Common Conveyancing Words Explained.
Try as we might, we can’t avoid some legal words and phrases. Here are a few common ones with their meanings explained. If we use a word or phrase you don’t understand, please tell us.
Completion – moving day! The purchase money is handed over in return for the keys and the deeds.
Contract – the document you sign that sets out all the details of the deal.
Covenant – an obligation that affects the property, to do or not do something.
Defective Title Indemnity Insurance – insurance that helps with problems in the deeds.
Easement – a right that affects the property, eg a right of way.
Exchange of contracts – the day you become legally bound to buy or sell.
Land Registry – the government agency that keeps a record of who owns what land.
Mortgage – the document that gives your lender the right to sell your house (and other rights) if you do not repay and follow your other obligations.
Searches – we ask various bodies for information they have about the property eg the local council, the water supplier and environmental search companies.
Statutory Declaration – a document that confirms information to be true under a special legal procedure.
Stamp Duty Land Tax – the tax paid to the government by the buyer based on price paid.
Transfer – the document you sign that transfers the ownership of the house