Jargon Busting Conveyancing Sales
When selling your home there will be words used frequently by your solicitors or conveyancer throughout the transaction. In this article, we explain some of the most commonly-used terms you will encounter when selling a property:
The mechanism by which the mortgage is secured against the property.
The difference between the market value of the property and the amount owning on any loans secured on it.
The repayment of the outstanding mortgage balance, usually upon completion, from the proceeds of the sale of the property.
The stage at which the transaction becomes legally binding, when a completion date is agreed, and when each party’s signed and dated contracts are ‘exchanged’ in the post. In practice, this takes place as a telephone conversation between the selling and buying parties’ solicitors.
Early Repayment Charge
A financial penalty charged by the mortgage lender where a mortgage is repaid before the end of any fixed rate or discounted period; typically to reflect the loss of the interest which the lender would otherwise have received for the remainder of the fixed period.
The Completion Date
The date agreed at exchange of contracts, and the day on which the funds are transferred for the purchase and the keys for the (usually) vacant property are given to the buyer.
Any person(s) (other than the legal owners) over the age of 17 that are living at the property.
The person or persons whose name(s) appears on the property register held by the Land Registry.
The transfer of property (or an interest in property) to another party.
The document which transfers the ownership of the property from the seller to the buyer.
At Tollers we have a dedicated conveyancing team who are happy to explain the terminology and process of selling your home. To find out more about our conveyancing services click here.