Jargon Busting Conveyancing
Buying or selling a home is sometimes a complex process, to ease the path we have compiled a list of common conveyancing terms we have Jargon Busted for you:
The Contract Pack
The bundle of paperwork prepared by the vendor’s solicitor sent to the purchaser’s solicitor, including a draft of the sale contract, a printout of the information held by the Land Registry, a plan of the property, the seller’s completed property forms and a schedule of the fixtures and fittings that will either remain at or be removed from the property upon completion.
The Local Search
A report on the information held by the local authorities in relation to the property, including historic planning applications and permissions granted under the Building Regulations; this is compulsory where purchasing with a mortgage.
A term typically used to describe a printout of the information held by the Land Registry in relation to the property, and considered ‘official’ where it is obtained directly from the Land Registry.
These are legally-binding obligations and restrictions which govern the use and occupation of a property. They can require some positive action to be taken (e.g. to maintain a particular fence) or they can restrict or prohibit certain activity (e.g. a restriction on extending the property).
A series of questions raised with the vendor’s solicitor, typically relating to the property and the information contained in the contract pack, and sometimes repeating questions which the seller has perhaps not answered sufficiently, or at all. Enquiries must generally be limited to queries and issues which cannot otherwise be ascertained by the buyer themselves.
Items of personal property which are to be left at the property at completion and either included in the sale or for which a separate sale price has been agreed.
A specific type of insurance policy used in conveyancing transactions to provide protection against costs or losses, where there is some or other problem or defect in the property or its use or ownership, which cannot be resolved easily or quickly by other means, or at all.
The obligation on the seller to hand over a property that is vacant, empty of all personal possessions (other than those which have been agreed will remain) and in a state in which the buyer can take immediate possession of a ‘substantial part of it’ and ‘without impediment’.
Confused about property jargon? Talk to Tollers. Our conveyancing team are here to walk you through the process of buying or selling your home. We have local conveyancing colleagues in each of our eight offices; Northampton, Milton Keynes, Oakham, Uppingham, Kettering, Corby, Stevenage and Kempston click here to find the contact details for each one.