A property or House Auction is the sale of a property to the highest bidder. This can take the form of a normal auction where you gather to compete or a closed / sealed bid house auction, where the bids are made and then opened.
A fee solicitors charge when a CHAPS transfer is required for one of a number of purposes, e.g. to pay off a mortgage, to send monies to the seller’s solicitor or to transfer the net proceeds from a sale to the your bank account.
If you are funding your purchase by a mortgage, your lender will require the solicitor to check whether you are or have been bankrupt.
An inspection of the property by a chartered surveyor. His observations are then presented in a report about the property from a structural perspective. Older properties will often need a survey for loan purposes. If you wish to alter or extend the house, an initial survey may be sensible before you commit to buying the property. A Building survey or structural survey can be done along with a house valuation. The report can be done to variable degrees of detail, which you should specify.
Delays may occur in buying a house if a buyer is dependant upon completion of the sale of his house before he can purchase his new property. This could result in a chain of buyers and sellers awaiting one member to sell his house.
A search to establish whether there is a risk of the property falling within a parish where the house owner faces a potential liability to contribute towards the repairs of the chancel/local parish.
Once all transactions relating to the property sale are concluded and all the legal transfer of ownership passes to the buyer of the house/property.
The rights and duties of the buyer and seller.
A legal document for the agreement of terms between the seller and buyer which binds both parties to complete the transaction of the sale/purchase.
The seller will sell to whoever exchanges contracts first on the property.
A qualified person such as a solicitor or licensed conveyancer who deals with the legal aspects of buying or selling a house.
Legal work involved in the purchase and sale of a property, commonly used to refer to the whole legal process.
Rules and regulations governing the property in its title deeds or lease/leasehold agreement.
Legal title documents demonstrating ownership of the property.
Money paid by the buyer on exchange of contracts during the conveyancing.
A property that stands alone and is separated from all other buildings.
A recently built residence or a property which has been refurbished and modernised.
Disrepair or damage usually to a rented property.
House purchase fees paid by the buyer's solicitor for items like stamp duty, land registry and/or search fees.
The first version of the contract which is then edited accordingly if required.
An environmental search may be necessary if there are concerns over environmental issues such as subsidence, flooding, industrial contamination or radon.
Signed contracts between the parties involved are physically exchanged which legally commits the buyer and seller to the transaction of a property at an agreed price and terms.
All non-structural items included in the purchase of a property. These should be listed, although an argument can be made that if an item is 'fixed' then it is deemed part of the sale. Legal advice should be sort for specific issues.
Property can be freehold or leasehold. Freehold, which means full ownership, is the most common. Leasehold property is property held on a lease. Transactions involving leasehold properties are normally more complex and involve more work.
A new term meaning that a seller accepts a higher offer from someone on a property that they have already agreed in principle (but not contractually as yet) to sell to someone else
When a buyer reduces his offer just before contracts are exchanged.
The annual charge levied by the freeholder to the leaseholder of a property.
Chartered surveyor's report to assess the state of a property and its value but not a detailed structual survey.
A list of furnishings and contents of a leased property to determine any dilapidation during the tenancy.
Land Registry payment to register ownership of a property.
Authenticated copies of your title from the Land Registry.
After your purchase is complete, the solicitor will register you as owners of the property at the Land Registry and any mortgage charge. The Land Registry fee is paid to the Land Registry for the work they do in registering your ownership and/or mortgage charge.
Following exchange of contracts a priority search of the title register is made to check that the state of the register has not changed and to ensure that the buyer has priority for a period of 30 working days over any other application to change the register that is lodged during that time.
This is the solicitor’s fee for performing the conveyancing work for you
A legal document outlining details for how the freehold or leasehold owner of a property lets the premises for a specific length of time, after which the ownership may revert to the freeholder or the superior leaseholder.
Denotes that ownership of a property and/or buildings is by way of a lease agreement.
Buildings of special architectural or historic interest are usually 'listed', which prevents them from being demolished or altered without local government permission.
The buyer's solicitor makes an enquiry to the local council for future development issues or outstanding enforcement's which might affect a property or immediate surrounding area.
A local authority search should reveal whether there is anything adverse recorded against the property with the local council. The Council is asked to reply to a long list of questions by the solicitors. Some conveyancers will use a search company to undertake this work and the fees can vary substantially.
Cost of repairing and maintaining external or internal communal parts of a building which is charged to the tenant or leaseholder.
A property arranged over more than one floor (ie: a portion of the house), with its own private entrance.
If you are buying with the aid of a mortgage, the solicitor will normally be asked to act for the lender as well as for you, which will be additional chargeable work.
If your present house is subject to a mortgage, it will be necessary for the solicitor to pay the lender the money due on the mortgage and cancel the registration of the mortgage against your property.
If the value of a property is less than the outstanding mortgage then there is 'negative equity'.
A building guarantee available on some new homes. Any defects occurring within a specified time cab be remedied.
A sum of money that a potential buyer offers for a property.
The realistic value of a property if it was available for sale.
A nominal rent usually paid annually and of low value.
A property for occasional occupation.
The initial questions about a property which the seller must answer prior to the exchange of any contract.
The person who is buying a property is known as the purchaser.
A mortgage lender can take possession of a property if the mortgage payments have not been met according to the mortgage agreement.
An additional fee for completing the Stamp Duty Land Tax return form which has to be submitted to HM Revenue & Customs in almost all cases following completion of the purchase, along with any payment due.
Solicitors tend to include this work within the quote for Legal Fees as the searches are almost always required.
The local authority or the land registry hold information about property and location which can be sort via a 'search'.
A property which is joined to one other dwelling.
Exclusively one estate agent instructed for securing a sale or let.
A professionally qualified legal expert.
The tax paid to the government by the buyer of a property. The amount depends on the price of the property.
This is a tax payable to the government calculated on the value of the house to be purchased.
Open-plan living area in a flat including cooking and sleeping in one room and a separate bathroom/shower.
An agreement which is not yet legally binding to either party.
A qualified expert who carries out the survey of a house or property.
Possession of a property by a tenant on a predetermined time scale and conditions.
A legal agreement to protect the rights of a tenant and landlord.
The person who has temporary possession of a property as per an agreement.
The conditions on which a property is held for instance, it's length of lease.
A property which forms part of a connected row of houses, usually all in the same style.
Documents demonstrating and outlining the legal ownership of a property.
The land registry document that transfers legal ownership of a property from the seller to the purchaser.
The status of a property after a seller has accepted an offer. Usually refers to the period before the contracts have been signed.
A survey of a property to establish its value usually for mortgage purposes
VAT is payable on the solicitor fees at the rate applicable at the time of the bill.
The solicitor will need to make a drainage search to check whether the property you are buying is connected to public drains.