UK Conveyancing Glossary
Completion Date - the day, specified in the contract between buyer and seller, when the buyer gets actual possession of the property. Any moving date that you suggest or agree with other buyers/sellers is not guaranteed until contracts have been exchanged.
Contracts - sale and/or purchase agreements.
Conveyancing - this is the term used to describe the legal process of transferring ownership of property from one person to another.
Disbursements - this refers to any expenses incurred by us on your behalf, which you pay to us once your sale / purchase has gone through.
Exchange of Contracts - this is the day when contracts between buyer and seller are signed and swapped by the solicitors. The sale becomes certain. After this point, if either party wants to pull out, they must compensate the other.
Property Fixtures and Fittings list - this sets out the fixtures and fittings that are / aren't included in the agreed sale price.
Searches - must be carried out if you are buying a property. Local authority searches show details of any planning permissions given on the property you are buying. Plan searches show any planning applications i.e. plans to build roads within 200 metres of the property. Your lender will insist your solicitors undertake a drainage search, detailing whether waste water goes into a public or private sewer.
Survey - a thorough examination of the property including its structure. This can identify any potential problems.
Title Deeds - these show ownership of a property and also set out any rights or obligations that affect the property. A new law has been introduced whereby the price that you are paying for the property will be stated on the title deeds. Therefore when the time comes to sell your home, a copy of the deeds will be sent to the new buyers who will see the price that you initially paid for the property.
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