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Here is a list of words and their meaning which are commonly used when buying or selling a house
Basic fee – the fee charged by the solicitor for their time and skills. This is usually calculated as a percentage of the property’s sale price, but it can also be a fixed-fee.
Breach of Contract – once contracts have been exchanged, if one party pulls out and does not complete the conveyancing process they are in breach of contract and the other party can legally seek compensation.
Boundaries – boundaries outline the extent of the property and are usually marked with fencing, hedging or walls.
Chain – where the success of one purchase depends on the sale and purchase of another. Several ‘links’ in the chain can make conveyancing very complicated and lengthy.
Chattels – items of personal property left over at a house and included in the purchase price, such as furniture. These are listed on the Fixtures, Fittings and Contents form.
Completion date – the legal end of the conveyancing process – the point at which full payment has been made and the title deeds transfer from one party to another. It is the time when you get the keys and move into your new home.
Contract – a legal document that sets out all details regarding a property purchase including information on the property, the buyer and the seller.
Conveyancing – the legal and administrative process of transferring property title from one party to another.
Covenant – obligations and restrictions that can be attached to a property. Obligations require you to maintain something within your boundaries whilst restrictions prevent the construction of specific structures.
Deposit – a buyer pays a sum of money to the seller on exchange of contracts: this is normally 10% of the purchase price although it is negotiable subject to agreement with the seller.
Disbursements – disbursements are fixed costs incurred by a conveyancer while acting on your behalf which is then passed on to you. Examples include local authority and bankruptcy searches.
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