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for Solicitors

Jargon buster

Our glossary is here to explain simply and clearly, key words and phrases that every homeowner and movers should know.

The property industry is full of confusing jargon. The language used in instructions, contracts, terms and conditions and solicitor documents can be befuddling and down-right frustrating. So we’re taking a stand against jargon!

If you’ve heard a word or phrase you don’t know, and it’s not on our list, get in touch and tell us about it. We will do our best to find out what it means and publish an explanation.

Agreement
A contract.
Chain
When there is another property linked to the transaction (i.e the person/persons selling is also purchasing another property at the same time).
Completion
When the money is transferred, and the property has legally changed ownership.
Contract Pack
Documentation that includes the terms and conditions of the transaction that needs signing for the process to begin.
Conveyancing
The legal work undertaken in order to transfer a property to the name of another person’s/organization.
Deeds
Documents that confirm the registered owner or owners of the property.
Deposit
The upfront payment you need to make in order to show commitment and to secure the property with a mortgage.
Disbursements
Costs made to third party organizations who hold information needed to process your transaction.
Equity
The percentage amount of the property that you own and isn’t paid for through the mortgage.
Exchange
The point where both parties are legally bound to the transaction and the money will start to be transferred.
Fee
The amount charged by the solicitor for their involvement.
Freehold
The property owner also owns the right the building and the land the property sits on.
Gazump
When a verbal agreement is made but the seller accepts another offer from a different party.
Insurance Policy
Insurance to protect the purchaser from any defect in the legal title.
Land Certificate
The documentation which proves ownership of the land being assessed.
Leasehold
When the property is not owned by the occupier and is leased by the freeholder for an annual fee for the duration of years agreed.
Legal Transfer
The documentation that confirms the transfer of the property to another person.
Loan To Value
Also know and LTV is the ratio used to show how much of a property’s value is covered by a mortgage.
Local Authority Search
Searches undertaken by your conveyancer regarding the land or access rights surrounding the property.
Mortgage
A loan from a bank or lender used specifically, to purchase property.
Mortgage Deed
The official document which when signed confirms the amount of money borrowed.
Mortgage Valuation
Your mortgage lender will send round a surveyor that will make sure the property in question is worth the money they are willing to lend.
Power of Attorney
When someone acts as a legal representative and can dictate what happens to the property without being the official owner.
Searches
This is where your conveyancer gathers all the property information and history.
Stamp Duty
SDLT, Stamp Duty Land Tax is a price you must pay to the government if you wish to buy a property over a certain amount in the United Kingdom.
Structural Survey
A survey assessing the structural resilience of the property.
Surveys
Valuations of the properties condition. (i.e., structural survey, Homebuyers Survey)
Tenant
Someone who pays to occupy the property but is not the legal owner.
Tenure
Whether the property is Freehold or Leasehold.
Valuation
An appraisal of a property’s value.