Frequently used legal jargon explained to help you along the way

Contract
This is the legally binding form of agreement incorporating all the terms and conditions of sale of a property made between the buyer and the Seller.

Additional Enquiries
These are extra enquiries over and above the agreed enquiries contained in the standard property information form which a conveyancer deems it absolutely necessary to raise with a sellers conveyancer.

Exchange of contracts
This is the moment when the contract finally becomes legally binding and a completion date is agreed and fixed.

Completion date
This is the date when the sale of a property is agreed to be finalised. When moving into a property it is also called the MOVING DATE

Land registry search
This is a final search done by the conveyancer in the land registry to check that nothing has been altered since the copy deeds were first produced to him i.e. no new mortgages have been registered.

Drainage search
This search is carried out to check whether there are water or drainage pipes under or near the property so that we can ensure that the correct documentation exists to cover this. It will also reveal whether the property is connected to the mains for these services and whether there is a water meter at the property.

Environmental search
It is now recommended that buyers also carry out an environmental search to check if there are any landfill or waste disposal sites in the area, if the property has been built on an old industrial site and whether there are any risks from contaminated land, toxic emissions, flooding, subsidence etc.

Land charges search
Search made in Land Charges register to see if any land charges registered against person. Also includes compulsory Bankruptcy search against Borrower on behalf of Lender.

Redemption figure
Final settlement figure sent to Conveyancer when completion date is known.

Transfer deed
Final document used to transfer property between seller and buyer. Sent to Inland Revenue and Land Registry following completion

Mortgage
Form of loan that is secured(attached) to your property. This means the property can not be sold unless the loan is repaid in full. The Lender can also sell the property if the repayments are not made.

Lender
Usually Bank or Building Society that grants loan by way of mortgages for the purpose of buying property.

Chancel repair
The obligation of a property owner to contribute towards the cost of upkeep of the Chancel of a church is an ancient one and is often not recorded in the title deeds to the property. Many properties are subject to these obligations even where the property has been built in modern times and there is no apparent Church in the vicinity. Although the Church authorities will lose the right to register new repair obligations against properties in England and Wales in 2013, the rights will continue to affect many properties. In the meantime we are able to offer a no-search insurance to cover you against any possible risk.

Title deeds
The legal documents that prove the ownership and other matters that affect property or land.

H.M. Land registry
Central government body originally set up in 1925 for the purpose of maintaining a record of the ownership and details of land.

Survey
Report carried out by qualified surveyor on physical condition of property.

DIisbursments
This is the word used frequently by lawyers for the necessary expenses to be incurred when buying a property.

Stamp duty
Tax charged by government when buying a property for £125,001.00 or more. Between £125,001.00 and £250,000.00 you must pay 1% of the whole purchase price (except if you are a first time buyer stamp duty is not payable for property up to a purchase price of £250,000.00) Between £250,001.00 and £500,000.00 you must pay 3% £500,001.00 and £1,000,000.00 you must pay 4% and above £1,000,000.00 you must pay 5%.

Land registry fees
Fees payable to H.M. Land Registry for registering changes of ownership and other matters affecting land.

Bank transfer fee
Fee charged for transferring money electronically from one bank to another usually on completion day.