SOME TERMS EXPLAINED

'Legal-speak' can be confusing so here's a list of some of the most commonly used terms in house buying and selling. Just click on the term for which you require and explanation.

- Bank Telegraphic Transfer Fees
- Contract
- Conveyancing
- Deposit
- Exchange of Contracts
- Fixtures, Fittings and Contents
- Land Registry
- Local Authority Search
- Redemption of Mortgage
- Stamp Duty
- Transfer










Bank Telegraphic Transfer Fees
The charge levied by banks for the transfer of money electronically between bank accounts. This enables you to move house on the same day rather than wait on the monies clearing in the bank and enables keys to be released on the day.
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Contract
This is the agreement between the buyer and the seller which sets out the terms of what has been agreed, such as a full description of the property and surrounding land included in the sale, the price agreed, etc.
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Conveyancing
This is the transfer of the legal title to land and property from one person to another.
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Deposit
The deposit is the sum of money paid on the exchange of contracts by the buyer to the seller, to secure the property.
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Exchange of Contracts
This is the time when both the buyer and the seller have signed their contracts, a completion date has been agreed, and any deposit has been paid by the buyers to the buyer's conveyancer. The buyer's conveyancer exchanges contracts with the seller's conveyancer. The contract is dated, the completion date inserted and both the buyer and the seller will be bound by law to the contract and the facts referred to in the contract.
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Fixtures, Fittings & Contents
This is a list of items at the property which are being removed by the seller or which remain as part of the sale.
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Land Registry
This is a government authority which registers the transfer of all property in England, Wales and Northern Ireland. Every transfer must be forwarded to the Land Registry following completion to be registered on their computer. Once the reigstration has been completed the Land Registry will issue a certificate.
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Local Authority Search
This is a list of questions which the buyers lawyer will send to the Local Authority where the property is situated. All banks, building societies and lending institutions require an up to date Local Authority search before they will lend money or mortgage on a property.
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Redemption of Mortgage
If there is a mortgage on your property this will have to be paid off on completion.
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Stamp Duty
This is an amount of money which is a tax paid to the government where there is a transfer of property. This is calculated as a percentage of the value of the property you intend to buy.
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Transfer
This is the document which actually transfers the legal title from the name of the seller to the name of the buyer. This is the final document and is also the document forwarded to the Land Registry to register the new owner on their records.
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