What are the most common conveyancing terms?
Defining the conveyancing terms
As property conveyancing solicitors in Rushden, we know just how confusing the whole process can be. We’ve put together a handy guide on what each of the conveyancing terms mean, to make your journey that little bit easier.
These are a few of the terms you’ll hear most often when discussing conveyancing
Basic fee
Chain
Completion date
Contract
Deeds
Disbursement
Energy Performance Certification (EPC)
Freehold
HM Land Registry
Leasehold
Stamp duty
Basic fee
The fee paid to the solicitor for their time and skills. Each solicitor’s rate will be different; it can be calculated as a percentage of the property’s sale price, a fixed-fee amount, or on an hourly basis.
Chain
The sale and purchase of one property depends on the sale and purchase of another. The longer the chain is, the more complicated the conveyancing process can become.
Completion date
The date that the ownership of a property passes from the seller to the buyer. This is the official date the seller must leave the property so the buyer can move in.
Contract
The written and signed document that outlines all agreements made about the house between the buyer and the seller.
Deeds
Official documents detailing the owner of a property or mortgagees in the event that the property is mortgaged.
Disbursement
The fees paid to third parties such as Local Authorities and the Land Registry.
Energy Performance Certificate (EPC)
A document that rates your home’s efficiency on using energy. These must be provided by an accredited Energy Assessor.
Freehold
A type of land ownership that runs forever. Essentially, the property will undergo a permanent change in owner that won’t change again until a new sale is agreed.
HM Land Registry
This is the governing body that deals with ownership of property and land. This only applies for England and Wales.
Leasehold
This is in contrast to a freehold. With a leasehold, the land ownership is fixed for a certain number of
Stamp duty land tax
This is the tax payable to the government following the purchase of a property or land. The amount of duty payable is dependant on the purchase price.