Moving Home :: mfg Solicitors Kidderminster, West Midlands

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Glossary of terms used

"appropriate searches" - these searches include a local search which is the search, in the registers maintained by the district council in relation to such matters as road charges and planning decisions. The expression includes the enquiries made of different departments of the council to do with a wide range of other matters which may affect the property. Apart from road proposals affecting land within 200 metres of the property, the local authority search will only give information about the property itself. The search will give no information about other property, for example, the development of neighbouring land. If, therefore, you are concerned about the possibility of development or any matter relating to other property in the neighbourhood, you should make enquiries of the local authority before you consent to exchange of contracts on the purchase. As a matter of course, we also carry out an environmental search, a drainage and water search and a chancel check search. Depending on where the property is situated it may also be necessary to carry out additional searches such as a Coal Authority Search, brine search, hard rock mining search, radon search, London Transport or even a British Waterways Board search! There are more ...

"completion" - the date fixed for transfer of ownership, on payment of the price.

"deposit" - part of the purchase price paid at exchange of contracts, normally 10%.

"exchange of contracts" - literally, the exchange of one copy signed by the buyers for another signed by the seller. At this point both parties become committed to proceed.

"mortgage" - document recording loan of money secured on the property. If payments are not maintained, the lender may have the right to take possession and sell the property.

"preliminary enquiries" - a series of questions addressed to the seller, who is expected to answer from his own knowledge about such matters as disputes with neighbours, or work to be done on the property needing building regulation approval, or rights enjoyed over the property.

“protocol forms” - these are the standard forms which are completed by sellers at the outset of the transaction and consist of the seller's property information form and fixtures, fittings and contents list. If the property is leasehold then there will also be a seller's leasehold information form. The questions are about the property which sellers should be able to answer without too much difficulty. Of course should you have any queries, we are at the end of the phone, or call in to see us. The fixtures, fittings and contents list is filled in by the Seller in order to indicate which items are or are not included in the sale price.

"registration of title"- ownership of unregistered land is proved by showing its recent history as recorded in the deeds, for example; A sells to B, who dies, leaving it to C, etc. In all areas of the country title to land now has to be registered in one of the registries maintained by the Land Registry on completion of a purchase. The Register records ownership and all important details of rights and liabilities and any mortgages affecting the property. Nowadays all title registers are held electronically and hard copy land or charge certificates are no long issued.

“stamp duty land tax” - this is a tax on property transactions where the price exceeds £125,000.00. If the price exceeds £125,000.00 but does not exceed £250,000.00 then tax at 1% is payable. Between, £250,001.00 and £500,000.00 – 3% and over £500,001.00 – 4%

"transfer" - the document transferring ownership.

	Conveyancing - what is it?
	What happens in a conveyancing transaction?
	Pre-contract
	Between contract and completion
	After completion
	Glossary of terms used