A home buyer glossary of conveyancing terms

Although we like to ensure that our advice is easy to understand and straightforward, in the world of conveyancing it is inevitable that there will be some terminology used that makes no sense to anyone who does not work in the world of buying and selling houses.

Our conveyancing team have put together the following glossary so that you are able to understand what the words mean, and put yourself in greater control of the home buying process.

Glossary of frequently used terms in your Conveyancing matter:-

• Assent

The process where Executors/Administrators transfer the legal title to the beneficiary of an Estate where someone has passed away.

• Completion

The point at which ownership of land changes hands – the day you receive your keys or hand them over to the new Buyer.

• Conveyancing

The legal process of buying, selling and re-mortgaging property or land.

• Deed of Gift

The process of transferring the legal title to one person to another with nil consideration.

• Disbursements

A cost incurred by a Solicitors firm whilst acting on behalf of a Client, for example search fees.

• Easement

A right enjoyed by the owner of land over another owners land, for example a right of way.

• Exchange

The point at which a purchaser and seller exchange signed Contracts and at that point the contract becomes legally binding on both parties. The date for completion is agreed at this time and inserted on the Contract.

• Indemnity Insurance

A Policy taken out to cover loss sustained by a legal risk.

• Positive covenant

Imposes an obligation to carry out a positive act on land, for example, to do something, such as pay a management fee or keep something in good repair. Positive covenants are personal and normally are protected in the title deeds by a restriction so a new owner enters into the same covenant when land is sold.

• Re-Mortgage

When you move your mortgage on the same property from one lender to another.

• Restrictive covenant

Imposes a covenant that runs with the land (so does not disappear unless removed by all parties by Deeds) and is restrictive in nature, for example not to do something, such as build without consent or block a right of way.

• Statutory Declaration

A formal statement made by a person affirming that what they say in the statement is true and must be signed by a Solicitor, commissioner for oaths or notary public.

What to do if you are still unsure

Ultimately, your conveyancer is there to help you through every step of the home buying process whether you are a first time home buyer or a seasoned home-moving pro.

If you are looking to move, but you are not sure what some types of information mean (such as something within your house deeds or restrictive covenants) then why not call our free property advice line on 01761 414646 for free, no obligation advice as part of our continuing pro-bono community initiatives.

Ready to instruct our conveyancing team?

If you are a home buyer or seller ready to start the legal process, you can obtain a quote from our free instant conveyancing quote calculator or call us for a quote over the telephone. Once the quote is approved by you our conveyancing team will get started on the process and explain to you the likely timescales and what to expect.