Conveyancer – a conveyancer is a lawyer who specialises in buying or selling property (houses, flats, business premises or land).
Exchange Of Contracts – both the buyers and sellers sign a contract and their solicitors normally exchange them. On exchange both parties are committed to buy and sell the property. The deposit will have been paid and a completion date agreed. There are large financial penalties to pay if either side fails to complete after exchange.
Completion Date – this is the moving date. On the day of completion the balance purchase price is sent to the seller’s conveyancer. The sellers should have left the property and left the keys with the agents. The conveyancer will only allow the estate agent to release the keys once they have received the balance of the purchase price.
Title Deeds (or if the property is registered at the land registry official copies of the title) – shows who owns the property, and if there are any rights or obligations attached to it.
Property Information Form – the seller completes this form to give general information about the property, for instance whether there have been disputes with neighbours, any guarantees on the property and if they have made any alterations.
Fixtures, Fittings & Contents Form – the seller completes this form. It is a list of items being left or removed from the property on completion.
Transfer Deed – this document transfers the legal title from the name of the seller to the buyer and is sent to the land registry to register the new details.
Redemption Figure - this is the amount required to repay your mortgage.
Freehold - property and associated land is owned outright
Leasehold - the exclusive right to reside in a property for a fixed period of time e.g. 90 years or 999 years. At the expiry of the lease you will have to vacate the property or purchase another lease. This type of purchase may involve additional payments to the individual or company that owns the freehold - including maintenance or ground rent. You will also be limited by the lease as to how you can alter or use the premises.
Disbursements - fees paid to third party companies that carry out specific tasks in the buying/selling process. For example the local authority for planning searches.