what's the name of that legal thingy?
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What's the Name of That Legal Thingy? An A-Z Guide Through Conveyancing JargonTRANSCRIPT
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CONVEYANCING IS The process of transferring the legal ownership of a property from one owner to a new owner.
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The Conveyancing process has developed over many hundreds of years.
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Inevitably, there are technical words or phrases
which you might not have come across.
Many Conveyancing Solicitors still use jargon and old-fashioned phrases
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hereinbefore
& aforesaid mentioned
YUK!
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Plain English
Occasionally, you will find some Conveyancing Solicitors who promise to speak in…
We at Clutton Cox do at least.
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A – Z Guide for you in Plain English to help explain Conveyancing Jargon.
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Contract for Sale: The legal document which sets out the terms of the sale and purchase of the
property. There are two Contracts for Sale issued: one for the Seller to sign and one for the Buyer to
sign. A legally binding agreement takes place when there is an Exchange of the signed
Contracts. A Contract is not valid without an agreed Completion Date.
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Caveat Emptor: It means “Let the Buyer Beware”. A Buyer must make all enquires and
surveys before committing to buy a property.
The only bit of Latin (we promise)
zzzz
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Easement: A right benefiting one property over another, such as a right
of way on foot and/or for vehicles.
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Leasehold: Ownership which is time dependent and subject to more restrictions
and obligations than freeholds e.g. flats which can run for 99 up to 999 years.
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Guarantor: Someone who agrees to pay a mortgage on a property in
the event that the borrower/owner defaults on payments.
Usually this is a parent or guardian.
Thanks Mum and Dad!
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The alternative is Tenants in Common: The owner owns a specific percentage of the property and its proceeds of sale e.g. 50/50 60/40
= =
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Not many people know this, but the word
derives from the Norman French meaning literally,
“death pledge”.
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Official Copies of Register & Plan: Official copies of the registered title to a property from the Land Registry showing who owns a property what
rights and what restrictions apply and what mortgages if any are outstanding on the property.
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Pardon me…
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A Rentcharge only relates to freehold property and is not to be confused with Ground Rents which only relate to
Leasehold properties.
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£
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Registered Land: Property (freehold and leasehold) where proof of ownership and matters
affecting the property have been authenticated (registered) by the Government Department
known as the Land Registry.
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£
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(e)XTRA MILE THIS WAY
CLUTTON COX
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You: The most important person as far as we are concerned. Not us, not what we do, but YOU.
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Z
Z
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Here ends (phew! Almost wrote “endeth”) the first lesson.
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By the power of the Internet, this
presentation is available for sharing. We would love it if you shared this with your
family, friends, and colleagues.
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Clutton Cox Solicitors are based in Chipping Sodbury, Bristol but we really do cover all of
England and Wales.
Follow Us on Twitter @cluttoncoxlegal Or Just Plain (see what we did there) get in touch
01454312125