Conveyancing Jargon Uncovered!
This word is used to describe the situation where there are a series of transactions dependent on each other for example “X” is selling to “Y” who is selling to “Z” etc.
These are monies that have cleared in the Practice’s client account such that they can then be transferred on by way of electronic transfer.
This is the date when the sale and purchase of the property in question actually takes place. The completion date is agreed by the parties before exchange of Contracts. Once Contracts have been exchanged this date becomes fixed and legally binding. The completion date is the day that you actually move.
Otherwise known as an “Agreement” this is the document prepared by the Seller’s lawyer and sets out the terms and conditions relating to the sale and will include details of the Buyer, the Seller, the property itself and the sale price..
This is the sum of money paid by the Buyer to the Seller on exchange of Contracts.
Normally the amount is 10% of the purchase price, but usually a deposit of less than 10% is agreed where the Buyer’s mortgage finance is over 90% of the property purchase price.
Exchange of Contracts
This is the process by which the Sellers’ and the Buyers’ lawyer put the Contract into legal effect and legally bind the Seller and the Buyer. The Seller and the Buyer can then no longer withdraw from the sale/purchase without incurring financial penalties.
Fixtures, Fittings and Contents Form
This lists those items the Seller will leave at or take from the property. This document forms part of the Contract and information pack that the Seller’s lawyer send to the Buyer’s lawyer at the beginning of the transaction.
From August 2007 it is now compulsory for anyone wishing to place a property for sale on the open market to compile a Home Information Pack, to include details of the title, local and water searches and replies to standardenquiries.
This is an insurance policy usually on payment of a one off premium, and often for a term of twenty years or more, designed to protect the insured against a defect in title, for example, breaches of building regulations
Local Authority Search
This is a request to the Local Authority to provide any information that the Local Authority may have which relates to the property being bought; for example planning entries, financial charges and local road schemes, but does not cover any adjoining land. The search can be applied for by direct application to the local authority or by a personal search.
This is the formal and official confirmation by a Mortgage Lender that it will lend money to the Buyer to support his/her purchase and it will also set out the conditions upon which the mortgage money will be lent.
This is an official printout from the Land Registry of the title/proof of ownership relating to the property being bought and sold.
The process of legally transferring property ownership from the seller’s name to the buyer’s name.
Sellers Property Information Form
This is a questionnaire the Seller of a property completes and which forms part of the Contract and information pack prepared by the Sellers lawyer at the outset.
Stamp Duty Land Tax
This is a tax paid by the Buyer to the Inland Revenue based on the purchase price of the property bought.
Stamp Duty Land Tax Return
Multiple page tax return now required to be completed by the Buyer on all purchase transactions regardless of whether Stamp Duty Land Tax is payable. There are strict time limits for the submission of a properly completed form with Government Penalties for delay or errors!
This is the document that both the Seller and the Buyer sign and which is presented to the Land Registry by the Buyers lawyer when the application is made to change the name of the registered owner of the property.
Contact Us Directly
“I am very satisfied with the service RLE Law have provided. They are very professional and I would definitely use them again”.
"After using the services of RLE Law, I can honestly recommend this firm to anyone requiring legal advice and dealings. Their friendliness, quality of service and professionalism was second to none. In the future, if need be, I would not hesitate to use RLE Law again"
"I would like to state that the services given to us by your legal department were second to none. You were professional, friendly and executed the procedure of our conveyancing so smoothly. I would have no hesitation in recommending your practice to anyone."
"My solicitor helped me through a very difficult time and was very helpful. I am very grateful and appreciative. Thank you!"
"I would like to pass on my sincere thanks to the property team. They have been nothing but excellent! The sale of my property was dealt with professionally and with patience. Your customer service is second to none and I would have no hesitation in using you again and recommending RLE Law to anyone."
"I now feel happy and contented that my affairs have been put in order and the concerns I came to you with have been resolved."
"I found that the care and attention to detail that RLE Law showed during my house purchase was exceptional. I found you had very approachable and friendly manner and your thorough explanation of queries in easy to understand terms was excellent. Thank you!"
"I thought the overall service you gave was excellent, friendly and easy to understand."
“RLE Law acted on our behalf in a complicated probate dispute. We were extremely grateful and would like to express our gratitude for their utter professionalism in closing out this case which has been a problem for us for many years now. Thank you for being so cooperative and truly pleasant in your meetings and telephone calls with us. Please pass on our appreciation to your team that also helped out on our case, we found you all to be tremendously helpful and supportive.”
William John Whittle
"I would just like to add the most sincere thanks of my husband and myself. It was not like dealing with a large out-of-town practice but a most friendly one. Your costs are fair and fully justified and our family has found you to be first class from day one to the last day."
"My advisor really put me at ease and explained eveything at each stage of the proceedings as I was very nervous. This has been the best service I have had from a legal office."
“I think that the will service I received was excellent. It was very nice to be seen by young people who knew what they were doing. Very pleased with the service and will come again most definitely”.
Iris Pamela Owen
"It is with great pleasure I am providing the following testimonial. My experience of the firm it was wholly positive. RLE Law acted on my behalf in a very professional manner, being prompt and efficient and acting in a no-nonsense manner which gave me total confidence in their advice. As a consequence of my dealings with them I would not hesitate to recommend the services of RLE Law to others."
t: 01656 656 861
f: 01656 859475
t: 01443 775000
f: 01443 775007
|RLE Law is a trading name of RLE Law Practice Limited. This firm is authorised and regulated by the Solicitors Regulation Authority. SRA Number - 545984.||CONTRACTED WITH THE LEGAL AID AGENCY|
Registered in England and Wales at 4 Derwen Road, Bridgend, CF31 1LH. Company Number - 07336354. VAT Registration Number – 996 6759 29
Copyright © 2013 RLE Law - Solicitors in Bridgend and Treorchy, South Wales, UK | Find us on Google+
|WEB DESIGN & DEVELOPMENT by IKONA I.T.|