Residential Conveyancing

Absolute title
This title gives you complete and outright ownership of a property.

Charge
An entry in the Land Registry records that indicates the offering of a property as collateral for a loan, i.e. mortgage.

Completion
When the transfer of ownership of a property takes place from vendor to purchaser takes in exchange for the balance of the purchase price and hand over of necessary documentation.

Contract
Any agreement that is legally binding. When applied to the sale of a property, this is a document which comprises of two identical parts, one signed by the purchaser and one signed by the vendor.  At the moment of exchange of both of the parts, both parties are completely committed to completing the transaction. Ownership of the property transfers from one to the other in exchange for payment of full purchase price.

Transfer
The deed which, in the event of a freehold property having unregistered title, transfers ownership of the title to the purchaser. In the event of a property being leasehold, the deed remains the same but is then called an assignment. If the title is registered the deed is then called a transfer.

Deeds/Office Copy Entries
Legal documents confirming your entitlement to ownership of a property.

Exchange of Contracts
The contract becomes legally binding when the signed part of the of the vendor’s contract and the signed part of the purchaser’s contract are exchanged between the two parties.

Enquiries before contract 
Before a purchaser signs a contract, either party is fully entitled to ask detailed questions regarding aspects of the prospective purchase property. The sellers Solicitor is requested to answer these queries fully before contracts are signed. 

Freehold
The outright and absolute ownership of land and any property which stands on it.

Land Registry
An official government office which registers and maintains details of land ownership and changes related to ownership.

Leasehold
A situation where a property is built on land owned by a person or organisation other than the owner of the property built on that land. The leaseholder will have occupational rights for a fixed term in accordance with the lease which is subject to terms and conditions.

Redemption
The mortgage is finished when the final payment is made by the borrower. In the event of the mortgage being repaid earlier than agreed, a specific charge called a early redemption fee may apply.

Searches
Questions asked by a potential purchaser’s solicitor to various bodies such as the Local Authority and Environment Agency.

Subject to Contract
A provisional agreement made orally or in writing between the vendor and purchaser, but either party can still withdraw from the transaction without giving a reason.