Navigating the world of residential conveyancing can often feel like learning a new language.
Legal jargon can be highly complex but having a basic understanding of the terms can give you a head start in securing the property of your dreams.
This guide aims to demystify some of the most used terms in residential conveyancing, providing you with a clearer path to your new home.
- Conveyancing: This is the legal process of transferring ownership of a property from the seller to the buyer. It involves a series of administrative tasks carried out by your solicitor to ensure a smooth and legally compliant transition.
- Exchange of contracts: This pivotal moment in the conveyancing process is when both the buyer and the seller are legally committed to the transaction. Once the contracts are exchanged, the agreement becomes binding, and pulling out of the deal can incur serious penalties.
- Land registry: This is a government department responsible for maintaining a database of property ownership in England and Wales. Your solicitor will liaise with the Land Registry to register the change of ownership once the transaction is complete.
- Stamp Duty Land Tax (SDLT): This is a tax paid by the buyer on properties purchased in England and Northern Ireland. The amount is calculated based on the purchase price, and your solicitor will assist you in understanding how much you will need to pay and facilitating the payment.
- Chains: In the property market, a chain refers to a series of linked property transactions, where the completion of each transaction is dependent on the completion of others. Being in a chain can sometimes complicate and delay the conveyancing process.
- Easements: An easement is a legal right to use another person’s land for a specific purpose, such as for access or to lay utility lines. It is important to be aware of any easements that may affect a property before completing a purchase.
Remember, understanding the terminology is the first step towards a smooth property transaction.
We are here to guide you through every step, ensuring that you are well-informed and confident in your property decisions.
The best way to successfully navigate the conveyancing arena is with the help of a qualified solicitor who can explain legal jargon as it arises.
To learn how a solicitor could assist your conveyancing aspirations, please get in touch.
