Summary of all previous dealings in property including sales, charges and easements.
Charge
A legal term covering a registered claim against a property as security for money owing.
Completion date
The date when the transaction relating to the sale/purchase of a house is completed. The date you move / become the owner.
Contract
The legally binding agreement specifying all of the detail of the house sale or house purchase. The contract legally commits both the buyer and the seller to the transaction.
Conveyance
The legally binding document that transfers the rights and burdens and the benefit of the land.
Covenant
A legal requirement in the conveyance for either vendor or purchaser to do or not to do something in relation to the property.
Deeds
Legal title document which provides historical information about the property.
Draft Contract
The documents sent by the vendors solicitor to the buyers solicitor setting out terms of the sale.
Easement
A right given to the house owner over an adjoining property (e.g. right of way).
Endowment Mortgage
A mortgage whereby the mortgagee accepts interest only during the period of the loan and repayment of the capital is made from the sum produced on the maturity of an endowment insurance policy.
Exchange of Contracts
The point that both parties are committed to the transaction. This is set at a time and date and is when a sale become legally binding.
Freehold
One of the two current tenures of land recognised by English law. This confers absolute ownership of the land. It also recognises the whole of the land not just a building.
Leasehold
The second current tenure of land recognised by English law. This is usually for an extended period, typically 99 or 999 years. There will be a landlord who will own the freehold. Most flats or properties with multiple dwellings are bought leasehold. Note; There are likely to be annual management charges payable by the occupier.
Legal Costs
Fees payable to solicitors in connection with selling of the property; these include solicitors fees, land registry fees, search fees and stamp duty.
Searches
A method of checking matters that may affect the value of the property. The only obligatory one before exchange is a Local Authority Search which covers items such as road maintenance, planning applications etc. The search covers the property not the surrounding area.
Stamp Duty
A government tax payable by every home buyer of a property over £60k. Duty is charged at 1% for homes priced between £60k and £250k. The rate is 3% for homes over £250k but not more than £500k. For homes over £500k the rate is 4%. If the property falls in a disadvantaged area and is being sold for £150,000 or less then no stamp duty is payable.
Title
The legal document describing the property containing all rights and liabilities that attach to the property.
Vacant Possession
This statement indicates the property will be unoccupied when the purchaser is ready to take up residence.