Eirian J Williams Solicitors ~ Lawyer in West Wales ~ Property Solicitor

Property

1. CONVEYANCING: This is the general term of transferring an interest in real property from “A” to “B”. A Solicitor maybe a Conveyancer who specialises in real estate transactions.

2. CONTRACT: This is an agreement between two or more persons creating obligations that are enforceable and recognised at law.

3. SEARCHES: usually a local authority search with the Council where the property is located. Other searches include an environmental search, drainage and water search and Chancel Repair liability search.

4. ENQUIRIES BEFORE CONTRACT:These are questions which relate to the property prior to contract, boundaries, adverse rights, planning, disputes etc. These can also be incorporated into a Property Information Form and a Fixtures Fittings and Contents Form.

5. OFFICE COPY: Are evidence of ownership issued by the Land Registry in a form of register of title and title plan

6. REDEMPTION: Usually the amount or lump sum a borrower pays to his/her lender on a mortgage.

7. MORTGAGE: This is a legal document showing the amount borrowed secured against the property. This is a long term loan which must be paid on the disposal of the property.

8. EXCHANGE OF CONTRACT: This is a binding legal agreement between two parties. The Buyer has agreed to purchase and the Seller has agreed to sell. No withdrawals are permissible once contract have been exchanged.

9. TRANSFER: A Transfer deed confirms that the interest in the property has been transferred to the new owner. This document called the TR1 or TP needs to be executed and witnessed.

10. REGISTRATION: The H M Land Registry is the Government Department where all documents are submitted for registration of change of ownership

11. TITLE INFORMATION DOCUMENT: The Title Information Document is the registered title from the Land Registry showing the registered proprietor and also shows any legal charges

12. COSTS: Are the Solicitors charges for his or her professional fee for the carrying out the work. Costs are subject to VAT.

13. DISBURSEMENTS: Represent sums or expenses which the Solicitor has paid on your behalf, e.g. a local authority search fee.

14. STAMP DUTY: A form of Tax imposed by the Government. A percentage of the purchase price is paid by way of a Stamp Duty, currently 1% over £150K or 3% over £250K.

Lawyer Wales ~ Property Solicitor ~ Land Purchases Wales ~ Solicitor Wales