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Bank telegraphic
transfer fees |
The charge levied by banks for the
transfer of money electronically between bank accounts. |
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Charge on
the property |
This is an amount of money owing
to a lender, which has been secured on your property (e.g. a
mortgage). |
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Contract |
This is the agreement between the
Buyer and the Seller which sets out the terms of what has been
agreed, such as a full description of the property and surrounding
land included in the sale, the price agreed, the full names
of the Buyer and the Seller, and will incorporate the fixtures,
fittings and contents questionnaire referred to above together
with details of what happens if things go wrong to protect both
the Buyer and the Seller. |
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Conveyancing |
This is the transfer of the legal
title to land and property from one person's name to another. |
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Deed of
Assignment of Life Policy between policy holders |
The transfer of one persons interest
under an insurance policy, usually an endowment policy, to the
other policyholder. |
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Deed of
Guarantee |
This document allows one person to
guarantee the obligations of another, usually in relation to
a mortgage or other legal charges. |
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Deed of
Postponement / Grant / Variation |
A deed of postponement is a document
in which one party agrees to postpone their rights to those
of another, usually in relation to the order of mortgages on
a property. A deed of grant gives rather than postpones specific
rights to the owner of a property (such as rights of way), and
a deed of variation varies the terms of an existing document
affecting the title of land, usually relating to leasehold properties. |
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Deed of
Rectification |
This document usually corrects an
error in an existing document affecting the title to land. |
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Deposit |
The deposit is the sum of money paid
on exchange of contracts by the Buyer to the Seller. The sum
suggested by the Law Society at this stage of the transaction
is 10% of the purchase price. If however, the Buyer is borrowing
95% of the purchase then only 5% would be payable. |
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Drafting
additional Contract packages for sale contract race |
When CPL have to prepare additional
contracts for submission to a second (or more) purchaser when
a contract race is proceeding. |
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Drafting
or approval of Assured Tenancy Agreement |
This relates to drawing up or checking
a tenancy agreement under which a property will be let or occupied
following completion of the purchase of a property. |
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Exchange
of contracts |
This is the time when both the Buyer
and the Seller have signed their contracts, a completion date
has been agreed, and any deposit has been paid by the Buyer
to the Buyer's Lawyer. The Buyer's Lawyer will speak to the
Seller's Lawyers on the telephone and agree that exchange has
taken place. Once this is done the contract will be dated, the
completion date inserted and both the Buyer and the Seller will
be bound by law to the contract and the facts referred to in
the contract. |
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Fixtures,
Fittings & Contents |
This is a list of items at the property
which are being removed by the Seller or which remain as part
of the sale. This ensure that there are no disputes between
the Buyer and Seller as to what is to be left in the property
on the day of completion. |
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Land Registry |
This is a government authority which
registers the transfer of all property in England, Wales and
Northern Ireland. Every transfer must be forwarded to the Land
Registry after completion. Once the registration has been completed
the Land Registry will issue a Land Certificate or a Charge
Certificate depending on whether there is a mortgage involved.
If there is a mortgage this Charge Certificate will be sent
to the Lender for them to keep, but if there is no mortgage
then the Land Certificate can be forwarded to the Buyer for
them to keep. |
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Legal Title |
(See Title Deeds). |
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Local Authority
Search |
This is a list of questions which
the Buyer's Lawyers will send to the Local Authority where the
property is situated. It covers such matters, as whether the
road is adopted, what planning and building regulation consents
exist, whether there are any orders or regulations which affect
the property. This could help identify if a road is about to
be built near the property. You will always be informed of any
items revealed in the search which may affect the future value
of your property. |
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Mutual Deed
of Covenant for flying Freehold |
A document which sets out the terms
for repair and maintenance of a property which overhangs, or
is overhung by an adjacent property. |
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Power of
Attorney |
This is a deed which enables another
person (the Attorney) to sign documents and do things on your
behalf, and in your name. This is often necessary if a buyer
or seller will be abroad during the conveyancing transaction. |
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Property
Information Form |
This is a questionnaire completed
by the Sellers of the property to provide the Buyer with such
information as to whether there have been any disputes with
neighbours, whether there are any guarantees or warranties on
the property and whether the current owners have made any alterations
to the property during their ownership and if so what consents
were necessary and whether they were obtained. |
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Purchase
of the freehold reversion for a leasehold property |
Where we have to act in the purchase
of both freehold and leasehold interests in a property, usually
so that we can merge the two titles into one freehold title. |
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Redemption
of mortgage |
If there is a charge on your property
this will have to be paid off on completion. |
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Stamp Duty |
This is an amount of money which
is a tax paid to the government when there is a transfer of
property. This is calculated as a percentage of the value of
the property you intend to buy. |
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Statutory
Declaration for Title rectification |
A formal declaration by an individual
explaining any problems associated with a property's title and
usually claiming the existence of rights acquired by the passage
of time. |
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Title Deeds |
These documents act as evidence that
the person selling the property does own it and sets out any
rights or obligations which have to be complied with. We need
these documents to enable us to prepare the contract for your
buyer. |
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Transfer |
This is the document which actually
transfers the legal title from the name of the Seller to the
name of the Buyer. This is the final document and is also the
document forwarded to the Land Registry to register the new
ownership on their records. |
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Transfer
of Business Loan Facility / Overdraft |
This deals with the formalities required
by a Bank releasing an existing facility and imposing the obligations
on the borrowers new property. |
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Transfer
of Equity / Deed of Gift |
A transfer of equity is the transfer
of one owners share of the property to the remaining owner subject
to an existing mortgage. A deed of gift is where no payment
is made. |
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Transfer
of Legal Aid Charge or other current loan |
This deals with the requirements
of the Legal Aid board in releasing the statutory charge from
the sale property and imposing the charge of the new property.
This usually follows matrimonial proceedings during which one
or both parties receive legal aid. |
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Voluntary
First Registration for a sale property |
An application by the current owner
of an unregistered property for registration at H.M. Land Registry,
usually required when the original deeds to a property have
been lost or destroyed. |
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