When it comes to buying or selling property, it is important to be prepared to face swathes of official documentation that will need to be read and signed to keep the process moving efficiently.
The conveyancing process can often seem complex, however, don’t let industry terminology add unnecessary confusion into the mix. We have put together a quick-start guide to common conveyancing jargon, which we hope will help to demystify the process and ensure that your property purchase and/or sale proceeds without a hitch.
Epitome of Title
A list or a short summary of the title deeds, which sets out a property’s ownership history.
Apportionments
Many sellers of leasehold properties or flats will have paid for any service charges or ground rent up-front. As such, they will often request their buyer to pay an additional sum, officially known as an apportionment, to cover their share of these costs.
Brine Search
A process used to determine whether a property has or may be affected by the presence of nearby old salt or brine workings.
Chancel Repair Liability
This is an ancient law which obliges some property owners to make a contribution towards any repairs required to the chancel area of the local parish church.
Completion
This is the final stage of the process and refers to the point at which the buyer receives the keys to the property and the seller receives the funds.
Covenants
In some cases, there may be covenants in place that require homeowners to do something or, conversely, prevent homeowners from doing something. For example, a covenant can require a homeowner to maintain a boundary or prevent them from using the property for commercial purposes.
Deed of Trust
As this https://www.samconveyancing.co.uk/news/conveyancing/deed-of-trust-4378 article explains, a Deed of Trust is used to set out the interests and intentions of individual parties when a property has joint owners. This includes who will receive proceeds of any future sale, and at what percentage.
Disbursements
Your legal representative will make a range of payments on your behalf, including search fees and Land Registry costs. These are known as disbursements.
Easement
This is a term which typically refers to a right of way and sets out whether one property benefits from this over another neighbouring property.
Environmental Search
This process highlights whether a property has been or may be impacted by an environmental issue, including flooding, radiation, ground stability, and land contamination.
Flying Freehold
In the event that a property (or part of a property) sits on top of another non-leasehold property and is not owned by the same party, this is known as a flying freehold. Flying freehold can present a variety of issues, so understanding whether this applies to your purchase or sale is vital.
Property Information Form (SPIF, or PIF)
Sellers are required to complete this questionnaire form, which provides the buyer with important information about the property, such as whether there have been any neighbourly disputes and who is responsible for maintaining boundaries.