UK CONVEYANCING EXPLAINED

Our nationwide network of experts are based out of London and give affordable quotes whilst still ensuring that your legal work is carried out by an experienced conveyancing solicitor. If you would like anything about conveyancing explained in detail without further obligation just call the quotation line or complete and send the contact form and a specialist solicitor will speak to you.

Property Information Pack
This is a selection of questionnaires that must be completed by the seller of property prior to exchange of contracts which upon exchange becomes incorporated into the contract. There is a separate form for information about fixtures, fittings and contents and forms for requests for other information including guarantees, warranties, alterations, consents, boundaries and disputes. Whilst these forms are the responsibility of the client if you would like anything about this aspect of conveyancing explained you should consult your solicitor as errors made on these forms can result in legal action for damages after completion.

Purchase of the freehold reversion for a leasehold property
This occurs where the leasehold and freehold are previously separately owned and they subsequently come into the ownership of just one person which enables both titles to be merged into one.

Redemption of mortgage
This is the process of paying off what is outstanding and owed to the lender who has the benefit of a mortgage to secure his loan. Almost without exception outstanding mortgages have to be paid off at completion to allow the buyer to receive unencumbered property.

Stamp Duty
This is a government tax on the purchase of property which goes into the chancellors coffers. It is calculated as a percentage of the property value once the value exceeds the threshold. There are some specially designated areas of the country where stamp duty is not chargeable until a higher threshold is reached.

Statutory Declaration for Title rectification
This is a document used to rectify problems with a property's title and is often used to claim the existence of rights established by the passage of time including rights of way and occupation of land.

Title Deeds
The title deeds are documents which prove current ownership and establish a chain of previous ownership and set out rights and obligations of the owner. These documents have now largely been replaced by electronic registration at the Land Registry. If you would like this aspect of conveyancing explained in detail you should consult the Land Registry website.

Transfer
This is the document which transfers ownership of land or property from the seller to the buyer. This document is forwarded to the Land Registry to record the new owner’s details on their records.

Transfer of Equity & Deed of Gift
Equity is the difference between the amount of the outstanding mortgage and the value of the property. A transfer of equity occurs when one or more joint owners of land or property wish to transfer any interest that they may have in the land or property to another co-owner of that property. If there is money involved its called a transfer of equity if there is no money involved its called a deed of gift.