What's The Name of That Legal Thingy?

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What's the Name of That Legal Thingy? An A-Z Guide Through Conveyancing Jargon

What's the Name of That Legal Thingy? An A-Z Guide Through Conveyancing Jargon

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  • 1. CONVEYANCING IS The process of transferring the legal ownership of a property from one owner to a new owner.
  • 2. The Conveyancing process has developed over many hundreds of years.
  • 3. Inevitably, there are technical words or phraseswhich you might not have come across. Many Conveyancing Solicitors still use jargon and old-fashioned phrases
  • 4. hereinbefore & aforesaid mentioned YUK!
  • 5. Plain English Occasionally, you will find some Conveyancing Solicitors who promise to speak in… We at Clutton Cox do at least.
  • 6. A – Z Guide for you in Plain English to help explain Conveyancing Jargon.
  • 7. Contract for Sale: The legal document which sets out the terms of the sale and purchase of the property. There are two Contracts for Sale issued: one for the Seller to sign and one for the Buyer to sign. A legally binding agreement takes place when there is an Exchange of the signed Contracts. A Contract is not valid without an agreed Completion Date.
  • 8. Caveat Emptor: It means “Let the Buyer Beware”. A Buyer must make all enquires and surveys before committing to buy a property. The only bit of Latin (we promise) zzzz
  • 9. Easement: A right benefiting one property over another, such as a right of way on foot and/or for vehicles.
  • 10. Leasehold: Ownership which is time dependent and subject to more restrictions and obligations than freeholds e.g. flats which can run for 99 up to 999 years.
  • 11. Guarantor: Someone who agrees to pay a mortgage on a property in the event that the borrower/owner defaults on payments. Usually this is a parent or guardian. Thanks Mum and Dad!
  • 12. The alternative is Tenants in Common: The owner owns a specific percentage of the property and its proceeds of sale e.g. 50/50 60/40 = =
  • 13. Not many people know this, but the word derives from the Norman French meaning literally, “death pledge”.
  • 14. Official Copies of Register & Plan: Official copies of the registered title to a property from the Land Registry showing who owns a property what rights and what restrictions apply and what mortgages if any are outstanding on the property.
  • 15. Pardon me…
  • 16. A Rentcharge only relates to freehold property and is not to be confused with Ground Rents which only relate to Leasehold properties.
  • 17. £
  • 18. Registered Land: Property (freehold and leasehold) where proof of ownership and matters affecting the property have been authenticated (registered) by the Government Department known as the Land Registry.
  • 19. £
  • 20. (e)XTRA MILE THIS WAY CLUTTON COX
  • 21. You: The most important person as far as we are concerned. Not us, not what we do, but YOU.
  • 22. Z Z
  • 23. Here ends (phew! Almost wrote “endeth”) the first lesson.
  • 24. By the power of the Internet, this presentation is available for sharing. We would love it if you shared this with your family, friends, and colleagues.
  • 25. Clutton Cox Solicitors are based in Chipping Sodbury, Bristol but we really do cover all of England and Wales. Follow Us on Twitter @cluttoncoxlegal Or Just Plain (see what we did there) get in touch info@cluttoncox.co.uk 01454312125