Guides, inplain English
Clear explanations of the conveyancing process, written for people buying, selling or changing the ownership of a home.
All guides
- Buying Buying a home in England and Wales, step by step What happens between your offer being accepted and the keys in your hand, and what we need from you at each stage. Read the guide
- Buying Property searches explained The searches we order when you buy a home, what they reveal and why they matter. Read the guide
- Process Exchange and completion, what is the difference? Two key moments in every sale and purchase, explained in plain English. Read the guide
- Leasehold Buying a leasehold flat, what to check The lease terms and information that matter most when you buy a leasehold property. Read the guide
- Ownership Transfer of equity explained Adding or removing someone from the ownership of your home, and what the process involves. Read the guide
The jargon,decoded
The words you will hear during a property transaction, and what they actually mean.
- Chain
- A linked series of sales and purchases that depend on each other. A delay at any point can hold up everyone else.
- Completion
- The day ownership passes, the money is paid and the keys are released.
- Contract pack
- The draft contract, title documents and property information forms sent by the seller’s conveyancer.
- Conveyancing
- The legal work involved in transferring the ownership of property.
- Deposit
- Part of the purchase price paid on exchange, usually around 10%, which the buyer may lose if they fail to complete.
- Disbursements
- Costs paid to third parties on your behalf, such as search fees and HM Land Registry fees.
- Enquiries
- Questions raised with the other side about the property and its documents.
- Exchange of contracts
- The moment the deal becomes legally binding and the completion date is fixed.
- Freehold
- Outright ownership of a property and the land it stands on, with no time limit.
- Ground rent
- A payment a leaseholder makes to the landlord under the lease.
- HM Land Registry
- The government body that records who owns land and property in England and Wales.
- Leasehold
- Ownership of a property for a fixed number of years under a lease, with the land owned by a landlord.
- Management pack
- Information about a leasehold building and its service charges, supplied by the landlord or managing agent for a fee.
- Redemption statement
- A figure from the lender showing exactly how much is needed to pay off a mortgage on a set date.
- Re-mortgage
- Replacing your mortgage with a new one, often with a different lender, without moving home.
- Searches
- Enquiries with the council and other bodies about planning, drainage, the environment and more.
- Service charge
- A leaseholder’s share of the costs of running and maintaining the building.
- Stamp Duty Land Tax
- A tax paid to HMRC on many property purchases in England. Wales has its own Land Transaction Tax.
- Title
- The legal ownership of a property, and the documents that prove it.
- Transfer of equity
- Changing who owns a property without selling it, for example adding or removing a partner.
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