Conveyancing is full of its own specific terminology, which can feel like learning a new language. To help you navigate the process with confidence, here’s a quick A-Z glossary of some of the most common terms you’ll encounter, along with a final checklist to get you started.
The Conveyancing A-Z
- Completion: The final and most exciting day of the process. It’s when the money is transferred, the keys are handed over, and the property officially changes hands.
- Contract Exchange: This is the moment the transaction becomes legally binding. You and the seller are committed, and if you pull out, you’ll face a financial penalty.
- Chain: The series of linked property transactions. A simple transaction might have a chain of one (a cash buyer and a seller with no onward purchase), while a long chain can involve many people and be more complex.
- Disbursements: These are the third-party costs that your conveyancer pays on your behalf. They are a significant part of the total bill and include things like search fees, Stamp Duty, and Land Registry fees.
- Draft Contract: The initial legal document prepared by the seller’s conveyancer. It outlines the terms of the sale and is sent to the buyer’s conveyancer for review and negotiation.
- Freehold: A type of property ownership where you own both the building and the land it stands on.
- Gazumping: The stressful scenario where a seller accepts a higher offer from a new buyer after they have already agreed on a sale price with you. It’s only possible before contracts are exchanged.
- Leasehold: A type of ownership where you own the property for a fixed period (the lease) but not the land it sits on. You pay ground rent and service charges to the freeholder.
- Lender’s Panel: The list of approved conveyancers that a mortgage lender is willing to work with. If your chosen conveyancer is not on this panel, you will not be able to proceed with your mortgage.
- Searches: The vital checks your conveyancer carries out to uncover any hidden issues with a property. This includes checking with the local authority for planning applications, environmental risks, and more.
- Stamp Duty Land Tax (SDLT): A government tax you pay on the purchase of a property over a certain value. The amount depends on the price of the property and your circumstances (e.g., first-time buyer, landlord).
Your Conveyancing Action Plan: A Quick Checklist
To get your conveyancing journey off to the best possible start, follow this simple checklist:
- Get Organised: Gather all your essential documents, including proof of identity, address, and source of funds.
- Compare Quotes: Don’t just go with the first conveyancer you find. Compare quotes from several firms to find the best value for money. Remember to check for hidden fees and ask about a “no sale, no fee” policy.
- Confirm the Lender’s Panel: Before you instruct a conveyancer, check that they are on your mortgage lender’s approved panel. This will save you time and hassle down the line.
- Open the Lines of Communication: Once instructed, agree on a communication plan with your conveyancer. Ask how often they will provide updates and how they prefer to be contacted.
- Be Proactive: Respond to all requests for information and documents as quickly as possible. The faster you act, the faster the process can move.
Choosing the right conveyancer is the most important decision you’ll make in the early stages of buying or selling a property. They will be your guide and your greatest asset in navigating the legal complexities.
For a fast, easy, and reliable way to compare quotes from a wide panel of regulated UK conveyancers, visit Conveyancing Hive. Their platform is designed to give you all the information you need to make an informed decision and start your move on the right foot.
