Once contracts have been exchanged, if either party pulls out and does not complete the conveyancing process they are in breach of contract and the non-defaulting party can legally seek reparations.Ī search to establish if a property might be affected as a result of salt workings near the property. They are usually shown explicitly on the deeds plan. This is most often calculated as a percentage of the property’s sale price, although it can also be calculated as a fixed-fee or on a per-hour basis.īoundaries define the extent of the property in question and are usually marked with fencing, hedging or walls. The fee charged by the solicitor for their time and skills. The basic rate of interest upon which other interest rates are based. Someone appointed formally to act on behalf of another either generally or for a specific purpose.Ī search of the Land Charges Register to see if any bankruptcy proceedings are pending or established against a person.

The formal document required to transfer ownership of a property to a person entitled following the death of the owner.Ī special form of tenancy agreement designed to simplify the process of obtaining vacant possession of the property at the end of the agreed tenancy period. It takes into account extra items such as booking fees. A yardstick to help compare interest rates among lenders. six months and the liability for that the period has to be spilt between the seller and the buyer.Īnnual Percentage Rate. The act of apportioning the rent/service charge is generally required because the rent/service charge is due for a particular period i.e. This term is used most often in relation to Leasehold property where rent and service charges will need to be apportioned between the seller and buyer. The payment of mortgage monies by the lender.

The same conveyancer cannot act for both, but a different conveyancer in the same firm can act for the other party.Ī road maintained by the local authority. The same firm is used by the seller and buyer which usually speeds up the transaction. A schedule listing the documents which set out the history of ownership of a property.

Conveyance legal definition