CONTRACT
This is the legally binding form of agreement incorporating all the terms and
conditions of sale of a property made between the buyer and the Seller.

ADDITIONAL ENQUIRIES
These are extra enquiries over and above the agreed enquiries contained in the standard property information form which a conveyancer deems it absolutely necessary to raise with a sellers conveyancer.

EXCHANGE OF CONTRACTS
This is the moment when the contract finally becomes legally binding and a completion date is agreed and fixed.

COMPLETION DATE
This is the date when the sale of a property is agreed to be finalised. When moving into a property it is also called the MOVING DATE

LAND REGISTRY SEARCH
This is a final search done by the conveyancer in the land registry to check that nothing has been altered since the copy deeds were first produced to him i.e. no new mortgages have been registered.

LAND CHARGES SEARCH
Search made in Land Charges register to see if any land charges registered against person. Also includes compulsory Bankruptcy search against Borrower on behalf of Lender.

REDEMPTION FIGURE
Final settlement figure sent to Conveyancer when completion date is known.

TRANSFER DEED
Final document used to transfer property between seller and buyer. Sent to Inland Revenue and Land Registry following completion

MORTGAGE
Form of loan that is secured(attached) to your property. This means the property can not be sold unless the loan is repaid in full. The Lender can also sell the property if the repayments are not made.

LENDER
Usually Bank or Building Society that grants loan by way of mortgages for the purpose of buying property.

TITLE DEEDS
The legal documents that prove the ownership and other matters that affect property or land.

H.M.LAND REGISTRY
Central government body originally set up in 1925 for the purpose of maintaining a record of the ownership and details of land.

SURVEY
Report carried out by qualified surveyor on physical condition of property.

DISBURSEMENTS
This is the word used frequently by lawyers for the necessary expenses to be incurred when buying a property.

STAMP DUTY
Tax charged by government when buying a property for £60,001.00 or more. Between £60,001.00 and £250,000.00 you must pay 1% of the whole purchase price. Between £250,001.00 and £500,000.00 you must pay 3% £500,001.00 and above 4%.

LAND REGISTRY FEES
Fees payable to H.M.Land Registry for registering changes of ownership and other matters affecting land.

BANK TRANSFER FEE
Fee charged for transferring money electronically from one bank to another usually on completion day.