Conveyancing Terms explained

Conveyancing

The legal transfer of a property from one owner to another.

Office Copy Entries

This is a document providing a copy of the entries held by HM Land Registry showing the ownership of the property, whether or not there is a mortgage or other restrictions on sale.

Draft Contract

Agreement between both Seller and Buyer for sale of property at agreed price.

Local and other searches

A Local Search will reveal any planning entries, road proposals etc. which affect the property. Other possible searches include Mining which will reveal location of any mine working which may affect the property, Water Search which will reveal drainage routes. The environmental search shows the possible risks of contamination to the land that may result in action being taken against the land owner under the Environmental Protection Act or other Acts designed to protect the environment

Exchange of Contracts

The Draft Contract is not a legally binding document even after signature, until such time as both parts of the Contract (one signed by Seller and one signed by Buyer) are exchanged. The Solicitors carry out the exchange over the telephone.

Requisitions on Title

Form of questions raised after exchange of Contracts and making enquiries

Official Searches

Searches carried out to enquire if Seller or Buyer is either a bankrupt or has pending actions against them. Also a search is carried out against the title of the property to ensure that there are only the Mortgages or charges (if any) registered against the property that have been disclosed by the Seller.

Draft Transfer

Deed by which ownership transfers from Seller to Buyer.

Completion

The finalising of the sale when all the monies are passed over and the Buyer has legal right to the Property.