Conveyancing in home moving involves the transfer of the legal title of property from one person to another. It consists of the exchange of contracts and completion of the transaction. There is so much legal jargon involved in the process, so here are ten common terms used.
The conveyancer is a specialist lawyer who focuses on purchasing and selling property, and they will give advice and prepare paperwork.
The completion date is agreed in the contract, and this outlines when funds must be transferred. Upon receipt, the keys are released by the seller.
A Survey and Valuation Report
A valuation report details the results of an inspection of a property that will reveal its value. A surveyor will inspect the condition of a property to determine the value. It’s important to realise that a valuation report is not a house survey.
If an adult who does not legally partly own the property is living at your home, the mortgage lender will ask for them to sign an ‘Occupier’s Consent form’. Home buyers who require this occupier consent form can contact a range of professionals, including Sam Conveyancing. According to Showhouse, millions are set to move home as a result of COVID-19 and the popularity of remote working.
The contract is a formal legal document which details the terms and conditions of the sale and purchase. This is one of the most important components of the moving process.
A deposit is the amount paid by the homebuyer to the seller when contracts are exchanged. The sum is usually held by the seller’s solicitor.
The buyer’s first mortgage will last between 25 and 35 years, and the sum borrowed plus interest will be paid over this period. The mortgagee is the borrower and the mortgagor is the lender.
Freehold refers to an interest in land with no time limit. The freeholder owns the land that the property is built on. If a buyer purchases a freehold, they are responsible for maintenance.
Power of Attorney
The power of attorney is used by a person to delegate legal powers and authority to another person. This applies, for example, to conveyancing where a seller or buyer is overseas and cannot sign the paperwork, so they may delegate someone else.
Alterations to property, such as extensions, require planning permission, so an application is lodged with the local authority.
Caveat emptor is a Latin legal term meaning ‘buyer beware’. It means that it is up to the buyer to carry out searches in relation to a property, as it is not legally the seller’s responsibility to reveal details which the buyer does not ask about.