Chain
The parties involved in a transaction i.e. Mr A buying from Mr B buying from Mr C (here there are 3 in the chain).

Certificate of Title
Your new lender will require certain checks be carried out concerning your property. When these have been fully satisfied a Certificate of Title is produced and
sent to the lender as confirmation.

Completion date
The date when the transaction relating to the sale/purchase of a house are completed. The date you move / become the owner.

Completion statement
A financial statement from the solicitor detailing all financial transactions. The statement includes all costs.

Conditions of Sale
The terms by which the buyer and seller agree to buy/sell the property. The Law Society sets standard conditions. The lawyer sets special conditions.

Contract
The legally binding agreement specifying all of the detail of the house sale or house purchase. The contract legally commits both the buyer and the seller to the transaction. The house seller's conveyancing lawyer draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged.

Conveyancer
The Property Lawyer who manages all of the matters arising from the sale of a house or the purchase of a house.

Conveyance or transfer
The legally binding document that transfers the rights and burdens and the benefit of the land.

Deposit
The amount paid to exchange of contracts, which is only refundable in exceptional circumstances. Contracts provide for 10% of the purchase/sales price but can often be negotiated to a lower level.

Disbursements
Expenses incurred as part of the conveyancing process such as searches.

Easement
A right given to the house owner over an adjoining property (e.g. right of way).

Exchange of contract
The point that both parties are committed to the transaction. This is set at a time and date.

Fee Earner
This is the term used to describe the person who is carrying out the work on your conveyancing transaction.

Fixtures and Fittings
A list of the items at the property, which are either included or excluded from the agreed price.

Freehold
One of the two current tenures of land recognised by English law. This recognises the whole of the land not just a building.

FSA
The Financial Services Authority is an independent government body concerned with consumer protection in the financial market.

Gazumping
When the house seller accepts a higher price offer from another house buyer after the initial offer has been accepted.

Gazundering
When the house buyer lowers his offer after the sale has been agreed.

Indemnity insurance
An insurance taken out by conveyancing firms to cover losses to clients arising from errors or fraud in dealing with their matters.

Joint Tenants
A Joint Tenancy is where the individuals together own the whole property and are not each entitled to a particular share. When the first Joint Tenant dies, his or her share and hence the whole of the property will belong to the survivor.

Land Registry Fee
The fee to register your new charge or ownership at the registry for England and Wales property transactions.

Land Registry
The official body responsible for recording the ownership of land.

Leasehold
The second current tenure of land recognised by English law. This is over a term of years and not forever. There will be a landlord who will own the freehold. This usually relates to a flat or apartment.

Local Authority Search
This is an enquiry, carried out on your behalf, to determine if there are any potential circumstances that could affect your property. A questionnaire asking for information on planning consent, building control, highways, drains/sewres and tree preservation orders is sent to the local authority for them to complete.

Mortgage Deed
The document which will charge your land to the lender for the money you borrow from that institution.

Mortgage Fees
Fees charged by your financial adviser or lender for setting up and administration of your new loan.

Mortgage
A loan to help you buy your house. The loan is secured on the property to prevent you selling the property without paying it off at the same time.

Redemption Fee
A penalty, which can be charged by your existing mortgage lender if you pay off your mortgage early or your move to a different mortgage.

Registration
This is the process of notifying Her Majesty's Land Registry of changes to the title of your property such as a change of lender.

Searches
A method of checking matters that may affect the title and value of your property.

Stamp Duty Land Tax
A government charge when passing title to a property.

• £0-125k, 0% fee payable.
• £125,001-250k 1% fee payable
• £250,001-500k 3% fee payable
• £500k + 4% fee payable

Structural survey
A survey giving details about the building and its integrity.

Subject to contract
A provisional agreement between the house buyer and the house seller that is not legally binding.

Tenants in Common
With Tenants in Common the parties hold the property in distinct shares from each other. When the first party dies his or her share will pass to their next of kin or beneficiary named under any Will.

Title Deeds
Legal title document which provides historical information about the property.

Tracking (online tracking)
Gordons Property Lawyers offer updates via our secure website. Clients can login with their own username and password to view the status of their transaction at any time. Every major stage of the transaction is highlighted and its status confirmed.

Transfer Deed
The final document that transfers the property from the house seller to the house buyer.

Transfer of Equity
A transfer of equity is the transfer of one owners share of the property subject to an existing mortgage. This is often required after a divorce to transfer ownership to a sole party, or after a marriage to transfer ownership of the property into joint names.

Valuation Survey
A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey.