Conveyancing Glossary
Common Conveyancing Terms Explained
Conveyancing can involve unfamiliar legal and property terminology, particularly if you’re buying or selling a home for the first time.
Our conveyancing glossary explains some of the most common words and phrases you may encounter during a property transaction, from exchange of contracts and property searches to title deeds, disbursements and completion.
Use the A–Z guide below to find the term you’re looking for, or explore our other conveyancing guides for more detailed explanations of the process.
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Understanding Conveyancing Terminology
You don’t need to become a property lawyer to buy, sell or remortgage a home, but understanding some of the terminology can make the conveyancing process much easier to follow.
Your conveyancer should explain anything that is important to your particular transaction, so don’t be afraid to ask if you encounter a term you don’t understand.
This glossary provides straightforward explanations of commonly used conveyancing terms. Some terms have more detailed guides elsewhere on Trusted Conveyancers, which we’ve linked to where relevant.
A
Additional Enquiries
Questions raised by a conveyancer after reviewing the legal title, contract documentation, property information, searches or other documents relating to a transaction. The seller or their conveyancer may need to provide further information or supporting documents in response.
Agreement in Principle (AIP)
An indication from a mortgage lender of how much it may be prepared to lend, based on initial information and checks. It is not a formal mortgage offer or a guarantee that the lender will approve the application.
Anti-Money Laundering Checks
Checks conveyancing firms carry out to verify a client’s identity and comply with their legal and regulatory obligations. You may also be asked to provide information about the source of the money being used for a property transaction.
Explore: What Do Conveyancing Fees Include? →
Auction Legal Pack
A collection of legal documents made available to prospective buyers before a property auction. It may include title information, special conditions of sale, searches and other relevant documents. Buyers should have the pack reviewed before bidding.
Explore: Auction Conveyancing →
B
Bankruptcy Search
A search that may be carried out when a property is being purchased with a mortgage. It helps establish whether a buyer or borrower is subject to relevant bankruptcy entries before mortgage funds are released.
Beneficial Ownership
The financial or equitable interest a person has in a property, which may differ from the names recorded as its legal owners. Beneficial ownership can be particularly important when property is owned jointly.
Bridging Loan
A short-term loan often secured against property, commonly used when funds are needed before longer-term finance or a property sale becomes available. Additional legal work may be required to satisfy the lender.
Buildings Insurance
Insurance covering the structure of a property. When buying with a mortgage, your lender may have requirements relating to buildings insurance. With leasehold flats, insurance for the building is often arranged under the terms of the lease.
C
Chain
A property chain is a series of linked property transactions where one purchase or sale depends upon another. A delay or problem elsewhere in the chain can therefore affect transactions further along it.
Auction Conveyancing
Chancel Repair Liability
A historic legal obligation that can, in certain circumstances, require landowners to contribute towards repairs to a church chancel. Conveyancers may consider whether this risk is relevant to a property.
Completion
The stage at which the property transaction is completed and ownership transfers from the seller to the buyer. The purchase money is transferred through the conveyancers and the buyer can normally collect the keys once completion has been confirmed.
Completion Date
The agreed date on which completion is due to take place. In a standard transaction, this is normally agreed before exchange and becomes contractually significant once contracts have been exchanged.
Explore: How Long Between Exchange and Completion? →
Completion Statement
A financial statement prepared by a conveyancer showing the money due or payable in connection with the transaction. Depending on whether you are buying or selling, this can include the purchase price, legal fees, disbursements and other relevant amounts.
Explore: When Do You Pay Conveyancing Fees? →
Contract
The legal agreement setting out the terms on which the property is being bought and sold. The transaction generally becomes legally binding when contracts are exchanged.
Explore: Exchange of Contracts →
Contract Pack
The documents supplied by the seller’s conveyancer to the buyer’s conveyancer at the start of a transaction. These typically include the draft contract, title information and relevant property forms.
Explore: How Conveyancing Works →
Conveyancer
A legal professional who handles the legal work involved in a property transaction. This may be a solicitor or a licensed conveyancer.
Conveyancing
The legal process involved in transferring ownership of property or land from one person to another. Conveyancing work is also required for transactions such as remortgaging and transfers of equity.
Explore: How Conveyancing Works →
Covenant
An obligation or restriction affecting property or land. Covenants can require an owner to do something or restrict certain activities, depending on their wording and legal effect.
D
Deed of Covenant
A formal legal document in which a person agrees to comply with specified obligations. It may be required when purchasing certain leasehold or managed freehold properties.
Deed of Variation
A legal document used to amend the terms of an existing deed or agreement. In conveyancing, it is sometimes used to change provisions within a lease or other property documentation.
Deposit
A sum paid by the buyer in connection with the purchase. A deposit is normally transferred to the seller’s conveyancer at exchange of contracts, although the amount and arrangements can depend on the transaction.
This should not be confused with the buyer’s overall cash contribution towards the purchase when using a mortgage.
Disbursements
Payments made to third parties as part of the conveyancing process. Examples can include property search fees, Land Registry fees and other transaction-specific charges.
Explore: Conveyancing Disbursements →
Drainage and Water Search
A property search that provides information about matters such as water supply, sewer connections and the location of certain public drainage infrastructure.
Explore: Property Searches →
E
Early Repayment Charge
A charge that a mortgage lender may impose if a borrower repays or changes their mortgage during a period covered by early repayment conditions.
Easement
A legal right benefiting one property over another piece of land. Examples can include rights of way or rights relating to access, drainage or services.
Enquiries
Questions raised by the buyer’s conveyancer about the property, legal title or information supplied by the seller. Replies to enquiries form an important part of the buyer’s legal investigation.
Environmental Search
A property search that can provide information about environmental risks affecting or potentially affecting a property, depending on the search product used.
Estate Rentcharge
A payment associated with certain freehold properties, often used towards the maintenance of shared facilities or communal areas on a development. The legal arrangements should be checked during conveyancing.
Exchange of Contracts
The point at which the buyer’s and seller’s conveyancers formally exchange contracts. In a typical residential transaction in England and Wales, this is when the parties become legally committed to the sale and purchase.
Explore: Exchange of Contracts →
F
First Registration
The process of registering previously unregistered land or property with HM Land Registry for the first time. It usually involves examining evidence of ownership and submitting the appropriate documents.
Explore: Unregistered Property Conveyancing →
Fixed-Fee Conveyancing
An arrangement where the conveyancer agrees a specified legal fee for defined work. Additional charges or disbursements may still apply, so it is important to check what the quotation includes.
Explore: Fixed Fee vs Hourly →
Fixtures and Fittings
Items at the property that may or may not be included in the sale. The seller normally completes a form indicating which items are included, excluded or available separately.
Flying Freehold
An arrangement where part of one freehold property extends over or beneath part of another freehold property. This can require additional legal investigation during conveyancing.
Freehold
A form of property ownership where the owner generally owns the property and the land it stands on outright, subject to any rights, restrictions or other matters affecting the title.
G
Gifted Deposit
Money provided by another person, often a family member, to help a buyer purchase a property. The conveyancer and mortgage lender may require evidence of the gift and confirmation of any repayment expectations.
Explore: First Time Buyer Conveyancing →
Ground Rent
A payment that may be due under the terms of some leases. The amount, review provisions and other terms depend upon the individual lease.
Explore: Buying a Flat Conveyancing →
Guarantor
A person who agrees to take responsibility for another person’s financial obligations in specified circumstances. A guarantor may be involved in certain mortgage or property arrangements.
H
Help to Buy Equity Loan
A government-backed equity loan provided under a former Help to Buy scheme. Properties with an outstanding equity loan can require additional steps when selling, remortgaging or repaying the loan.
HM Land Registry
The government body responsible for registering ownership of land and property in England and Wales and maintaining the register of title.
I
ID Checks
Identity checks carried out by a conveyancing firm before or during a transaction. These form part of the firm’s regulatory and anti-money-laundering procedures.
Indemnity Insurance
A type of insurance policy sometimes used to provide protection against certain identified legal risks affecting a property. Whether a policy is appropriate depends on the particular issue and circumstances.
Instruction
The formal appointment of a conveyancer to act on your behalf. The firm will usually require identification, transaction details and completion of its initial paperwork before progressing the legal work.
Explore: Choosing a Conveyancer →
J
Joint Borrower
A person who shares responsibility for a mortgage with another borrower. Joint mortgage liability does not necessarily mean that the borrowers have identical ownership interests in the property.
Joint Tenants
One way in which two or more people can jointly own a property. Under a joint tenancy, the owners jointly own the whole property and, on the death of one owner, their interest will normally pass automatically to the surviving joint owner or owners.
This is different from owning as tenants in common.
L
Land Registry
A commonly used shortened reference to HM Land Registry.
Land Registry Fee
A fee payable to HM Land Registry for certain applications, including registration following some property transactions. The amount can depend on the type and circumstances of the application.
Land Transaction Tax (LTT)
The property transaction tax applying to certain purchases of land and property in Wales. It operates separately from Stamp Duty Land Tax in England.
Lease
A legal agreement giving a leaseholder the right to occupy and use a property for a specified period, subject to the terms and obligations contained within the lease.
Lease Extension
The legal process of increasing the remaining term of a lease. It can be important where a short lease affects a property’s value, mortgageability or saleability.
Leasehold
A form of property ownership where the property is held under a lease for a specified period. Leasehold ownership is particularly common with flats.
Explore: Buying a Flat Conveyancing →
Lease Term
The period for which a lease was originally granted and, consequently, the amount of that term remaining at a particular point in time. The remaining term can be important when buying, selling or mortgaging a leasehold property.
Leasehold Information Pack
A collection of information about a leasehold property, often supplied by the freeholder or managing agent during a sale. It may contain details of service charges, insurance, management arrangements and anticipated expenditure.
Explore: Conveyancing When Selling a Flat →
Legal Title
The legal record of ownership of a property or land, together with rights, restrictions and other matters that may affect it.
Lender’s Panel
A list of conveyancing firms authorised to act for a particular mortgage lender. Buyers using a mortgage should check that their chosen conveyancer can also act for their lender.
Explore: Choosing a Conveyancer →
Local Authority Search
A property search providing information held by the relevant local authority about matters affecting the property within the scope of the search.
Explore: Property Searches →
M
Management Company
A company that may be responsible for managing a building, development or communal areas. Management companies are commonly encountered when dealing with leasehold flats and some managed freehold developments.
Memorandum of Sale
A document issued by the estate agent after a sale has been agreed, usually confirming details of the buyer, seller, property, agreed price and the conveyancers acting for each party. It helps the conveyancing process get underway but is not itself a legally binding contract.
Mortgage Deed
A legal document connected with the mortgage over a property. A borrower will normally need to sign the appropriate mortgage documentation before completion.
Mortgage Offer
The formal offer issued by a mortgage lender setting out the terms on which it is prepared to provide the mortgage.
Mortgage Redemption
The repayment of an existing mortgage, usually when selling a property or switching lenders. The conveyancer may arrange for the outstanding balance to be paid from the available funds.
Explore: Remortgage Conveyancing →
N
New-Build Warranty
A warranty or insurance arrangement covering certain defects in a newly constructed property, subject to its terms and conditions. Mortgage lenders may have specific requirements concerning acceptable warranty providers.
Explore: New Build Conveyancing→
No Chain
A transaction where the buyer or seller is not dependent upon another linked property transaction on their side of the move. This can reduce the number of connected transactions but does not guarantee that the conveyancing itself will be quicker.
O
Occupier’s Consent
A document that a mortgage lender may require an adult occupier who is not a borrower to sign. It generally confirms that the occupier acknowledges the lender’s rights over the property.
Official Copy
An official copy of information held by HM Land Registry, such as the register of title or title plan. These documents are commonly obtained as part of the conveyancing process.
Official Search
A search made against information held by HM Land Registry, commonly carried out shortly before completion. Depending on the transaction, it can help protect the buyer or lender while the application to register the transaction is being prepared and submitted.
P
Peppercorn Ground Rent
A nominal ground rent that does not normally involve a meaningful monetary payment. The term is commonly used in leases where ground rent has effectively been reduced to zero.
Possessory Title
A class of registered title that may be granted where ownership is supported by possession but full documentary evidence of title is unavailable. It provides different assurances from absolute title.
Explore: Unregistered Property Conveyancing →
Pre-Completion Searches
Checks carried out shortly before completion to identify relevant changes or matters affecting the transaction. These can include Land Registry priority searches and bankruptcy searches where required.
Property Information Form
A form completed by a seller providing information about the property. It covers a range of matters relevant to the buyer and their conveyancer.
Property Searches
Checks carried out during a property purchase to obtain information about the property and surrounding area. Common searches can include local authority, drainage and water and environmental searches, with additional searches used where appropriate.
Explore: Property Searches →
R
Redemption Statement
A statement from a mortgage lender showing the amount required to repay an existing mortgage, usually calculated to a particular date.
Registered Property
Property where the legal title is registered at HM Land Registry.
Restrictive Covenant
A restriction affecting the use of land or property. The wording and effect of a covenant will depend upon the individual title and circumstances.
Retention
An amount of money temporarily withheld from the proceeds of a property transaction to cover an agreed potential liability, such as an outstanding service charge adjustment. The arrangement depends on agreement between the parties.
Right of Way
A legal right allowing someone to pass over land belonging to another person. Rights of way can be important where a property uses a shared driveway, private road or other access route.
S
Searches
See Property Searches.
Section 20 Consultation
A consultation process that may apply before certain major works or long-term agreements involving leasehold service charges. Buyers of leasehold property should investigate any planned works and potential costs.
Service Charge
A payment commonly associated with leasehold or managed properties, used towards the costs of services, maintenance, insurance or management provided in accordance with the relevant arrangements.
Explore: Buying a Flat Conveyancing →
Shared Ownership
A housing arrangement where a buyer purchases a share of a property and usually pays rent on the remaining share owned by a housing provider. The lease and scheme rules can introduce additional conveyancing requirements.
Explore: Conveyancing When Buying Shared Ownership →
Sinking Fund
Money collected from leaseholders or property owners and held towards future major expenditure, such as repairs or replacement of shared building components. It may also be called a reserve fund.
Solicitor’s Undertaking
A professional commitment given by a solicitor to carry out a specified action. Undertakings can be used during conveyancing to support arrangements between legal representatives.
Source of Funds
Evidence showing where the money being used for a property transaction has come from. Conveyancers may request supporting documentation as part of their regulatory and anti-money-laundering checks.
Staircasing
The process of purchasing additional shares in a shared ownership property. The procedure, valuation requirements and available options depend on the terms of the particular scheme and lease.
Stamp Duty Land Tax (SDLT)
A property transaction tax that may be payable on certain purchases of land or property in England. Whether tax is due and how much depends on the transaction and the rules applying at the time.
Property transaction tax operates differently in Wales.
T
TA6 Property Information Form
A standard property information form commonly completed by a seller during a residential conveyancing transaction. It provides information about matters such as boundaries, disputes, alterations, insurance, services and other aspects of the property.
TA10 Fittings and Contents Form
A form commonly completed by a seller setting out which fittings, fixtures and other items are included or excluded from the sale, or may be available separately.
Tenants in Common
A form of joint ownership where each owner has a distinct beneficial share in the property. Those shares do not automatically pass to the other owner or owners on death in the same way as they generally do with joint tenants.
Title Absolute
A class of registered title providing HM Land Registry’s strongest general guarantee of ownership, subject to matters affecting the title and the applicable registration rules.
Title Deeds
Documents providing evidence or information relating to ownership and rights affecting a property. For registered property, much of the legal title information is now recorded at HM Land Registry, although older deeds and documents can still be relevant.
Title Number
A unique reference allocated by HM Land Registry to an individual registered title. It is used to identify the relevant property or land registration records.
Title Plan
A plan held by HM Land Registry associated with a registered title. It shows the general extent of the registered land rather than necessarily determining the precise position of every boundary.
Transfer Deed
The legal document used to transfer ownership of a property from the existing owner to the new owner.
Transfer of Equity
A legal process used to change the ownership of a property without a conventional sale to a new buyer, such as adding or removing an owner.
Explore: Transfer of Equity →
TR1 Transfer Form
A Land Registry form commonly used to transfer the legal ownership of a whole registered property from the existing owner to the new owner. It is normally signed as part of the conveyancing process and used in connection with the registration of the change of ownership after completion.
U
Underlease
A lease granted out of an existing leasehold interest. It creates an additional layer of leasehold ownership, and the terms of both the superior lease and underlease may need to be considered.
Unregistered Property
Land or property where ownership has not yet been registered at HM Land Registry. Establishing title can involve examining title deeds and other historical documentation.
Explore: Unregistered Property Conveyancing →
V
Vacant Possession
A requirement for a property to be provided without occupants and generally free from possessions that should have been removed, where the contract requires vacant possession on completion.
Vendor
Another term for the seller of a property. It is commonly used in contracts, estate agency documentation and conveyancing correspondence.
Common Conveyancing Terms That Are Easy to Confuse
Terms |
The difference |
|---|---|
|
Exchange vs Completion |
Exchange normally makes the transaction legally binding; completion is when ownership transfers and the buyer can normally take possession. |
|
Freehold vs Leasehold |
Freehold generally means owning the property and land outright; leasehold means holding the property for the term of a lease. |
|
Searches vs Survey |
Searches investigate legal, environmental and local information; a survey examines the property’s physical condition. |
|
Deposit vs Mortgage Deposit |
The exchange deposit is part of the contractual process; “mortgage deposit” commonly describes the buyer’s own contribution towards the purchase price. |
|
Joint Tenants vs Tenants in Common |
These are different ways of jointly owning a property and can affect what happens to an owner’s interest on death. |
|
Exchange Date vs Completion Date |
Exchange is when contracts are exchanged; completion takes place on the agreed completion date, which can be later or, in some transactions, the same day. |
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