Glossary of Conveyancing Terms

Client Care Letter

This is a document the buyer receives from their solicitor at the outset, clearly stating their terms and conditions for the conveyancing work. If the terms are agreeable, the buyer signs and returns the letter to signal that they're happy for work to begin.

Draft Contract for Sale

An agreement outlining the terms of the sale, including the names of the buyer and seller, a description of the property, the agreed price and information on anything else included in the sale. The buyer should ensure they're completely happy before signing as the terms will become legally binding once the contract is exchanged.

Property Information Form

Completed by the seller to outline information that could potentially affect the buyer, including details of any previous disputes with neighbours and any alterations made to the property during the seller's tenure. If alterations have been made, the seller must also detail the necessary consents and whether or not they were obtained.

Fixtures and Fittings Form

Filled out by the seller to detail which items are included in the sale and which will be removed from the property.

Mortgage Redemption Statement

A document sent from the mortgage company to the buyer and their solicitor outlining the amount needed to pay off the mortgage – and on which date.

Transfer Deed

Official confirmation of the transfer of ownership from seller to buyer; to be forwarded on to the Land Registry to register the change.

Mortgage Offer

A formal offer sent from the lender to both the buyer and their solicitor following the completion of income references and credit checks. The document outlines both 'gross advance' (the amount the buyer will be paying interest on) and 'net advance' (the amount they'll be putting towards the purchase of the property themselves).

Exchange of Contracts

The point at which each buyer and seller in the chain exchanges contracts, thereby legally committing to their specific purchase and/or sale. Each buyer pays a deposit (normally around 10% of the overall price) to their seller's solicitor as part of the process. It's at this point that all parties agree on a completion date, on which each member of the chain will move.