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Coal Mining Search

Only carried out if property is in what is or was a mining area, to determine whether there is a future risk of subsidence.

Completion

Buyer – you can move in today! Seller – you must move out!

Contract

The formal document which contains the details of the parties involved in the transaction, property details and price and details of the terms agreed between both parties.

Contract Pack

A set of documents forwarded to your buyer's solicitor so they can investigate your legal title over the property.

Usually containing the draft contract, title deeds, property information form, fixtures and fittings form, leasehold management information (if relevant), and any guarantees and planning consents.

Deposit

The size of the deposit depends upon which type of mortgage you have arranged. However, should the buyer withdraw from the transaction after exchange of contracts, a full 10% of the agreed purchase price is at all times payable to the sellers.

Drainage/Water Search

Determines whether the property is connected to mains drainage, and the location of the water and drainage pipes.

Easement

An easement is a legal interest, such as a right of way (if your driveway passes over a neighbour's garden), or a right of support (if a neighbour owns a bank upon which your property is built), and will either already be already granted, whereby they will pass to a new owner (your solicitor should check this!) or if not granted, should be ascertained before your purchase goes ahead.

EPC (Energy Performance Certificate)

Environmental Search

A compulsory search to find out whether any environmental issues affect the property - flood risk, land contamination, radon gas levels.

Exchange of Contracts

Upon exchange, both the seller and purchaser have committed themselves legally to sell and purchase the property. When the solicitors have completed the exchange, by telephone, neither party can withdraw without incurring financial liabilities.

Fixtures, Fittings and Contents Form

Completed by the seller, it lists which items are included in the price, what will be left (at a cost) and what is being removed.

Flying Freehold

Freehold

(Fee simple absolute in possession) Whereby you own the property, and the land it is on.

HIPS

Leasehold

(Term of years absolute) Owning a property leasehold means that whilst you own the building, you lease the land it is on for an agreed term.

Local Authority Search

To find out what Planning Applications, Building Regulation Approvals, Tree Preservation Orders, and Compulsory Purchase Orders have been made; if the roads are maintained at public expense, and if there are any proposed major road improvements within the surrounding area. It is quite a localized search and may not show up applications made on behalf of neighbouring properties.

Office Copies

Produced by HM Land Registry, these show who owns the property and provides details of all legal matters affecting the property.

Party Wall

Any wall between your property and that of your neighbour - the wall dividing a pair of semis, the floor/ceiling between two flats - any shared boundary wall.

Seller’s Property Information Form

Completed by the seller this form identifies ownership of boundaries, access over neighbouring properties (sometimes needed for maintenance etc.), any neighbourhood disputes or registered complaints, what guarantees are available (dpc, new windows, etc.) and whether any alterations/extensions have been made to the property.

Stamp Duty

This is a tax levied by the Government. It is payable by the purchaser and the amount payable is dependent on the value of the property. Up to £125,000 there is nothing due, up to £250,000 it is 1% of the purchase price, over £250,000 it is 3%, and 4% of purchase prices over £500,000. This is possibly the one thing that most people would change about our conveyancing system!

Title Deeds

These provide proof of your ownership of your property. If you have a mortgage your lender will be holding them. Obtaining your title deeds is one of a seller's solicitor's first jobs.

Transfer Deed

This document transfers ownership of the property from the buyer to the seller. This is required by HM Land Registry to complete the registration of the property into the buyer’s name.