Conveyancing Glossary
- Bank Transfer
- In conveyancing a bank transfer is used to transfer of funds/monies from one bank account to another during the conveyancing process. Bank transfers can take several forms the most common used in conveyancing are CHAPS which is a same day transfer and when used funds will clear within one banking day. This method is used in conveyancing to repay a mortgage. Conveyancing solicitors will usually request a bank transfer from the purchasing conveyancing client during the conveyancing process for the deposit in order to arrange exchange of the conveyancing contract and in order to collect in funds in order to complete the conveyancing on a purchase. Depending on the time scales involved conveyancing solicitors may request a CHAPS transfer.
- Bankers Draft
- This is a cheque issued by a bank which is drawn directly from the bank. Conveyancing solicitors may request a bankers draft in order to arrange conveyancing purchase deposits or completion monies for conveyancing transactions.
- Bankruptcy Search
- In conveyancing transactions this search is carried out by the purchaser’s conveyancing solicitors against the full name of a purchasing conveyancing client during the conveyancing process when the purchase is funded with the aid of a mortgage. The search is carried out with the land registry by the conveyancing solicitors and will reveal any bankruptcy entries against the full name surname or any alias of a purchasing client name. Purchasing conveyancing clients with popular surnames such as Smith may have many entries revealed against the name in the conveyancing search which may not apply to the individual. In these cases conveyancing solicitors often check the entries with the Insolvency Service and ask the purchasing conveyancing client to endorse the search confirming the entries revealed do not apply to them during the conveyancing process. Conveyancing solicitors will keep the search result on file.
- Beneficial Joint Tenants
- Conveyancing term used for a way in which 2 or more parties can choose to hold a property on trust for themselves during the conveyancing process. In conveyancing holding a property as beneficial joint tenants ensures that should an owner die whilst holding a property with another person as beneficial joint tenants the deceased owners interest in the property will automatically pass to the surviving joint tenant. This means that the deceased owners share in the property will not form part of the estate to be distributed after death. When purchasing a property jointly careful consideration should be given by conveyancing clients how to hold the property following completion of the conveyancing process. A purchaser’s conveyancing solicitor will usually explain this to purchasing conveyancing clients and seek instructions as part of the conveyancing process.
- Beneficial Owner
- In conveyancing terms a beneficial owner is a person who is entitled to the benefits of ownership of property including the proceeds of sale when the property is sold. A beneficial owner may not always be the legal owner of the property. A conveyancing solicitors acting for a purchasing conveyancing client should be made aware of any beneficial owners by the selling conveyancing client via their conveyancing solicitors during the early stages of the conveyancing process. The purchaser’s conveyancing solicitors will ensure the seller’s conveyancing solicitors obtain the beneficial owners agreement to the sale and sign the conveyancing contract as part of the conveyancing process prior to exchange of the conveyancing contract.
- Boundary
- A term used in conveyancing a boundary is the outer most edge of the property) where it abuts the next property or the public highway. In conveyancing transactions the law society protocol form known as the Seller’s Property Information form completed by the selling conveyancing client at the beginning of the conveyancing will often provide details of the ownership of the boundaries and details of which boundaries have in practice been maintained by the selling conveyancing client to the purchaser’s conveyancing solicitors. The boundaries for conveyancing purposes should also be shown on the filed plan an official copy of which will be furnished by the seller’s conveyancing solicitors to the buyer’s conveyancing solicitors during the conveyancing investigations. Further details on boundary ownership and maintenance may also be contained with previous deeds of title a copy of which the purchaser’s conveyancing solicitors will request from the seller’s conveyancing solicitors as part of the conveyancing process. The purchasing conveyancing client may be asked to sign the plan for the purchasing conveyancing solicitors during the conveyancing process. The purchaser’s conveyancing solicitors will ascertain the ownership of the boundaries where possible and confirm this to the purchasers during the conveyancing process.
- Breach of Contract
- Once conveyancing contracts have been formally exchanged in the conveyancing process the conveyancing contract becomes legally binding on all parties. Should either party fail to complete the conveyancing contract then the defaulting party will be in Breach of Contract and the non-defaulting party will be entitled to reparations as described in the conveyancing contract. Breach of contract does not happen commonly in conveyancing.
- Breach of Covenant
- In conveyancing terms both freehold and leasehold properties can have attached to them legal promises known as covenants. A breach of covenant can occur when a covenant is not observed or performed or is breached and can have repercussions during the conveyancing process. As part of the conveyancing process the conveyancing solicitors acting on behalf of a purchasing conveyancing client will investigate with the seller’s conveyancing solicitors to ascertain if there is a subsisting breach of covenant. Where a covenant has been continually breached for 20 years or more it may be deemed that the covenant has “acquiesced” and is no longer enforceable upon the property owner by the person with the benefit of the covenant. The purchaser’s conveyancing solicitors may take a view in conveyancing transactions involving such breaches. Conveyancing solicitor’s acting for a purchasing conveyancing client will ask the seller’s conveyancing solicitors to confirm there has been no breach of covenant as part of the conveyancing title investigations.
- Breach of Covenant Indemnity Covenant
- Used in the conveyancing process where required this is an insurance policy that can cover losses suffered as a result of action for breach of covenant. The purchaser’s conveyancing solicitors may insist a policy is placed on risk to the seller’s conveyancing solicitors if during the conveyancing process it is clear a covenant has been breached. The policy may have terms to adhere to such as the length of time the breach has continued for and conveyancing solicitors will check the wording of the policy during the conveyancing process prior to exchange of the conveyancing contract. These policies are often requested to be provided at the cost of a selling conveyancing client by the purchaser’s conveyancing solicitors for the protection of the purchasing conveyancing client.
- Building Regulation Indemnity Policy
- A form of conveyancing indemnity insurance policy used in conveyancing transactions and purchased when a Final Completion Certificate has not been obtained when a property has been altered. It’s provides cover for a purchasing conveyancing client and mortgage lender against loss. As part of their conveyancing duties in the conveyancing matter the purchaser’s conveyancing solicitors will check the policy wording. The purchaser’s conveyancing solicitors may accept a policy in lieu of a Final Completion Certificate when the works were carried out at least 12 months previously to the conveyancing transaction. The purchaser’s conveyancing solicitors will request that the selling conveyancing party pays for the policy via their conveyancing solicitors. Even with the protection of the policy conveyancing advice should be given to a purchasing conveyancing client by the conveyancing solicitors. The purchasing conveyancing client should think carefully before proceeding with the conveyancing purchase of a property that has been altered without obtaining a final completion certificate. The aim of building regulations is to ensure alterations/building works are carried out properly and safely.
- Building Regulations
- A set of regulations that must be complied with when undertaking any building works on a property including replacing windows electrical works to kitchen and bathrooms and cavity wall insulation. It is essential in the conveyancing process that conveyancing solicitors acting on behalf of a purchasing conveyancing client ensure any alterations carried out comply with building regulations and obtain evidence from the seller’s conveyancing solicitors as part of the conveyancing process. A Final Completion Certificate should be obtained which should be supplied by the selling conveyancing client to their conveyancing solicitors and passed buyer’s conveyancing solicitors during the conveyancing process prior to exchange of the conveyancing contract.
- Buildings Insurance
- This is a policy put on risk on completion of a conveyancing purchase transaction at the expense of the purchasing conveyancing client to protect against events that may damage the property. Conveyancing solicitors would always advise buildings insurance to be obtained by a purchasing conveyancing client. Conveyancing solicitors may advise building insurance is to be placed on risk at exchange of conveyancing contracts or on completion of the conveyancing purchase. The purchaser’s conveyancing solicitors will be required to obtain confirmation of the building insurance from the purchasing conveyancing client prior to completion of the conveyancing purchase when mortgage lender’s funds are being used. In the case of leasehold conveyancing transactions the buildings insurance may be taken care of by the landlord/management company in the form of a block policy and the individual flat owners be required to reimburse the premium paid for the policy on a proportionate basis. Purchasing conveyancing solicitors will ensure a copy of the policy is obtained via the seller’s conveyancing solicitors and checked during the conveyancing process. A copy of the policy will be supplied by the conveyancing solicitors to the purchasing conveyancing client as part of the conveyancing process.
- Buildings Insurance (Contingent) Indemnity Policy
- This is an indemnity policy occasionally used in leasehold flat conveyancing process. Purchasing conveyancing solicitors check the buildings insurance in leasehold conveyancing transactions as part of the conveyancing process and may advise a Buildings Insurance (Contingent) Indemnity policy to be put on risk to protect a flat when the insurance is not the responsibility of the landlord or management company and provided in a block policy under the terms of the lease. Purchasing conveyancing solicitors have a duty of care to the purchasing conveyancing client and mortgage lender to ensure adequate buildings insurance cover is in place.
- Buy to Let
- Buy to Let is a term used in conveyancing to describe a conveyancing purchase transaction for a purchasing conveyancing client as an investment with the intention of letting the property to tenants on conclusion of the conveyancing process. Conveyancing solicitors will take this aim into account when advising the purchasing conveyancing client during the conveyancing process.
- Buy To Let Investor
- A Buy to Let Investor is a term used in conveyancing to describe an individual or company buying a property or number of properties in order to let them when the conveyancing has been completed. Buy to let investors will be advised with this in mind by their conveyancing solicitors during the conveyancing purchase.
- Buy To Let Mortgage
- A mortgage product used in conveyancing purchase transactions specifically designed to provide mortgage finance to a buy to let investor. Mortgage providers will insist conveyancing solicitors are instructed to carry out the conveyancing as part of the purchase process. Unlike a residential mortgage an individual may be able to obtain several buy to let mortgages.
- Buyer
- A term used in conveyancing to describe a prospective purchaser of a property. Buyers usually instruct conveyancing solicitors to act on their behalf in conveyancing transactions.
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