Conveyancing Glossary
- Fensa Certificate
- A term often used in the conveyancing process. Since the 1st April 2002 if a property has replacement windows fitted the owner of the property must either choose an installer that is registered with FENSA or obtain a Building Regulation Completion Certificate from the local authority. If a FENSA registered installer is used a FENSA Certificate will be issued by FENSA and sent to the home owner shortly after installation. This Certificate will be required by the buyer’s conveyancing solicitors on a subsequent sale of the property.
- Filed Plan
- An important document in the conveyancing process the Filed Plan is the official plan filed at the Land Registry along with the Register of Title. The Filed Plan represents the extent of the boundaries of the property and a copy of the Filed Plan will be provided to the Purchaser’s conveyancing solicitors by the seller’s conveyancing solicitors on submission of the draft contract and supporting documents during the conveyancing process. The filed plan allows identification of the property by the purchaser’s conveyancing solicitors and will also be used to institute the conveyancing searches. A copy of the filed plan will be supplied to the purchaser by their conveyancing solicitors for the purchaser to confirm it is a correct representation of the property they are purchasing as part of the conveyancing process.
- Financial Services Authority
- The Financial Services Authority is the regulatory body charged with regulating individuals or companies that advise members of the public on financial products such as mortgages investment products and insurances. Mortgage Advisors should be registered with the Financial Services Authority in order to provide advice on mortgage products.
- First Time Buyer
- First Time Buyer is used in conveyancing to describe conveyancing client who has never purchased a property before.
- Fittings And Contents
- In conveyancing fixtures are fixed items that have become part of the building and as such will generally be included in the sale. Examples of such things would be fitted kitchens which are not easily removed. Fittings are usually items that could be removed from a property such as fitted carpets or curtains. Contents would be described as an item contained within a property that could easily be removed. At the beginning of the conveyancing process the seller’s conveyancing solicitors will usually ask the selling conveyancing client to complete and Fittings and Contents Form detailing the items included in the sale and forward this to the purchaser’s conveyancing solicitors during the course of the conveyancing process.
- Fittings and Contents Form
- The Fittings and Contents Form is a tick list sent by the seller’s conveyancing solicitors to be completed by a seller at the start of the conveyancing process detailing what items will be included within the sale price of a property. The seller’s conveyancing solicitors will usually supply the form to the selling conveyancing client. It may also contain details of any items that the seller wishes to sell for a separate price which would be included in the conveyancing contract for the separate chattels price. When selling a property a conveyancing client should inform their conveyancing solicitors should details in the fixtures, fittings and contents form be required to be changed before formal exchange of contracts. The buyer can then be informed via their conveyancing solicitors. Buyers should ensure all items negotiated as included when the seller’s accepted the offer are reflected in the seller’s completed fixtures, fittings and contents list and inform their conveyancing solicitors if this is not the case. The buyer’s conveyancing solicitors will raise this with the seller’s conveyancing solicitors as part of the conveyancing process when required.
- Forfeiture
- Forfeiture when used in conveyancing practise this is the term used to describe the ending of a lease due to a breach of the conditions of the lease. In order to affect Forfeiture of a residential lease the landlord would be required to obtain a court order and in practise this situation rarely arises. Conveyancing solicitors acting for purchasing conveyancing clients buying a leasehold property will check as part of the conveyancing transaction that a lease is not liable for forfeiture and advise the conveyancing client regarding the provision for forfeiture contained in the lease as part of the conveyancing report on title.
- Freehold
- Freehold is a term used in conveyancing to describe a way to own land which runs forever. Freehold is the outright ownership of a property and the land on which it stands.
- Full Title Guarantee
- Full Title Guarantee is a guarantee given to the purchasing conveyancing client under the terms of the conveyancing contract that the seller has the right to sell the land and that it has not got any adverse rights or incumbrances which have not been disclosed to the purchaser or the purchaser’s conveyancing solicitors. This is the most complete form of title guarantee and the most often seen by conveyancing solicitors in conveyancing transactions.
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