Conveyancing Glossary
- Her Majesty’s Land Registry (HMLR)
- Her Majesty’s Land Registry is a government body responsible for the recording of the ownership legal benefits reservations and restrictions for all property and land in England and Wales and is most commonly referred to as the Land Registry. The Land Registry is the most important government department in the conveyancing process and conveyancing solicitors deal with the Land Registry on a day to day basis for conveyancing sales and purchases. Copy deeds of title are filed at the land registry which are essential during the conveyancing process and conveyancing solicitors often use the Land Registry direct website to obtain copy documents required to be provided during the course of the conveyancing. Registration of all purchases of land or property in England and Wales is a compulsory part of the conveyancing process for purchases and is carried out by the purchaser’s conveyancing solicitors on completion of a change of ownership as part of the conveyancing post completion work. The Land Registry charge a fee to new owners in order to update the register which will be paid by the conveyancing solicitors from the completion monies collected in from the conveyancing client. This fee is shown in conveyancing quotes for conveyancing costs as the Land Registry fee. Mortgages and secured loans are also registered at the Land Registry as part of the conveyancing solicitor’s duties against the property upon which they are secured. Various other notices and restrictions can be placed upon the register of title of a property including notices under the Matrimonial Home Rights Act and notices in relation to bankruptcy proceedings being instigated against the property owner. Conveyancing solicitors acting for purchasing conveyancing clients carefully check the register entries for any such entries as part of the conveyancing investigations and ensure if necessary that discharge documents and forwarded by the seller’s conveyancing solicitors to remove such entries before conclusion of the conveyancing process.
- Her Majesty’s Revenue And Customs (HMRC)
- All conveyancing transactions involving a change in ownership of a property will have involvement with HMRC. Her Majesty’s Revenue and Customs is a government body responsible for the collection of tax including stamp duty land tax payable for conveyancing purchases and transfer of equity conveyancing transactions over a certain sum. On completion of any transfer of property a Stamp Duty Land Tax Return must be provided to the Revenue within 30 days of the completion date. Any tax due to the Revenue must be paid within this deadline. Conveyancing solicitors when acting for a purchasing conveyancing client will usually attend to submitting the return as part of the post completion conveyancing work.
- Home Information Pack (HIP)
- A Home Information Pack is a document containing information about a property that is currently for sale on the open market and has changed the way conveyancing transactions are dealt with by conveyancing solicitors. It is commissioned by the seller prior to the property being offered for sale and contains amongst other things an Energy Performance Certificate Sale Statement Official Copy Entries of the Register Local Search and Water and Drainage Search which enable a purchaser’s conveyancing solicitors access to vital information required in the conveyancing process at an earlier time than before their introduction. The purchaser’s conveyancing solicitors will request a copy of the HIP to be provided by the seller’s conveyancing solicitors at the start of the conveyancing process. Many conveyancing solicitors also offer a Home Information Pack to selling conveyancing clients as part of their conveyancing services. It is now compulsory for a seller to commission a Home Information Pack before the property is offered for sale on the open market and in time the government plan to prohibit marketing of the property until such time as the HIP has been fully prepared and completed. When purchasing a property that comes with a Home Information Pack it may be advantageous to a purchasing conveyancing clients as the searches contained are available immediately to their conveyancing solicitors and providing the Home Information Pack has been correctly and diligently prepared may avoid a purchasing conveyancing client having to pay for the conveyancing searches separately as a conveyancing disbursement.
- Homebuyers Survey and Valuation Report
- A Homebuyers Survey and Valuation Report is a half way house in terms of structural surveys. Please see the section entitled SURVEYS for a full explanation.
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