Conveyancing Glossary
- Sellers Property Information Form
- Sellers Property Information Form is a term used in conveyancing to describe a form sent by the seller’s conveyancing solicitors to the selling conveyancing client for completion and return at the start of a sale conveyancing transaction. The Seller’s Property Information Form is part of the Protocol (Law Society’s National Conveyancing Protocol) and is in a standard form approved by the Law Society. A selling conveyancing client may also be asked to complete an “Additional Property Information Form which is a similar form but containing more information that the conveyancing solicitors acting on behalf of a purchasing conveyancing client require. The seller’s conveyancing solicitors will send the completed form to the purchaser’s conveyancing solicitors most often along with the draft conveyancing contract for the sale.
- Service Charge
- In conveyancing terms a Service Charge is an amount of money charged by a management company or landlord in respect of services provided to common areas of a building or estate. Conveyancing solicitors when acting for a purchasing conveyancing client purchasing a property that attracts service charge will raise conveyancing enquiries with the selling conveyancing client via their conveyancing solicitors to ascertain the amount of Service Charge payable in respect of the property for the past three years and the anticipated amount or budget for the year coming plus any anticipated rises in the service charge for the next three years. A property will usually be liable to pay a percentage of the total amount expended by the management company in providing services to the property. Conveyancing solicitors will as part of their duties to a purchasing conveyancing client provide the information to the purchasing conveyancing client during the conveyancing process.
- Share Certificate
- A Share Certificate is a document proving the ownership of a share or shares in a company. Often in leasehold conveyancing transactions the common areas of a building or estate will be managed by a company owned by the tenants or lessees of the flats in the building in shares. Freehold properties can also have common areas on an estate but it is less usually seen in the conveyancing process. Conveyancing solicitors when acting on behalf of a selling conveyancing client who own a share in the management company will be asked to provide to the purchaser’s conveyancing solicitors both a copy of the share certificate, confirmation that the original certificate will be handed over on completion and a Stock Transfer Form signed by the seller of the property in order that as part of the post completion conveyancing duties of the purchaser’s conveyancing solicitors, the share may be transferred to the new purchaser. Often the management company will charge an administration fee to issue the new Share Certificate in the purchaser’s name. This fee will be shown on the conveyancing completion statement provided to the purchasing conveyancing client by the conveyancing solicitors as a conveyancing disbursement.
- Share of Freehold
- Often purchasing conveyancing clients buying a flat in a converted building will receive in addition to the leasehold title of the flat a Share in the Freehold of the building. This situation is seen commonly by conveyancing solicitors dealing with London conveyancing transactions. Conveyancing solicitors acting on behalf of purchasing conveyancing clients will be required to ensure the selling conveyancing client via their conveyancing solicitors and other owners of the freehold execute a Transfer Deed and Stamp Duty Land Tax form to enable the freehold to be registered in the joint names of the new purchaser and the other owners of the freehold as part of the post completion duties of the conveyancing solicitors. Often conveyancing transactions involving this arrangement can be delayed whilst the relevant parties arrange execution of the Transfer Deed.
- Shared Equity/Ownership
- In conveyancing terms a Shared Equity or Shared Ownership property is a property owned jointly in specified shares by the selling conveyancing client and another party, quite often being a housing association. Conveyancing purchases where the purchasing conveyancing client is purchasing a share in the property are more complex than a straight forward purchase conveyancing transaction and more complex for the conveyancing solicitors acting on a purchasing client’s behalf. Shared Equity schemes have become more common due to rising property prices and have been actively promoted by the Government in order that more people are enabled to purchase a property. The purchasing conveyancing client buying a shared equity property usually has the right to staircase up the share they own in the property often up to full 100% ownership.
- Shortfall
- A shortfall is a term used in conveyancing by conveyancing solicitors and conveyancing practitioners to refer to the amount required from a conveyancing client to complete a sale or purchase conveyancing transaction.
- Sinking Fund
- Usually applicable in leasehold conveyancing transactions a Sinking Fund is an amount held in reserve by a management company or landlord providing funds for major works of repair and maintenance that may be required to the common parts of a building or estate.
- Solicitor
- A Solicitor is a trained and qualified lawyer holding a certificate issued by the Solicitors Regulation Authority entitling the holder to practise as a Solicitor. Solicitors and Solicitors Firms are regulation by the Solicitors Regulation Authority.
- Specialist Conveyancing Searches
- Properties in certain areas may be affected by things such as tin mining, clay mining or mineral extractions. Specialist Conveyancing Searches may be required in addition to the main conveyancing searches for such properties and a conveyancing solicitor acting on behalf of a purchasing conveyancing client will advise if Specialist Conveyancing Searches are prudent in a conveyancing purchase transaction.
- Stamp Duty Land Tax
- Stamp Duty Land Tax is a government tax payable by purchasers of land or property and calculated with reference to the properties sale price or value. Conveyancing solicitors acting on behalf of a purchasing conveyancing client will collect in the stamp duty land tax due on a conveyancing transaction and the sum will be shown on the conveyancing completion statement as a conveyancing disbursement. The conveyancing solicitors will pay the duty due to Her Majesty’s Revenue and Customs as part of the conveyancing post completion work.
- Stamp Duty Land Tax Return
- A form applicable in purchase conveyancing transactions usually completed by the conveyancing solicitors acting on behalf of a purchasing conveyancing client and sent to the purchaser for checking and signing during the conveyancing process. A Stamp Duty Land Tax Return must be submitted to HMRC in every conveyancing transaction involving a transfer of land or property whether or not Stamp Duty Land Tax is payable in respect of the transaction (unless exempt under the rules). Conveyancing Solicitors often charge the purchasing conveyancing clients a fee for completing the return and submitting it to HMRC as part of the post completion conveyancing work. This fee will be shown as legal fee on the conveyancing solicitor’s invoice and will attract VAT. Unlike the duty payable a conveyancing solicitor’s fee for dealing with the Stamp Duty Land Tax return is not a disbursement.
- Standard Conditions Of Sale
- The Standard Conditions of Sale are the terms upon which most conveyancing contracts for the sale of residential land or property are drafted. The Standard Conditions of Sale are often amended by the seller’s conveyancing solicitors by way of the insertion of special conditions varying the Standard Conditions of Sale. A purchaser’s conveyancing solicitors when approving the conveyancing contract of sale may also amend Standard Conditions of Sale or the special conditions.
- Standard Disbursement
- A standard disbursement is a conveyancing disbursement that will be required to be paid during the course of the conveyancing of the property that will apply to every transaction.
- Stock Transfer Form
- In conveyancing terms a Stock Transfer Form is a form usually signed by a selling conveyancing client to be handed over to the purchaser’s conveyancing solicitors on completion of the sale in order that a share held in the management company may be transferred to the new owner.
- Subject To Contract
- Subject To Contract is a term used in conveyancing by conveyancing solicitors and conveyancing practitioners to refer to a conveyancing transaction that has yet to reach formal exchange of contracts and is still subject to exchange of conveyancing contracts.
- Survey
- In conveyancing terms a Survey is a report prepared by a Surveyor following a visit to the property to assess its physical state and current open market value. In conveyancing transactions three main types of Survey Report are commonly seen. A Mortgage Valuation Report/Valuation for Mortgage Purposes is the most common form of Survey report seen by conveyancing solicitors acting in purchase conveyancing transactions on behalf of a mortgage lender or purchasing conveyancing client. It is a short report usually no longer than a couple of sides of A4 paper and is instructed by the lender but often paid for by the purchasing conveyancing client. It is NOT a fully structural Survey but is a short concise report and is done mainly to ensure the property represents good security for the mortgage advance. A Home Buyer’s Valuation and Survey Report is also a common form of Survey report seen in purchase conveyancing transactions. Again carried out by a Surveyor a Home Buyer’s Valuation and Survey Report is more in depth than a Mortgage Valuation Report and involves a more thorough inspection of a property by the Surveyor. It has specific section for the purchaser’s conveyancing solicitors to refer to and will specify anything that the Surveyor feels should be pointed out to the conveyancing solicitors for further investigation with the seller’s conveyancing solicitors. A purchasing conveyancing client should provide a copy to their conveyancing solicitors as soon as the report is available. A Full Structural Survey as the name suggests this report involves a full structural Survey of the property carried out by a Surveyor that should reveal any physical details affecting the property. Conveyancing solicitors acting on behalf of a purchasing conveyancing client in a purchase conveyancing transaction would advise that a full structural Survey is carried out by a Surveyor prior to exchange of contracts to ensure the structural integrity of a property and point out any physical defects that the purchasing conveyancing client should be aware of. A conveyancing client that instructs a full structural Survey may well be able to negotiate a price reduction should the Survey reveal work that is required to the property.
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