Conveyancing Glossary
- Telegraphic Transfer
- Telegraphic Transfer is a term used in conveyancing to refer to a same day bank payment usually made via the CHAPS system. Conveyancing solicitors acting on behalf of purchasing conveyancing clients will usually pay for the property on the completion date by way of a Telegraphic Transfer to the selling conveyancing solicitor’s client account. Conveyancing solicitors acting on behalf of a selling conveyancing client will normally redeem (repay) an existing mortgage by way of Telegraphic Transfer direct to the mortgage lenders specified bank account as part of the conveyancing completion process.
- Tenants In Common
- In conveyancing terms the phrase Tenants In Common refers to a way for joint purchasers to hold the property of trust for themselves. Unlike beneficial joint tenants, tenants in common hold the property in shares specified by the purchasing conveyancing clients on trust for themselves. In the event of the death of one of the Tenants in Common their share in the property will revert to their estate and be distributed in accordance with the terms of their Will or the intestacy rules if no Will exists. Conveyancing Solicitors acting on behalf of jointly purchasing conveyancing clients will explain the two ways the purchasing conveyancing clients may choose to hold the property and obtain their formal instructions. The conveyancing solicitors will then incorporate the conveyancing clients preferred way of holding the property into the Transfer or Purchase Deed and deal with the registration of the property in this way as part of their post completion conveyancing duties.
- Tin Mining Search
- A Tin Mining Search is a specialist conveyancing search required to form part of the conveyancing procedure in geographical areas where former tin mining has occurred. Often applicable to conveyancing transactions in Cornwall conveyancing solicitors acting on behalf of conveyancing clients purchasing in an area of former Tin Mining will advise a Tin Mining Search is carried out during the conveyancing process.
- Title Deeds
- Title Deeds is a term used in conveyancing transactions by conveyancing solicitors to describe deeds and documents that prove the ownership of a property.
- Transfer
- In conveyancing transaction a Transfer is usually the word used by conveyancing solicitors and conveyancing practitioners to refer to the document labelled TR1. It is the formal transfer to the new owners of a property and will be drafted by the conveyancing solicitors acting on behalf of a purchasing conveyancing client. The seller’s will be asked by their conveyancing solicitors to execute (sign in the presence of a witness) the form TR1 prior to completion of the sale and will then send it to the purchaser’s conveyancing solicitors on completion. The purchaser’s conveyancing solicitor will send this along with the application to change the register to the Land Registry along with the Land Registry Fee to attain formal registration of the property into the purchasing conveyancing client’s name. The Land Registry fee will be shown on the conveyancing completion statement sent to the purchasing conveyancing client by the conveyancing solicitors as a disbursement as part of the conveyancing process.
- Transfer of Equity
- Transfer of Equity is a term is used in conveyancing by conveyancing solicitors and conveyancing practitioners to describe a form of conveyancing transaction where a property is transferred from two current owners to one owner only or from one current owner into joint names and is often required by conveyancing clients that may be going their separate ways in a relationship or conveyancing client that may have originally purchased the property in their sole name but now wish to add a spouse or partner as a registered proprietor.
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