Conveyancing Glossary
- Under Value Transaction
- Under Value Transaction is a term used by conveyancing solicitors to describe a conveyancing transaction where the sale price of the property is less than the current open market value and can include a conveyancing transaction being carried out by way of Deed of Gift usually for conveyancing transactions with family involvement. Conveyancing transactions carried out at less than full open market value must be dealt with carefully by conveyancing solicitors acting on behalf of purchasing conveyancing clients and mortgage lenders in the conveyancing process. A conveyancing transaction at undervalue could be open to a future Trustee in Bankruptcy applying for the undervalue transaction to be set aside within five years of the transfer being made. This means that should the party selling at undervalue suffer financial difficulty involving bankruptcy within five years of completion of the selling conveyancing process the sale could be set aside. Often, conveyancing solicitors acting on behalf of a purchasing conveyancing client purchasing a property at less than market value will insist that the seller via their conveyancing solicitors swears a statutory declaration confirming their solvency and purchases an indemnity policy to be placed on risk on completion of the purchase to protect the mortgage lender in the event of the bankruptcy of the seller.
- Underlease
- In conveyancing terms an Underlease is the term used to describe a lease that has been granted out of a Superior Leasehold Title.
- Undertaking
- Usually used in conveyancing to describe a legally enforceable promise given in writing by a Solicitor or Licensed Conveyancer to do or provide something. The most common form of undertaking seen and given by conveyancing solicitors in the course of a conveyancing transaction is to redeem a selling conveyancing client’s current mortgage on completion of the sale. This form of undertaking is given to the purchaser’s conveyancing solicitors in a standard form approved by the Law Society and contained within a document known as replies to requisitions on title. A purchaser’s conveyancing solicitors must ensure a seller’s conveyancing solicitors provides undertaking to redeem all financial charges registered (or not) against the property as part of their conveyancing duties to the purchasing conveyancing client and the mortgage lender where a mortgage is being obtained to fund the purchase.
- Unregistered Land
- Unregistered Land is a conveyancing term used by conveyancing solicitors to describe land or property that has yet to undergo the formal registration process with the Land Registry.
Conveyancing Quotes
Evolved Conveyancing, from abt Law LLP, specialist
Conveyancing Solicitors
- Quality Online Conveyancing Service
- Low Cost Conveyancing Fees
- Governed by the Law Society
- Regulated by the Solicitors Regulation Authority
- Nationwide Conveyancing Service
- Approved by Mortgage Lenders
Get a budget Conveyancing Quote for your conveyancing transaction enter your property details in our Conveyancing Quotes Calculator
Choose a Conveyancing Service