Mortgage Information

Mortgage Types

What is Conveyancing?

When the transfer of building or land (property) takes place, the legal process involved is called conveyancing as it involves legal and specific paperwork. The process is normally initiated once there has been an offer on the property that has been accepted and both parties have provided details of there solicitors.

The process involves contracts that are required for the agreed sale; In addition applications will be made for title deeds.

Whos involved in Conveyancing

More than likely a solicitor would be involved and liase with the provider of your mortgage. It has been known for people to undertake the process themselves due to the costs involved, but this approach is not recommended unless your are equipped with the expertise knowledge that is required.

The process detailed

Key Terms and Glossary for Conveyancy

Bankruptcy Search

A task that is usually performed by the buyers solicitors prior to completion, the key purpose of this to make necessary checks on the person borrowing the funds is not declared as bankrupt or in the process of.

The Borrower

The individual(s) who require the funds to own the property in question.

Bridging Loan

A loan that is taken out to bridge the gap on a short term basis to whilst waiting for the sale to go through.


This stage in the whole process is usually where the property purchase is finalised and is transferred to the new owners. On the completion date the required funds are transferred to the sellers solicitors, who in turn will provide key documents such as transfer documents and title deeds. Finally the buyer can expect to receive the keys and the seller must vacate their previously owned property.


This term is known as the legal documentation that affirms the sale of the property. The contract is initially compiled by the sellers conveyancer and forwarded to the other party. Important details such as terms of the sale are outlined and once the buyers solicitors are fully satisfied both representing parties would sign the documents.


Deeds or sometime referred to as Title Deeds are the legal documents that detail information about the property.


The primary example of the term deposit usually references the buyer making payment to the conveyancer (seller) when exchange of contract occurs. The amount is normally 10 per cent of the purchase price but if both parties have agreed, then this can be less.

Environmental search

A search that is undertaken by the buying party to ensure that property does not have any environmental issues that cause any problems such as flooding, hazardous and harmful chemicals, mining etc.


Equity is the term given for the amount of money that is left available once the mortgage or loans have been fully paid. Equity can be achieved for example when a property has increased in value over a period of time or selling a property for more than it was purchased.

Estate Agent

Where many people initially visit to see property offerings. They are the intermediate who put together the memorandum of sale for both parties.

Fixtures & Fittings List

A document that entails all the fixtures and fittings that the seller is including within the sale of the property. The seller can also detail additional items that can be purchased by the buyer.


Quite simply the most desired position in the property market. The owner owns the property outright.

Land Registry

This is a government establishment that keeps records of transactions of every property within England and Wales. It is of only recent that transfer of ownership of land must be recorded with the Land Registry.

Land registry fee

The costs associated to register the ownership of a property or a new mortgage.


A legal document that contains information in detail about the leasehold of a property. The document is an agreement by the landlord that permits occupancy within a property for a stated duration. In brief the document contains details about the exact duration of the lease, rent, any charges, access rights etc.


The loan or funds required to secure the property.

Mortgage Offer

Usually what the buyer is waiting for in anticipation. This is a formal offer that is providing in writing the details that the buyer will be provided a loan for their required property. All appropriate terms and conditions with regards to the mortgage are offer are detailed.

Stamp Duty

When a property is purchased a tax is levied by the Government. There are conditions on this as some areas are exempt. The exact amount varies based on the property value.


The property is checked on its physical condition and appearance. Information is collated about the property and provided to buyer to help assist with detail such as the market valuation of the property. There are many types of survey available to the buyer and each one will provide varying levels of detail and information.

Transfer Deed

A legal document from The Land Registry that is compiled by the buyers solicitor that transfers the ownership of the property.


The government levy a tax called Value Added Tax on specific items.

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