Taylor Rose MW Your Guide To Conveyancing

BUYING & SELLING A PROPERTY
WITH TAYLOR ROSE MW

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
So you’re buying
a new home…
It’s one of the biggest
decisions you’ll ever make.
It can also be an exciting adventure. But things
can quickly get complicated and stressful if
they’re not handled in the right way.
What you need is a trusted, knowledgeable
advisor to guide you and sort out the legal side.
And that’s where your conveyancer comes
in, by offering legal assistance with the
purchase of your property.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
WHY CHOOSE US?
You have plenty of options when it comes to choosing
a solicitor to help with your purchase.
At Taylor Rose MW, we offer something
completely different.
We’re an independent firm of solicitors who
specialise in conveyancing.
We’re a well-established and professional
firm, who we also take a fresh, client-centred
approach to service. We’ll do our best
to ensure your transaction goes through
smoothly, with no surprises and minimum
hassle.
We only use experienced personnel with
specific expertise in conveyancing. We also
have plenty of experience of the complicated
legal issues involved in purchasing newly built
properties.
We always put your best interests first,
making sure you know about every cost
that we know about from the outset, and
do everything we can to make buying your
property simple and stress-free.
We’ll help you ask all the right questions at
each stage, so you’re fully informed about
the property and the deal before you commit
yourself. We’ll also make sure all relevant
searches are carried out as part of our
service.
If you’re getting a mortgage, we’ll work with
your agent, mortgage broker and surveyor to
get your purchase done as quickly and easily
as possible.
Finally, if you’re selling a property, we can
help with that too – preparing the contract,
dealing with the buyer’s solicitors, answering
their questions and staying in touch with
everyone involved to keep your sale moving
along.
We’ll be there to offer help and advice every
step of the way, until the transaction is
completed. We’ll answer every call and email
as promptly as we can.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
CLIENT PORTAL
BENEFITS TO YOU AS A CLIENT
Convenience
Clients can log in and complete at their own
convenience and information given is sent straight
back into our system
Clients will no longer need to come into the office
at the beginning of the transaction as the AML
checks are all done online
Terms and Conditions signed electronically
Payment online
Speeds up transaction
Security
We use two factor authentication, this means
a more secure log in process for our clients. A
“hacker” would need to get into their emails
and steal their mobile phone in order to log in to
their portal
All details of their transaction will ONLY be
shared through the portal which means that
emails cannot be intercepted and confidential
documents kept secure at all times
The portal is within our own environment and
is not stored “in the cloud”, which for the client
means that we never lose control of documents/
information stored within our environment.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
SLOTHMOVE
AGENT REVIEWS
SlothMove is home setup service where you can
tell everyone you’re changing address and set-up
your new home within 5 minutes. Save hours of
time, hundreds of pounds and even get rewards
for moving.
SlothMove’s award-winning change of address
service takes care of your entire home move and
address updates in one place. Update your address
with all your companies (at the same time), set-up
services in your new home and even get rewards
for doing so.
From your postcode, we’ll show you your new
council, water & sewerage provider. At the click of
a button, you can let them know you are moving in
(we’ll tell your previous ones too). Then, we’ll help
you setup and find market leading deals on your
energy and broadband. From cleaning & removals
to texting us your move-out meter reads, our
Sloths have you covered.
Select all of the companies and institutions that
you would like to tell about your home move. Our
Sloths will help you update your address across all
of your accounts at the same time in one place. No
more repeating yourself & no more hold music.
Moving home wouldn’t be complete without a
house warming gift. From a free case of craft beers
to 3 months free tastecard, enjoy something on
us to help get you settled in your new home. We’ll
take care of the rest, leaving you to focus more on
the things that matter. And if there’s anything else
you need to do, well email you.
“We enjoy a good relationship with both the New Business team and
the conveyancers at Taylor Rose MW. It’s important to us that we are
able to use solicitors with local offices and that we can have a good
line of communication with them. Taylor Rose MW provides just that!
It’s also a bonus that they are a modern, forward-thinking firm as is
with our approach at Mischon Mackay.”
– Steve Neocleous, Business Development Director, Mischon Mackay
“We have worked closely with the Taylor Rose MW team for nearly 5
years. The key to the relationship is the high levels of customer service
and general approachability of the conveyancers. Everyone takes the
time to talk to us which is not always the case with some other firms.
Rebecca is always at hand to deal with any challenges and it was her
can-do attitude that helped get my team to buy in to her and the
Taylor Rose MW company.”
– Gareth Overton, Head of Residential Sales, Henry Adams
“We have built a great relationship with Taylor Rose MW; they support
us with conveyancing for our clients and buyers. Working with Taylor
Rose MW has been seamless, they are personable and approachable,
with a sustained can-do attitude.”
– Alastair Cochrane, Regional Sales Director, Stirling Ackroyd
“Taylor Rose MW is our preferred solicitor. They offer a local solution
with dedicated solicitors that take sole responsibility for each individual
case. We wanted a company that reflected our own professional service
as well as getting the job done with effective communication and
efficiency. The Taylor Rose MW team provides this service consistently.”
– Justin Gordon, Company Director, Glyn-Jones

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
BUYING A PROPERTY WITH US, STEP BY STEP
Here’s a quick guide to the process of buying a property.
Over the next few pages are more details of how we help you with the later stages.
1 2 3 4 5
6 7 8 9 10
Check your
finances
Make the offer
Fill out the
forms
Payment for
disbursements
Apply for a
mortgage
Obtaining the
contract
Searches
Checking the
contract
Exchange of
contracts
Completion
First, take
an in-depth
look at your
finances. Can
you really
afford the
property
you’re
interested in?
Remember,
the cost
isn’t just the
purchase
price. You also
need to factor
in legal fees,
disbursements
stamp duty (if
applicable),
removals
and other
costs. For
new builds,
you need to
consider fees
charged by
your developer
e.g document
fees.
You make an
offer to buy
the property
from the seller
or developer
at a particular
price. You may
decide to get
a survey done
to check the
property’s
structure and
valuation.
Once the seller
or developer
accepts your
offer, the legal
process of
completing
the purchase
begins, so we’ll
get involved
from this point
onwards.
Before we
start work,
we’ll send you
an estimate
of our fees
and invite you
to complete
some
questions
on our client
portal so you
can give us
all the details
we need. We
also need to
check your
identification.
We’ll ask you
for some
money up
front to cover
third-party
costs. This is
part of the fee
we’ve agreed
at stage 3,
not an extra
charge.
If you need
a mortgage,
this is the time
to apply (if
you haven’t
already).
You can apply
through a
mortgage
broker, who
will help you
find the best
deal from
a range of
lenders, or
simply go
direct to the
lender you
prefer.
If you’re
buying a new
build, you’ll
probably be
able to get
a mortgage
from the
developer’s
mortgage
broker.
We’ll contact
the seller’s or
developer’s
solicitor and
ask for a copy
of the contract
which will also
include other
important
information
about the
property.
Before you
commit to
buying a
property with
a mortgage,
we have to
check out the
legal title and
find out some
important
facts about
the property.
We do this
by carrying
out searches
with different
authorities
who collect
information
about the
property.
The work
involved varies
between
properties,
sellers and
mortgage
lenders.
We’ll report
back to you on
the contract
and answer
any queries
you may have.
We may also
ask you to sign
the documents
at this stage
to save any
delays in
getting these
signed later.
Once
everything
is agreed
between
the parties
involved,
we’ll set a
completion
date with your
agreement
and exchange
signed
contracts with
the seller’s or
developer’s
solicitors.
On the
completion
date, money
is transferred
to the seller’s
or developer’s
solicitors and
you become
the legal owner
of the property.
Congratulations!
You can now
collect the keys
and move into
your new home!

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
SEARCHES
CHECKING THE CONTRACT
Searches give you important information about the legal status of the
property, so you can decide if you’re completely happy with your purchase
before you go ahead. They are obtained through third party suppliers or the
local authority.
You must have searches done if you’re buying a property with a mortgage.
However, it’s still advisable to get them done even if you don’t need a
mortgage to buy.
You may need different searches depending on the location of the property
or the requirements of your mortgage lender. There may also be some
additional searches you can have if you wish. The most commonly required
searches are included in our estimate.
You’ll receive information on the results of your searches when we receive
them.
Once the seller’s or developer’s solicitor releases the contract package to
us, we’ll carefully check it, along with the property documentation and
title deeds.
We’ll clear up any queries you have with the seller’s or developer’s
solicitors. There may be follow-up enquiries to sort out too.
We will often ask you to sign documents at this stage, so that we can be
prepared as much as possible in advance. However, you’re not committed
to the purchase until all searches and enquiries are dealt with and you are
happy to go ahead.
If you’re getting a mortgage, we’ll check over the offer from the lender for
you. We’ll also make sure that the seller is happy with the deposit you’re
offering, particularly if it’s less than the usual 10%.
Our cases were
handled smoothly with
an extremely personal
service. We would find
it hard to use anyone
else now.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
EXCHANGE OF CONTRACTS AND COMPLETION
We’ll prepare a final completion statement showing how much money you
need in order to complete the purchase. You should put this aside so you can
access it quickly. Under anti-money laundering regulations, we will need to
see evidence of where the money came from before we can accept it.
Once the contracts, searches and mortgage offer are all in place and the
deposit is ready to be paid, you can sign the documents (if you haven’t
already) and we can exchange contracts with the seller’s solicitors and agree
a completion date.
Until contracts have been exchanged, neither you nor the seller are legally
bound to go through with the transaction. If you withdraw from the purchase
between exchange of contracts and completion, the seller may be able to
keep the deposit you’ve paid, or even sue you for a full 10% deposit if you
paid less than 10%.
Just before the completion date, we’ll request the mortgage money from
your lender and collect the rest of the money from you. This usually happens
the day before completion at the latest.
Once all of the money is with us, we’ll send it to the seller’s solicitors by
electronic bank transfer. It’s difficult to say how long the transfer will take, as
it’s under the control of the banks involved. They’ll phone us to confirm that
it’s arrived, at which point the transaction is complete.
New build properties
New-build transactions involve the sale/purchase of a completely new property.
Usually, the developer owns the whole site and is selling it bit by bit, in the form of housing
plots. Sometimes, they use a slightly different conveyancing procedure from the normal one, to
make it easier to deal with a large number of sales at the same time.
On new-build properties, we’ll prepare a final completion statement showing how much money
you need in order to complete the purchase. This will include any extra payments that you
have agreed with the developer as well as any discounts they may have offered to you. We’ll
need this money from you as soon as we know the completion date from the developer, so you
should put it aside so you can access it quickly. Under anti- money laundering regulations, we
will need to see evidence of where the money came from before we can accept it.
Sometimes, new properties aren’t finished by the time contracts are exchanged. In this
situation, the completion date is described as ‘on notice’, which means you can move usually
around 10 working days after the house has been inspected and signed off as structurally
complete. The developers will let you (and us) know the completion date as soon as they can.
Normally, the developer will be able to give an estimated date for when the property will be
built. They will also provide a ‘termination date’, which is the latest date when they can finish
the building

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
AFTER COMPLETION
The seller’s or developer’s solicitors
send the signed deeds to us. This
confirms that your property now
legally belongs to you.
We will pay any stamp duty and
receive a certificate from HM
Revenue and Customs confirming
that the Stamp Duty Land Tax
form has been submitted. This
certificate is required to register the
transaction at the Land Registry.
We’ll send you all the necessary
documents once the Land Registry
stages have been completed.
Genuinely the
best service
I have ever
received from a
solicitor.
Taylor Rose MW
exceeded my
expectations.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
FREQUENTLY ASKED QUESTIONS
What is Shared Ownership?
With shared ownership, a house or flat is intended to be owned partly by the buyer and partly
by a developer or housing association. The buyer would pay rent on the share they do not own.
Sometimes, the share owned can be increased by buying more of it, and then paying less rent.
Mortgage providers will lend for shared-ownership properties, but there are strict criteria. The
mortgage must also be approved by the developer or housing association.
What are Restrictive Covenants?
Restrictive covenants are legal promises to do (or not do) certain things on a property. They are
usually set up by the former landowner or developer. Restrictive covenants are very important
as they bind whoever owns the property, even if that person was not the original person who
entered into the covenants. You need to consider how they will affect your use of a property,
and make sure you get permission in writing for anything that needs it.
How long will the purchase take?
It will ultimately depend on the type of transaction being dealt with, but most transactions
should go through to exchange within 12 to 16 weeks from receipt of the draft contracts on
a purchase. If you are selling as well as purchasing, or purchasing from the bottom of a large
chain of transactions then this timescale will be dependent on the whole chain being ready, but
we aim to have everything ready as soon as possible.
What is meant by a deposit?
A deposit is a down payment on the purchase of a property. Many buyer’s pay a deposit of
10% of the purchase price, and get the rest from a mortgage lender. Sometimes deposits are
less but this is agreed between buyer’s and seller’s on an individual basis. Deposits are usually
offered to the seller or developer when contracts are exchanged. The money is either paid on
exchange or held by the buyer’s solicitor and passed over, along with the mortgage money, on
completion. Deposits have to come from buyer’s own resources – in other words, not from a
mortgage secured on the property or other loans. In some situations, buyer’s can lose their
deposit if they pull out of the purchase after contracts are exchanged.
Why is conveyancing for a new build different from an ordinary purchase transaction?
New-build transactions involve the sale/purchase of a completely new property. Usually,
the developer owns the whole site and is selling it bit by bit, in the form of housing plots.
Sometimes, they use a slightly different conveyancing procedure from the normal one, to make
it easier to deal with a large number of sales at the same time.
What is ‘completion on notice’?
‘Completion on notice’ is where a fixed completion date is not available, usually because the
property is still being built by the developer. Normally, the developer will be able to give an
estimated date for when the property will be built. They will also provide a ‘termination date’,
which is the latest date when they can finish the building.
What are ‘Section 38’ and ‘Section 104’ agreements?
Normally, roads and sewers are ‘adopted’, which means they are maintained at the
taxpayer’s expense. Under these agreements, usually between a developer and the local
authorities, the developer commits to look after them until they can all agree on the best
way for them to be adopted.
What is a ‘Section 106’ agreement?
This type of agreement covers areas of open space. When a developer applies for planning
permission for a new developer, the council will usually require them to create communal areas
for the community to use, such as children’s play areas and green space, they may also provide
for things like bus services to new areas etc.
What is a coachhouse?
A coachhouse is usually a specially designed property that is an apartment situated above
garages or open accessways. Sometimes the property will still be described as freehold even
though others will have leasehold or other rights over the areas below it.
What is exchange of contracts?
Exchange of contracts is where the seller or developer and buyer formally commit to the sale
and purchase and a completion date is agreed. The two solicitors send each other contracts
to buy and sell the property, and the arrangement is then legally binding. Contracts are not
exchanged until both the seller, developer and buyer are definitely ready to go ahead. After this
point, neither side can pull out without suffering a financial penalty.

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
LEGAL TERMS EXPLAINED
We know that legal language can be confusing & daunting, so we’ve put
together this handy guide to clear things up for you:
BMV:
Boundaries:
where it is believed that the sale price of a property is
“below market value”
the legal definition of the limits of the property being
bought or sold. Boundaries are usually hedges, walls
or fences, and will be marked clearly on the deeds
Absent Freeholder:
A
a missing landlord
Bridging Loan:
a loan taken over a short period to bridge a gap
between the purchase of one property and the sale of
another
Abstract of title:
Adopted highway:
Advance:
a chronological summary of relevant title deeds
proving history of ownership
a road or path which is maintained by the local
authority at their expense. Distinct from an
unadopted or private road which is not maintained at
public expense
the mortgage money when it is paid by the lender
Building regulations:
Buy to let:
quite different from planning permission. These
rules set standards for the design and construction
of buildings to safeguard the health and safety of
occupiers or visitors to those buildings, and can cover
other issues such as access for the disabled
property usually bought by a person with the aim of
renting it out rather than living in it
Adverse possession:
Apportionments:
Assignment:
Assured shorthold tenancy:
Balance outstanding:
acquiring property through continuous occupation,
without the permission of the legal owner. Often
called “squatters rights”
when buying a leasehold flat, you will become
responsible for ground rent and service charges.
Apportionments cover the situation where the vendor
has paid for some of these charges upfront and in
advance. There will therefore will be a need for the
buyer to reimburse the seller on completion for those
costs that would be due for the post completion
period
the process of transferring a lease
also known as AST. A standard form of tenancy
agreement
B
the total amount of a loan outstanding at any one
time
Capped Rate:
Capital Gains Tax:
Certificate of title:
C
a variable mortgage interest rate which has a
maximum capped upper limit, and is usually only
available for a limited period
for landlords this means the tax paid when selling a
property that is not your main home. It applies to any
profit you have made on the increase in the property’s
price. The rate currently stands at 28% for higher rate
taxpayers and 18% for those paying basic rate income
tax
the document the conveyancing solicitor gives to
the lender to confirm certain statements about the
property. It confirms to the lender:
1. that the property has a “good and marketable
title” i.e. that there are no legal problems
with the property, so the lender can lend the
mortgage monies safely
2. who own the property after completion
3. the completion date
Bankruptcy Search:
a check your solicitor will carry out with the Land
Charges Register to make sure that there are no
existing or imminent bankruptcy proceedings against
the vendor
Chancel repair liability:
a financial obligation imposed on some property
owners to pay for certain repairs to a church, often
the local parish church

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Charge:
Chattels:
Collateral:
Commonhold:
a sum of money for which the property is being used
as security. Banks or Building Societies will register a
charge against a property if you are buying it using
mortgage funds
items of personal property left at a property after
someone moves out and which are included in the
purchase price. They are set out in the Fixtures,
Fittings and Contents form. However there is a
difference between chattels and fixtures. In general
terms, chattels are movable, such as furniture. In
contrast, fixtures are permanently attached to the
land and cannot be moved
an item up as security when taking out a loan
an alternative way of holding property and different
from both freehold and leasehold. It only applies to
flats or apartments. Commonhold provides a different
way for flat owners to share ownership of their block
Conservation area:
Contents insurance:
Conveyancing protocol:
Court Appointed Manager:
a geographical area where there are extra local
planning restrictions meant to ensure the safety of
the area’s architectural history
an insurance policy which covers all movable contents
inside a property against accidental damage or theft.
As distinct from buildings insurance which covers the
actual building
The Law Society Conveyancing Protocol provides
guidelines to follow when conveyancers act in the
sale and/or purchase of a home for an owneroccupier.
The Protocol aims to help standardise
the conveyancing process, make that process more
transparent and efficient as well as improve the
experience for solicitors, lenders and client
All owners of leasehold flats have the right to apply to
the First-tier Tribunal (Property Chamber) to appoint a
new manager of their block
Common Land Search:
Common parts:
Completion statement:
a search the conveyancer will carry out to establish
whether there are rights of fishing or grazing affecting
a property
those parts of the building enjoyed by everyone but
which do not form an exclusive part of any individual’s
flat e.g. communal gardens and stairs
a financial document detailing all the costs associated
with the purchase of the property. This is usually sent
out after contracts are exchanged, but before the sale
completes.
This document is particularly important as it sets out
the costs due to the conveyancer, including VAT and
disbursements
Covenant:
Deed of Guarantee:
Any restrictions and obligations which are associated
with the purchase of a property. An obligation means
you are legally obliged to take responsibility for the
upkeep of something on the property. A restriction
means you are forbidden from erecting certain
buildings or undertaking certain renovations
D
a type of binding legal contract under which one
person agrees to be responsible for another’s debt or
mortgage obligations if that other person fails meet
their own obligations. These type of agreements are
common with loans and commercial finance, as they
provide the lender with protection from a borrower
failing to pay as agreed
Compulsory Purchase:
where property is acquired usually by a public body
under an Act of Parliament, using an appropriate
Compulsory Purchase Order. This will often enable
the buyer to purchase the property regardless of the
wishes of the current owner
Deed of Postponement:
an agreement, normally between two lenders, where
they agree that one loan should be “postponed”
behind the other lender’s loan. Often this means
that one mortgage will become a 2nd charge ranking
behind the 1st charge registered at the Land Registry
Condition of sale:
the legal terms of the contract for the purchase of a
property
Deeds:
the legal paperwork setting out who owns a property.
This is kept by the owner, or by the mortgage

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Default:
Delayed completion:
Disbursements:
Down-valuation:
failing to make agreed mortgage payments
when you agree a purchase price and exchange
contracts with an agreed deposit in the usual way, but
completion of the sale is delayed for a period – which
can be years
Expenses incurred by the conveyancer or solicitor
when working for the buyer. The conveyancer will
pass these costs along to the buyer, but might add an
additional service charge
where the valuation provided (often by the lender’s
surveyor) is lower than expected or needed for the
mortgage application
Equity:
Exchange of Contracts:
First Tier Property Tribunal:
the difference between the market value of a
property, and the amount outstanding on a mortgage
this is stage when solicitors acting for both the buyer
and seller swap signed contracts and the deposit is
paid over. At this point in the conveyancing process,
the agreement between seller and buyer becomes
legally binding
F
the tribunal responsible for making decisions in a
number of property disputes – ranging from setting
the level of lease extension and enfranchisement
premiums to service charge disputes. Previously
known as the Leasehold Valuation Tribunal or LVT
Drainage search:
Easement:
Endowment Mortgage:
Epitome of title:
one of a number of searches carried out by your
solicitor – to check whether your property is
connected to mains water and drainage
E
legal term for the right to use someone else’s
property for a particular purpose. They include rights
of way, which are easements that allow the holder the
right to travel across another’s property
an interest only mortgage where you also pay for an
insurance premium on an endowment policy – in
place to pay off the original loan amount at the end of
the mortgage term
see abstract of title above
Fixed Rate Mortgage:
Fixtures and Fittings:
Flying freehold:
Freehold:
a loan with a rate that doesn’t change for a fixed
period (often 2, 3 or 5 years)
items in the property which can sometimes be
included or excluded from the property sale
where part of the property either overhangs or lies
beneath another person’s property – which gives
rise to the ‘flying’ part of the name. It does not apply
where a block is owned on a leasehold basis
a type of property ownership in which not only the
property is owned, but also the land on which it
stands. The freehold title owner will be registered at
the Land Registry, and the freehold can be bought and
sold
Enfranchisement:
Engrossment:
Environmental search:
the process under which the owners of residential
long leasehold flats come together to jointly buy
the freehold of their block from the freeholder. Also
applies to the freehold purchase of a house
the final version of a document which is the one all
parties sign
another of the searches carried out by your solicitor.
It will reveal such issues as whether or not there is a
flood risk or if the land your property is built on could
be contaminated
Freeholder:
Freehold Company:
Further advance:
person or persons owning a freehold property
a company that owns the freehold, usually of a block
of flats, following the process of enfranchisement.
One share is normally owned by each individual
leaseholder who participated in the freehold
purchase. Members are often described as ‘having a
share of the freehold’
taking on more borrowing from your existing
mortgage lender. This may be at a different interest
rate to your main mortgage

YOUR GUIDE TO CONVEYANCING
Gazumping:
Gazundering:
Ground rent:
Help to Buy:
HMO (House of Multiple
Occupation):
Indemnity Insurance:
G
happens when you accept an offer on your property
but then agree to accept a better offer from a
different buyer. Provided the price changes before
exchange (when a legal contract is created), this is
perfectly legal. It was very common in the 1980s but
largely died out. It tends to creep back in whenever
house prices start rising rapidly
the opposite of gazumping i.e. is when a buyer
reduces their initial purchase offer on a property,
before contracts have been exchanged. Much less
common when the housing market is strong and
prices are rising
a sum of money which has to be paid by a leaseholder
to their landlord each year. The amount of ground
rent will be stated in the lease. It could however be
subject to change at certain intervals. Ground rent
only applies if you have a leasehold property
H
a government scheme to assist first time buyers
A single property with at least three people living
together who are not from the same household
and share certain facilities (a family counts as one
household)
I
a policy taken out to give the owner insurance cover if
problems should be discovered with the legal title e.g.
a breach of covenant or there’s not enough evidence
to confirm the building regulations approval
Joint tenants:
Land charges search:
Land Registry:
Lease:
Lease extension:
Leasehold:
Leaseholder:
Leasehold information form:
Legal pack:
TAYLOR ROSE MW
If a property is owned by two people who are “joint
tenants”, this means that if one of them dies, their
share in the property will pass to the surviving tenant.
A joint tenancy trumps anything that is stated in a will
L
a check carried out by purchaser’s solicitor to make
sure that the vendor is actually the legal owner of the
property you are buying. It involves checking the ‘Title
Register’ and ‘Title Plan’ at the Land Registry
the official body which keeps records of property
ownership in England and Wales
an agreement between a tenant and freeholder,
setting out the deal for the occupation of a property,
often for a specific duration or term
the process by which owners of residential long
leasehold flats can individually compel or negotiate an
extension of their lease term with the freeholder
the owner has the right to live in a property for the
term given on the lease, but never becomes the
owner of the land where their property stands
person or persons owning a leasehold property
a standard Law Society form used where the property
involved is leasehold. Form TA7 asks a serious of
questions specific to leasehold properties. The
seller needs to complete this form in addition to the
Property Information Form
the set of documents prepared by the vendor’s
solicitor if the property is to be sold at auction
Index Map Search:
Japanese Knotweed:
a search of the Land Registry records to identify if a
particular piece of land is registered or unregistered
J
described by the Environmental Agency as
“indisputably the UK’s most aggressive, destructive
and invasive plant”. It can cause significant damage to
property and is difficult and expensive to eradicate
Lender:
Lender’s Arrangement Fee:
Lessor:
the person or company lending money to a purchaser
or owner. Usually a building society or bank
a fee charged by a lender to the purchaser for
arranging a loan
also known as a landlord – i.e. someone who grants a
lease to another, who is known as the lessee

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Licence to assign:
this is the formal permission granted by the landlord
to the leaseholder to buy the property’s leasehold
recover any losses from the person taking out the
mortgage
Limited Title Guarantee:
Listed building:
Local Searches:
LTV or Loan to Value.:
used where the seller of the property has no personal
knowledge of the property – as is often the case when
the sale is being made by the executor of an estate.
The vendor is not guaranteeing whether or not there
are any rights or covenants over the property because
of their lack of knowledge
a property included on a list of buildings which are
considered to have historic or architectural interest.
Listed status can limit alterations to the building
your conveyancer will conduct searches at your local
Council covering services and planning. This is done
early on in the property purchase, and is designed to
make you aware of any plans the Council might have
which could affect your property once you’ve moved
This refers to the % of a loan in comparison to the
purchase price of a property
Mortgage offer:
Mortgagee:
Mortgagor:
Negative equity:
NHBC:
this sets out the terms on which your mortgage
lender is prepared to loan to you – will include the
sum to be borrowed, the interest rate and the period
of repayment
the institution lender the money, which is usually
a bank or building society. A mortgage is secured
against the property
the person borrowing the money
N
a situation where the amount of your mortgage or
other loan on the house is more than the house is
currently worth on the property market
abbreviation of National House Builders Council. They
give a ten year guarantee and insurance protection on
new build properties. Other similar insurance policies
are available – but NHBC is probably the best known
M
O
Managing Agents:
Mining search:
Modern Method of Auction:
a company appointed to manage the block of flats
and collect service charges – and appointed by the
freeholder, residents’ management company or right
to manage company
a search carried out by your solicitor to check if there
is any chance of mining activity having been carried
out underneath the property you are looking to buy
or in the nearby area. Most important in areas where
there is current, or has been historic, coal mining.
Intended to deal with the risk of subsidence
a variation on the traditional property auction, held
online
Off plan:
Office copies:
Open Market Value:
Overage:
buying a property, based on plans, before it’s been
built
this is the legal document which sets out ownership
of your property. It is kept filed at the Land Registry.
When conveyancing starts, your solicitor will ask for
office copies to be sent to him or her
the likely value of any particular property in the
current housing market
an additional sum which may be due to the vendor
after completion if a specified condition is satisfied
e.g. grant of planning permission, or sale of properties
subsequent built on that sold land
Mortgage:
money given to you to buy a property, using that
property are security. If you don’t pay, the lender
usually has the right to sell the property
Part Exchange:
P
where one property is used as part payment for the
purchase of a property, usually a new build
Mortgage Indemnity Policy:
A lender will take out this sort of policy to cover their
losses if a property has to be repossessed. The insurer
providing the policy usually has the right to try to
Participation Agreement:
a formal document used in the enfranchisement
process committing those involved to jointly buying
the freehold of their block

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Party wall:
Periodic Tenancy:
Property Information Form (PIF):
Possessory title:
Quiet enjoyment:
Redemption:
Redemption penalty;
Registered land:
Remortgaging:
a wall built on the property boundary which gives
support to the structures on both sides of the
boundary. Can be the cause of disputes between
neighboursthe freehold of their block
a lease that runs from week to week, or month to
month. As distinct from a fixed tenancy or a long
leasehold (where the lease was originally granted for
a minimum of 21 years). This includes a fixed term
tenancy that has expired without a new fixed term
tenancy having been entered into
officially known as form TA6, this is a series of
questions which the seller must complete. It is part
of the contract pack, and the purchaser is entitled to
rely on the information contained in it. That means it
must be accurately completed. It covers issues such as
boundaries, any existing guarantees and information
about work completed at the property
a category of ownership where an owner is unable
to provide documentary evidence of their title to
the land or where someone has claimed ownership
through adverse possession
Q
A covenant that provides a tenant or landowner with
the right to the undisturbed use and enjoyment of
property. Please note that courts routinely accept that
any tenant has the right to quiet enjoyment of the
leased premises regardless of whether the tenancy
agreement contains such a covenant
R
the act of paying off your mortgage
a penalty payment charged under some loan
agreements by a lender if a loan is paid off before the
end of the term
any piece of land for which the Land Registry holds
details about its ownership
the process of clearing one mortgage with the
proceeds from a fresh mortgage with the same or
a different lender and using the same property as
security
Repayment Mortgage:
Repossession:
Requisition on title:
Residents’ Management Company (or
RMC):
Residents’ Association:
Reservation fee:
Retention:
Right of way:
Right to manage:
a loan where a share of both interest and capital debt
is repaid by monthly instalments. Often referred to as
a Capital and Interest Mortgage
the process whereby a mortgage company will take
over possession of your property if you fail to keep
up with your mortgage payments. This can lead
to eviction and the subsequent forced sale of the
property by the mortgage company
questions which the conveyancer might about the
legal ownership of the property, and how that should
be transferred
a company set up by residents to manage a block of
flats on behalf of the freeholder under the terms of
the lease. Each leaseholder is usually a shareholder,
with the RMC company often a party to the lease
an informal representative body of flat owners and
sometimes their tenants). It is fundamentally different
from a Residents’ Management Company, even
though its membership could be the same
a payment to a builder as deposit to reserve a
property not yet built
any money which is held back when buying a new
property until that property is fully completed
the legal right, established by use or grant, to travel
over someone else’s land to get from one point to
another
the process under which the owners of residential
long leasehold flats are legally entitled to come
together to jointly take over responsibility for
managing their block from their freeholder. This
is carried out under an RTM or Right to Manage
Company
S
Sealed bids: where potential purchasers are asked to submit
their offer for the property in a sealed envelope by a
particular date. Each bidder has no idea how much
other participants have bid. The highest bidder wins

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Searches:
standard questions carried out at the beginning of the
conveyancing process for buyers by your solicitor to
find out important information about the property.
They include a local authority search, environmental
search and drainage search. In some parts of the
country there will also include more specialist
searches – such as mining or radon gas searches
Subject to Contract:
Term:
An agreement which has not yet become legally
binding. In terms of property purchase, the deal is
“subject to contract” until contracts are exchanged
T
can refer to a lease term, which is the unexpired
length of the lease. Can also refer to a mortgage term
– the period of time agreed for repayment of the loan
Service Charge:
Shared driveway:
Shared ownership:
Sinking Funds:
Snagging:
money payable to a freeholder to cover maintenance
and repairs to a property
either a drive owned equally by all those who use it
or, alternatively, a private access road owned by one
person with permission for others who need access
to use it
a unique type of home ownership where you own
part of the property and rent the rest. The other
party is normally a Housing Association, and there is
usually the option to increase your ownership share
or by your property outright. It sometimes known as
“shared equity” or “Part rent, part buy”
monies collected from the leaseholders towards
maintenance of the building, including “future major
works”. These monies are held in trust, on behalf of
the building, so that cash is available when any work is
needed. Also known as Reserve Funds
checking a new build property for minor faults that
need to be corrected. Often contained in a “snagging
list”
Tenants in common:
Tenure:
Title:
Title deeds:
Title plan:
Title splits:
An arrangement made by two or more people who
own a property. If one of them dies, their share of
the property is passed on according to what their will
says. If they haven’t made a will, the normal laws of
intestacy apply
this refers to how property is held – freehold or
leasehold
the ownership of a property
the documents which prove your legal right or title to
your property. They include conveyances, contracts
for sale, mortgages and leases. You no longer need
these title deeds to prove ownership if the property
has been registered with the Land Registry
a plan held by the Land Registry showing the physical
extent of any registered land
technically title splits do what they say on the tin i.e.
they split or divide the title deeds of one building
or piece of land. As a result, there will be 2 or more
separate properties with their own separate titles
Staircasing:
Stamp Duty:
Statutory Lease Extension:
the process of increasing your ownership of the
shared ownership property (see above) – usually
through buying extra shares
the government tax on the purchase of property.
Sometimes referred to as SDLT (stamp duty land tax)
the legal right of leaseholders to compel their
freeholder to extend the lease on their property by
an extra 90 years, under S42 of the Leasehold Reform
Housing and Urban Development Act 1993 . This
formal route is quite different from an informal or
voluntary lease extension
Tracker Mortgage:
Transfer:
However when property investors refer to title splits
they often mean something which is technically
different – the division of a freehold building into a
number of separate leasehold units
a loan with a rate that moves up or down in line with
either the lenders or the Bank of England’s own base
interest rate
the legal document for the exchange of ownership of
the property

YOUR GUIDE TO CONVEYANCING
TAYLOR ROSE MW
Transfer of equity:
Tree Preservation Order:
where one or more of the existing legal owners agrees
to transfer ownership of a part share in the property
to another person. Commonly used for a transfer of
the former matrimonial home following divorce
often referred to as a TPO, these are usually made
by the local council to protect a specific tree or trees
from any deliberate damage and destruction. This
makes it a criminal offence to cut down, top, lop,
uproot, or wilfully damage any specified trees without
prior written consent from local council
Variable interest rate:
Wayleaves:
when the rate of interest on a loan is liable to changes
over time which are broadly in line with general
interest rates
W
a personal contract under which the owner or
occupier of land allows another to access their
privately owned land to carry out specified activities
in exchange for some form of compensation
Unadopted highway:
U
a private road or path. It is not necessarily a road
offering public access
a lease which is not held directly from the freeholder,
but from a tenant. This often arises when a tenant
creates a lease below their own existing lease. Many
leases will not allow an underlease
Underlease:
a lease which is not held directly from the freeholder,
but from a tenant. This often arises when a tenant
creates a lease below their own existing lease. Many
leases will not allow an underlease
Unexpired term:
the remaining term on a lease e.g. a lease originally
granted for 125 years, will have an unexpired term of
100 years after 25 years
Unregistered land:
land or property that is not yet been registered for the
1st time with the Land Registry. The title deeds (see
above) will be required to prove ownership
Utilities:
services provided to any property, including gas,
electric, water, phone land line and internet
Vacant possession:
V
where a property is sold without any occupiers – and
without any possessions belonging to the previous
owner being left in the property
Valuation Survey:
a mortgage lender will require this sort of survey to
be done to assess the value of the property they are
lending on

If you would like more advice regarding buying your
new home, please contact:
By telephone
0845 0341 555
By email
referrals@taylor-rose.co.uk
Visit our website
taylor-rose.co.uk
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