Glossary 

A Chartered Legal Executive must specialise in conveyancing, land law and property litigation to carry out conveyancing work directly for clients. They are regulated by CILEx Regulation and must be a Fellow of CILEX specialising in conveyancing and property law. They may also have been awarded specialist qualifications or Practice Rights in conveyancing by CRL. There may be other CILEX members who are not Fellows but have gained conveyancing Practice Rights and are known as CILEX Practitioners.

 A Chartered Paralegal assists conveyancing lawyers with their work. They are regulated by CILEX

When the Buyer's legal professional transfers the remaining funds to the seller’s legal professional, and the Buyer takes ownership of the property

Conveyancing Lawyer: Legal executive, licensed conveyancer or conveyancing solicitor who does the legal work to do with transferring the ownership of land or buildings from one person to another. They will generally owe a duty to their client to take reasonable care when carrying out that legal work.

A conservation area is a place with special architectural or historic significance that's protected to preserve or enhance its character. This may mean that planning permission or conservation area consent is required for any alterations which would impact the look of the property or the area that it is in, for example installing uPVC double glazing.

A payment passed by the Buyer's legal professional to the Seller's legal professional upon exchange of contracts, which represents a percentage of the purchase price and which can be passed to the seller if the buyer fails to Complete after becoming legally bound to buy the property through the exchange of contracts.

An Energy Label with a ranking between A and G that also indicates running costs and suggests suitable improvements which can be made to a property to make it more energy efficient. An EPC must be provided to any potential buyer unless the property is exempt from EPC requirements. The EPC ranking needs to be at a minimum of Level E to be able  to let the property at the moment but that is likely to change after consultation in 2025 so do check if you intend to let the property out

A person/business who markets and negotiates on the sale of property; facilitating the introduction of buyers and sellers. Estate agents must make reasonable enquiries about a property and disclose any important information they become aware of to potential buyers

When contracts are exchanged between buyers and sellers via their legal professionals. Legally binding and commits  the parties to the property sale/purchase

The difference between the property’s value and the outstanding debts you owe on it.

A  fee payable under a term of, or relating to, a residential lease of a retirement property on certain events such as resale and sub-letting. An event fee is sometimes referred to as an exit or transfer fee

A certification scheme for replacement window installers. FENSA members are certified as competent persons and can self-certify that replacement windows comply with building regulations, meaning you don’t need a separate assessment from a local authority building control inspector. CERTAS is a similar organisation.

items in your property that are not fixed down e.g. carpets, curtain rails, free-standing ovens, fridges, freezers and washing machines.

Items in your property that are fixed to the floor or wall, e.g. light fittings, built-in wardrobes, boiler, radiators, plug sockets.

Sets out what fixtures and fittings are included in the sale of the property and which are excluded and which ones are available for sale.

Where you own the land and the buildings on it outright.

A payment generally made annually by the leaseholder to the freeholder under the terms of a lease. Historically many ground rents are set at a minimal ‘peppercorn’ rate; but it is also common for the lease to provide that the ground rent increases at intervals. For example, initial ground rent of £100 per annum going up after 33 years to £150 per annum and after 66 years increasing finally to £200 per annum. However, there can be substantially higher increases and more regular changes, so the amount and any consequential changes should be understood at an early stage.

The organisation which registers the ownership of land and property in England and Wales. 

An agreed level of service to advise clients on the condition and matters relating to a property. The home survey should not be confused with a mortgage valuation.

It  is advisable to employ the services of a qualified surveyor to conduct a home survey before purchasing a property.

Insurance that can be used during conveyancing transactions to cover a legal defect with the property that can’t be quickly resolved, or at all. The insurance will normally only cover the cost of defending a claim made against the owner of the property in relation to the defect and will not resolve the defect itself. You should therefore ensure that the property is safe and structurally sound. 

Lawyer is a general term used to describe people who provide legal services. Unlike terms such as solicitor or barrister, lawyer has no defined meaning in UK law.

A document which sets out the rights and duties of landlord, leaseholder and any other party, such as a management company, who has rights and obligations in the lease.

Where you own the right to occupy a property for a fixed number of years, typically 99 years or more. 

Licensed Conveyancer is a qualified and regulated specialist in conveyancing and property law. They may also be a probate lawyer, dealing with grants of probate and the estates of people who have died. They are regulated by the Council for Licensed Conveyancers.

Listing marks a building’s special architectural and historic interest, and brings it under the protection of the planning system. Depending on the category of listed building and the scope of alterations a householder may wish to make, listed building consent will need to be secured to make any changes that might affect the building’s special interest. 

LA set of information about a property and/or land and the local area provided by the relevant authority.

Important information about a property including what tenure it is, length of time remaining on a lease (if leasehold), and how much of the property is owned and how much rented (if shared ownership) as well as restrictions which might impact how the property can be used, altered and enjoyed.

A written statement from a lender to say that ‘in principle’ they would lend a certain amount to a particular prospective borrower

An assessment made by your mortgage provider as to whether they are willing to lend you money against a property. This is not the same thing as a survey

When your home is worth less than the amount you owe a financial provider or other organisation for your mortgage

Ombudsman An official organisation appointed to investigate individuals’ complaints against a company or organisation.

The process through which someone is given permission to deal with the estate (belongings and debts) of someone who has died.

Linked property transactions, where a seller of one property is a buyer of another.

 Property Logbook is an online or digital service which captures all useful and relevant information about a home in a secure and standardized way. Its a digital version of that box of documents in the attic or that kitchen drawer full of paper and gives the homeowner control and peace of mind.

A standard set of questions answered by the relevant authority. A legal professional will conduct legal searches when you are buying a property to ensure there are no other factors you should be aware of. Some searches will be recommended by your legal professional for all purchases and others will be required by the mortgage lender to protect them from any liabilities that the property may have.

The amount it will cost to pay back your mortgage early, which consists of the remaining unpaid mortgage, any early payback charges and a certain amount of interest

All estate agents are legally required to be members of a redress scheme. Schemes may be able to resolve disputes between estate agents and consumers once internal complaint processes have been exhausted. More information is available on the government’s website.

A payment made from one business to another in exchange for referring customers to them

The following specific and protected titles give you certainty that you are dealing with a regulated individual (an Authorised Person in terms of the Legal Services Act 2007) which is required for conveyancing and which gives clients protections should something go wrong. 

An agreement between the buyer and seller where each commits to a property transaction. May include a financial penalty for pulling out of the agreement to cover costs incurred by the other party during the transaction process.

A payment made to a seller to secure a property.

A  contribution payable by a leaseholder typically to a freeholder or managing agent, for a share of the cost of insuring, maintaining, repairing, and cleaning the building and common areas

Defects or unfinished pieces of work in a new build home

An offer has been made on the property and the seller has accepted it, but they have yet to exchange contracts, so it is not legally binding.

This type of contract means that the estate agent is the only one able to sell a property during the period set out in the agreement. This means that even if the seller finds a buyer themself, they will still have to pay commission fees to the estate agent. If a seller engages another estate agent during the period stipulated and find a buyer through them, the seller may find they are liable for dual fees where both agents require payment

An agreement between the buyer and seller where each commits to a property transaction. May include a financial penalty for pulling out of the agreement to cover costs incurred by the other party during the transaction process.

An agreement between the buyer and seller where each commits to a property transaction. May include a financial penalty for pulling out of the agreement to cover costs incurred by the other party during the transaction process.

Sets out information relating to a property for sale; e.g. boundaries and disputes. Usually completed by the seller and reviewed by their legal professional to identify relevant Material Information and checked by the buyer's legal professional against authority data. The seller has a legal obligation to be truthful in any information which they provide and not to omit information would impact a buyer's decision.

The same as ‘sold subject to contract’ – an offer has been made on the property and the seller has accepted it, but they have yet to exchange contracts, so it is not legally binding

Lawyer, Conveyancer and Paralegal are general terms used to describe people who assist qualified and regulated lawyers undertake conveyancing work. Unlike terms such as solicitor or barrister, Lawyer, Conveyancer and Paralegal have no defined meaning in UK law. These titles are not regulated and do not carry any client protections in their own right

Provides a professional assessment of the value of the property. There are different types of valuation, including market appraisals carried out by estate agents, formal valuations undertaken by valuers on behalf of the seller, and mortgage valuations undertaken on behalf of the buyer’s mortgage provider. These are not the same as a home survey which considers the structural condition of the property, within the terms agreed by the surveyor, and which are undertaken for the benefit of the buyer