Widely considered to the be the most complicated process of the house-moving process, conveyancing has earned quite a name for itself.
Here at My Big Move, we want to end any uncertainty you may have with the different jargon and legal terms that most conveyancers might use.
So, we decided to make a handy terminology guide for those who are unfamiliar with the subject.
Conveyancing = this is the legal process of transferring ownership of a property from one party to another.
• I.e. Lots of paperwork. Lots of checking over things to make sure the sale or purchase is legally valid.
Conveyancer = The legal people who do all this paperwork stuff. They thrive off it. It's true, honestly.
• Conveyancers are also known as: property lawyers or property solicitors.
Mortgage Lenders = An organisation (commonly a bank) that lends money for the mortgage.
• E.g. You are likely to approach Nationwide, HSBC, Natwest etc. for them to set up a mortgage.
Conveyancer Fees = The cost of the conveyancer during their job. This is made up of a fixed fee and a set of disbursements.
• E.g. £200 fixed fee. £800 in total disbursements.
Disbursements = These are costs incurred by the conveyancer during their legal work. You must pay these. Not them.
• E.g. A Drainage Search on the potential home would cost between £30-40 + VAT. There are other similar searches that they must carry out.
Quote = Estimated price of a job or service given to a potential customer. A conveyancing quote works the same.
• E.g. You’d be quoted £1500 for a porch extension on your house.
Online Conveyancing = Conveyancers/solicitors that solely work/have a presence online. This cuts costs for both you and them.
• I.e. They only have a website that they operate the business with. All communication is done through the site/email/phone.
Estate Agent = A person/company whose job involves selling and renting out buildings and land for clients.
• E.g. You would list your house/search for a house at an estate agent.
Contract = A contract is a voluntary arrangement between two or more parties that is enforceable by law as a binding legal agreement.
• I.e. You need to make sure you know what you're doing when you sign one of these.
How My Big Move Can Help
Conveyancing can seem confusing, but that’s why the job is there. It’s all the legal stuff that goes into buying/selling a house.
My Big Move makes it very easy to find the most suitable conveyancer for you. Click on the button below to have us provide you with quotes from the most trusted companies, both local and nationwide, to help you find the best option for your house move.