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Bankruptcy Search

 

Check made with the Bankruptcy Register just before completion to make sure a buyer is not bankrupt

 

Chancel Repair Liability  

 

Very occasionally a property will come with an obligation to repair the local Church of England Parish Church. Although rare, it can be extremely expensive and it is possible both to search against and insure against this possibility

 

Chattels  

 

This word is used for personal possessions, furniture etc – if contents are included in the sale, this is what they are called.

 

Completion

 

The day on which the property is changes ownership. The seller must usually move out and the buyer may move in on this date. There are usually serious legal and financial consequences if either the buyer or the seller does not 'complete' on the completion day

 

Contract 

 

A legally binding agreement which sets out the terms of the sale. Once contracts are 'exchanged', the transaction becomes legally binding.

 

Conveyancer  

 

A person carrying out conveyancing work, usually employed by a Solicitor.

 

Conveyancing  

 

The procedure for transferring ownership or property rights from one person to another

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GLOSSARY OF TERMS

Property / Glossary Of Terms