Caveat Emptor
Caveat emptor is a Latin term that literally means ‘let the buyer beware’. The legal principle that dates back centuries is still relied on in the modern conveyancing process. It places the onus on the buyer to discover if there are any physical defects in the property or legal issues relating to the property. The main reasons why caveat emptor still applies are: the seller is not obligated to reveal defects in the property and the buyer’s purchase is not protected by a warranty. The buyer must commission and be satisfied with their own surveys against the property prior to an exchange of contracts.
Chain
A property chain is when home buyers and sellers are linked together because their purchase or sale is dependent on another transaction. This is most relevant to home movers who will be buying a new home and selling their current one at the same time.
Charge
A debt secured against a house or another property that you own.
Chattels
Chattels is the legal term for what is usually described as house ‘fittings’. When a property is sold, chattels are not included in the transaction. They are personal property items which means that the seller may agree with the buyer to leave specific items in the property. These are detailed on the Fixtures, Fittings and Contents Form.
Client Care Letter
A client care letter will be sent by your solicitor for you to sign and return. It is a formal contract and must be read carefully. It will detail what services you will be provided and a breakdown of the cost, plus the solicitor’s complaints procedure.
Coal Mining Search
If the property is located in a coal mining area this search will be conducted by the property lawyer to discover if coal mining activities will affect the property in the future.
Commons Registration Search
A search conducted by local authorities to check if a property is registered as common land or connected to a village green, resulting in third party rights over the property.
Completion
The point at which the buyer becomes the owner of the new property and the seller ceases to own the property. At the point of completion the buyer will transfer the remaining purchase funds and the seller will hand over the keys to the property. The completion date is the date completion takes place and is fixed on formal exchange of contracts.
Completion Statement
A statement of all the payments due and expenses payable at completion. This includes items such as estate agent’s fees, solicitor’s fees, disbursem*nts and Stamp Duty Land Tax.
Compulsory First Registration (CFR)
Compulsory first registration is the process which transfers property from the Registry of Deeds to the Land Registry. If a property is being purchased and the title is currently within the Registry of Deeds, compulsory first registration will be activated and the property must, at the completion of the purchase, be registered by the Purchaser’s Solicitor in the Land Registry.
Conservation Area
If the property to be purchased is situated in a conservation area protected by a local authority, it could be subject to exterior planning restrictions to preserve the look of the area.
Contract
A contract is the legally binding document, which is signed by both the seller and purchased separately. For most residential property transactions, the contract is governed by the Law Society, General Conditions of Sale. The sellers Solicitor will draft the contract, sending this to the purchaser’s Solicitor for their approval and addition of any special conditions pertinent to the transaction.
Covenants
A covenant is a provision, or promise, contained in a deed to land. A covenant may restrict the use of the land or require you to seek permission of the covenantor before carrying out alterations to the property. This is intended to retain uniformity of the appearance of properties within an estate of houses for example. A covenant can be really important as it may affect the value of land or its intended use.
Conveyance
A common term for the legal document that officially confirms the sale or purchase of a property or land. The transfer is conducted using a Transfer Deed/document however in some cases a conveyance may be used.
Conveyancing
The legal process of transferring the title of a property from one person to another.
Conveyancer
The lawyer that deals with the conveyancing process. Most conveyancers are regulated by CILEX, CLC or the Law Society.
