If a mortgage is involved, this search is done against the names of the party by the party's solicitors as it is an offence for someone who is bankrupt to obtain credit.

The parties involved in inter-reliant property transactions, e.g. Mr A cannot buy Mr B's house until Mr A has sold his house to Mr C.

The date the transaction relating to the sale/purchase of a house is completed, following the exhange of contracts. This is the date the buyer becomes the legal owner of the property.

A financial statement from the solicitor detailing all financial transactions. The statement includes all costs.

The terms by which the buyer and seller agree to buy/sell the property. The Law Society (www.lawsociety.org.uk) sets the standard conditions. The lawyer sets any required special conditions.

The legally binding agreement specifying all details of the house sale or house purchase. This contract legally commits both the buyer and the seller to the transaction. The house seller's conveyancer draws up two copies of the same contract, and each party signs their own copy. When both parties are ready to legally commit, the two contracts are exchanged. After this point, neither party can withdraw from the transaction.

The property lawyer who manages all of the matters arising from the sale of a house or the purchase of a house. This can be a Solicitor or a Licensed Conveyancer.

The legally binding document that transfers the rights of the land.

Conveyancing is the legal process of transferring property rights from seller to buyer (for a sale/purchase), or switching a mortgage from one lender to another (for remortgaging).

See Title Deeds

The amount paid by the buyer at exchange of contracts, which is only refundable in exceptional circumstances. The deposit is usually 10% of the purchase/sales price but can often be negotiated to a lower level.

Services paid for by the Conveyancer on the buyers behalf such as stamp duty, land registry charges and search fees.

Electronic searches allow for a quicker turnaround time and discounted search fees.

A list of the items at the property, detailing what is to be included or excluded from the agreed price.

One of the two current tenures of land recognised by English law (the other is leasehold). This recognises the whole of the land not just a building.

When the house seller accepts a higher price offer from another buyer, after the initial offer has been accepted. This is considered to be unethical, but it is not illegal.

When the house buyer lowers his offer after the sale has been agreed. This is considered to be unethical, but it is not illegal.

When the house buyer lowers his offer after the sale has been agreed. This is considered to be unethical, but it is not illegal.

An insurance taken out by conveyancing firms to cover the risk of losses to clients that may arise from errors or fraud in dealing with their matters.

The Land Registry is the official body responsible for recording the ownership of land. (www.landregisteronline.gov.uk).

Fees paid by buyer's conveyancer (on the buyer's behalf) to register the ownership of property with the Land Registry.

Not all property in England and Wales is registered with the Land Registry. This fee covers a search to check whether the property is registered or not.

The second current tenure of land recognised by English law. This is over a term of years and not forever. There will be a landlord who will own the freehold. This usually relates to a flat or apartment.

There is a great deal of extra legal work involved when buying a leasehold apartment as compared with a leasehold house. This extends to issues such as the flat management company that looks after common parts and the much longer and more complex documentation that is required in a multi-tenanted property.

This cost covers the time your solicitor will need to spend on your conveyancing, as given in your quote. If your sale or purchase does not complete then we will not charge you a legal fee.

A Licensed Conveyancer is a specialist property lawyer – someone who is trained and qualified in all aspects of the property law.

A list of queries about the property that is sent to the local authority. It may include questions about:

• Planning applications on the property (but not the surrounding area)
• Whether or not it is a listed building or in a conservation area
• Who is responsible for access road maintenance

Very importantly, the local authority search does not give details on planning applications for neighbouring buildings.

A loan to help buy a house. The loan is secured on the property to prevent you selling the property without paying it off at the same time.

The legal agreement that gives the lender a legal right to the property.

This is the amount of money required to pay off your existing mortgage at the date of completion of your sale.

A penalty which can be charged by your existing mortgage lender if you pay off your mortgage early or you move to a different mortgage (remortgage).

These are official copies of the title deeds and registered deed plan (a diagram showing boundaries etc) of the property issued by the Land Registry.

A person who specialises, and is qualified to practice, in property law.

When a borrower takes out a new mortgage with a new lender on the same property and repays the existing lender. Remortgages are usually used to get a better deal from the new lender or to raise funds by increasing the size of the mortgage.

A method of checking matters that may affect the value of the property. The only mandatory search before exchange is a Local Authority Search, which covers items such as road maintenance, planning applications etc. The search covers the property itself, not the surrounding area..

The Government introduced new legislation that replaced the old Stamp Duty and requires the completion of a lengthy form. This is something that we prepare for you free of charge to check and sign. It is an offence not to submit a duly completed form immediately following the completion of your purchase.

A survey giving details about the building and its integrity.

A provisional agreement between the house buyer and the house seller that is not legally binding.

This is the bank fee for paying out the money on completion by CHAPS transfer to ensure that the money arrives on the right day.

These are the documents which show who owns a property and also contain details of any other legal matters affecting the property, such as restrictions on the use of the property, rights of way and financial charges secured against it. The Title Deeds will vary in format depending on whether the property is registered or unregistered land.

The final document that transfers ownership of the property from the seller to the buyer.

A survey to allow a property value to be determined for mortgage purposes. This is not to be confused with a structural survey. A valuation survey is usually required by mortgage lenders.