Residential conveyancing glossary

Completion

Completion day is the day when the monies are transferred from conveyancer to conveyancer and it is the day you can get your keys and move into your new home. You must fully vacate your sale property by this day.

Conveyancing

Conveyancing is the term for transferring ownership of property from one person to another. This can be much more complex than other types of transactions, as your lawyer will have to carry out a number of checks in relation to the property and the land it's on.

Court of Protection

This is a specialist court for all issues relating to people who lack capacity to make specific decisions. The court makes decisions in the best interest of those who lack capacity to do so.

Declaration of Trust

A document stating that certain assets are held by one or more persons for themselves or others (or a combination of both) and setting out the entitlement of each of those persons to the assets or their sale proceeds.

Exchange of contracts

Once the buyer and seller (and any other buyers and sellers in a property 'chain') have signed their respective contracts and a completion date has been agreed, the conveyancers will exchange contracts. The exchange process takes place over the phone, to a prescribed formula. The date and time of exchange are recorded by both conveyancers, at which point the contracts become legally binding.

Joint tenancy

Joint property held on terms that, if the joint property is sold, the joint tenants will share the sale proceeds equally between them - if one of the joint tenants dies, the joint property will pass automatically in its entirety to the surviving joint tenants. A gift of the joint tenant's share of joint property by Will is not effective.

Lasting Power of Attorney

A legal document that allows you (the Donor) to choose someone (the Attorney) who you trust to make decisions on your behalf if in the future you lack the mental capacity to make those decisions yourself. The decisions could be about your property and financial affairs or health and welfare. An LPA can only be used after it is registered with the Office of the Public Guardian.

Office of the Public Guardian

Supports and promotes decision making for those who lack capacity or would like to plan for their future.

Tenancy in common

Joint property held on terms that, if the joint property is sold, the joint tenants will share the sale proceeds between them in the shares set out in the deed or other document by which the tenants in common acquired their interests in the joint property. If one of the tenants in common dies, the share of joint property to which the deceased was entitled will pass into his or her estate and be dealt with in accordance with the terms of the Will or Rules of Intestacy. A gift of the tenant in common's share of joint property by Will is effective.

Trustee

A person to whom legal title to property is entrusted to hold or use for another’s benefit.