Translating Legal Jargon for House Movers
Your Guide to Understanding Property Transactions
Moving to a new home can be one of the most exciting yet stressful experiences. Amid the excitement, the barrage of legal documents and terminology can feel overwhelming. We believe in making your move as smooth as possible and our conveyancing department, Key2, is here to handle all the legal complexities so you can focus on settling into your new home.
In this blog, we’ll break down some of the legal jargon you’re likely to encounter during your property transaction.
Understanding Key Legal Terms
Memorandum of Sale
Once an offer on a property is accepted, a memorandum of sale is issued. Often abbreviated to MOS, this document outlines the details of the transaction, including the agreed price and the contact details of all parties involved. While not legally binding, it signifies that both parties are serious about proceeding with the sale. It’s usually written by your estate agent.
Title Deeds
Title deeds are the legal documents proving ownership of the property. These documents include the property’s historical ownership records and any rights or obligations attached to it. Understanding your title deeds is crucial as they confirm your legal ownership and any limitations that come with the property.
Exchange
The point at which contracts are exchanged and the sale becomes legally binding. Both parties are now committed to the transaction. This is the point at which the buyer pays the relevant deposit.
Mortgage Deed
If you’re taking out a mortgage, you’ll encounter the mortgage deed. This document outlines the agreement between you and your lender, including the terms of the loan and your obligations. Signing this document gives your lender a legal charge over your property, which means they can repossess it if you fail to meet your repayments.
TR1 Form
The TR1 form is a crucial document in the property transaction process. It’s the transfer deed used to transfer ownership of the property from the seller to the buyer. This form needs to be signed by both parties and is then submitted to the Land Registry. It might seem daunting, but this form is essential for legally transferring ownership and protecting your investment.
Completion Statement
The completion statement is a financial summary provided by your conveyancer detailing all costs involved in the transaction. This includes the purchase price, legal fees, stamp duty, and any other expenses. It ensures transparency and helps you understand exactly where your money is going.
Section 21 Notice
A Section 21 notice is part of the Housing Act 1988 and is used by landlords to evict tenants without a reason after the fixed-term tenancy ends. If you’re renting and planning to buy, or selling a property with tenants, understanding this notice is crucial. It ensures you know your rights and obligations whether you’re on the giving or receiving end. A Section 8 notice comes into play if your tenants have broken the terms of the tenancy. Read more about these on the GOV website.
Simplifying the Process with Key2 Conveyancing
Navigating these legal documents can be daunting, but that’s where Key2 Conveyancing steps in. Our experienced team handles all the legal intricacies, ensuring every document is correctly, checked and submitted. And with our online case tracker, you can check the progress of your transaction at any time, providing peace of mind and transparency throughout the process. Our conveyancers will update your case tracker with significant milestones and progress, eliminating the need for you to call or email and wait for a response.
Get a Fixed-Fee Quote Today
Ready to move? Let Axis Professional take the stress out of your property transaction!
Contact Key2 Conveyancing today for a fixed-fee quote and get the ball rolling on your home move or remortgage. Our expert team is here to ensure a smooth, hassle-free experience so you can breathe easy knowing everything is in hand.
For more information or to get started, email us, or fill out the contact form today and let us help you move with confidence.
Your move is our priority. Trust us to handle the legal details, so you don’t have to!
