When you’re getting into the property market, it’s important to know all of the relevant lingo so that you don’t miss out on anything when specifics are being discussed. Here, we will outline all of the terms that first-time buyers need to know before they take the plunge with their first purchase, so continue reading to learn more.

1. Conveyancing

The legal process of transferring the ownership of a property from the seller to the buyer. It’s the branch of law concerned with the preparation of documents for the conveyance of property.

2. Instruction

When you officially hire a solicitor or licensed conveyancer to act on your behalf. They can help you with any part of the process.

3. Vendor

This is basically another word for the seller, so if you ever hear this word being used it will be referring to the current owner of the property.

4. The Chain

A sequence of buyers and sellers linked together. If the person at the top can’t find a home, everyone below them is stuck and the deal cannot progress any further.

5. Memorandum of Sale

A document issued by the estate agent that summarises the agreed price and the contact details for both parties' solicitors.

6. Property Searches

Checks conducted with local authorities and utility companies to ensure there aren't any nasty surprises. For example, there could be a new highway planned for where your backyard currently is, which can affect plans.

7. Title Deeds

The legal documents that prove who owns the property and under what conditions. This is important to ensure that the vendor is legally able to sell the property.

8. Disclosures

Forms where the seller lists exactly what is staying with the house, which can include anything from the garden shed to the rocks currently placed outside the property. It also covers any known issues with the property.

9. Enquiries

Questions your solicitor asks the seller’s solicitor to clarify issues found in the deeds or searches. This is so that they can get a full understanding of how well the property functions and if there’s anything that could affect the price.

10. Indemnity Insurance

A policy used to protect you against a specific legal defect that can’t be easily fixed, such as a missing building permit for an extension built 10 years ago. Anything wrong with the property can change the price, so you need the insurance on hand to help with this.

11. Conveyancing Negligence

When you instruct a conveyancer, you expect the transaction to be completed according to plan. Mistakes in this area can be costly for you and lead to financial loss. Conveyancing negligence solicitors can help you get compensation for this.

12. Disbursements

Third-party costs your solicitor pays on your behalf, such as search fees or Land Registry charges, which they then bill back to you once the process is completed.

13. Exchange of Contracts

This is known as the point of no return. Both parties sign the contracts, the deposit is paid and the deal becomes legally binding. If you pull out after this, you lose your deposit and could get into some legal trouble.