Conveyancing: 12 Key Terms (part 3)

conveyancing solicitors

This week we continue with our series of 12 conveyancing key terms explained in a no nonsense, plain English way. Here are another 3 key terms you need to understand in conveyancing work:

No 7: ‘Equity’

‘Equity’ actually means fair, impartial treatment – it relates to integrity and decency, so it is a relative term. However, in various industries, it isn’t relative, it is specific. The term ‘equity’ is used in trading, investment and finance with many variants, but pertaining to monetary or assets value. In conveyancing, ‘equity’ is the equation result between the property’s current market value and what you owe to your mortgage lender. Deduct the outstanding mortgage from the market value of the property and you have your equity.

No 8: ‘Appraisal’

An appraisal is what someone thinks your property is worth. It is an informal process usually carried out by an estate agent. The agent checks your property and makes a decision based on what they see in your property and what they know in relation to the market. It isn’t a formal process so it will likely differ from the actual formal process, which is ‘Property Valuation’. Property appraisals are generally free and we advise you to get several estate agents to give you this service before you move on to the property evaluation process which incurs a fee.

No 9: ‘Valuation’

A property valuation is basically the process of assessing your property value. This can be carried out by an estate agent but it is also carried out by a licensed valuer and there’s usually a fee to be paid. Your property will be inspected by the valuer and they will then assess the value of the property in line with the current market. It’s important to be aware that an estate agent’s valuation might differ from the licensed valuer. The valuer will look at the condition of the property, the size and the location.

Next week is the final part of this series of 12 key terms about conveyancing that you need to know. If you are thinking about buying or selling a property or land, please give us a call for an informal discussion. We will help you demystify any jargon in the conveyancing process. SG

Make An Enquiry

Call us now on 020 7113 4003 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.

Free Enquiry

Back to all news

Share Article With:

Make An Enquiry

Global Excellance Awards

Client Reviews

DG Law were fantastic throughout our purchase process. We had a short, fixed, timeline to

Venetia Lawson-Cruttenden [solicitor] is fantastic!  She is always so thorough and efficient and gives you the

DG Law supported us through a very difficult contractual negotiation to achieve exactly the outcome

We were very pleased with the way that DG Law helped us on our transaction

Thanks for all the help from DG Law in pulling together our somewhat complicated loan. 

DG Law resolved a difficult lease renewal for us and their services were excellent –

I needed understanding and experienced legal advice. DG Law provided an excellent service at a

My experience was second to none – the service was professional and personal. DG Law

DG Law always step up to the plate on our transactions and handle the various

DG Law was recommended to me and my partner and I received excellent advice –

Having worked with DG Law a number/couple of times now, I have been really impressed

DG Law were constantly at hand, and kept pro-active throughout the thorny process of getting

DG Law organised and ran a very useful session to help to make our team’s

DG Law came recommended to me and whilst setting up a new business it was

We were recommended three lawyers to handle the sale of our seven year old successful

Why Choose Us?

We live by our core values of transparency, flexibility and being honourable – every day

We put ourselves in your shoes so we understand your problems from the inside out

We deliver our advice in a way that is easy to understand