This is our final part of the Conveyancing: 12 Key Terms series. We hope you’ve enjoyed reading this series on conveyancing terms explained and hope also it’s been useful to you. Of course conveyancing is a complex process with an array of technical terms that carry legal implications. So if you are unsure about any aspect of conveyancing, please let us know. If you are planning to buy or sell your property, please give us a call for an informal discussion.
So here are now the last 3 conveyancing terms we’ve chosen for you:
In the event of death of the land or property owner, an ‘assent’ is the legal document that grants the transfer of property ownership to the beneficiary. The HM Land Registry section of the government’s website contains a step by step guide on how to complete the various types of Assent Forms.
When you buy property, you have to pay SDLT on residential property valued at over £125k and non-residential property valued at over £150k. If you are a first time buyer, you will get tax relief if the property is valued at less than £500k. Your conveyancer will file an SDLT return form to HMRC and pay the tax within 14 days of completion. You can get more information on HMRC’s website.
The freeholder could be you or the land owner or building owner where the property is situated. If you buy property, it stands on a land, so you either buy the land and property or just the property. In the case of a block of flats, you own the flat but the freeholder owns the building – the block of flats. Each flat owner will pay a fee to the freeholder. If you are planning to buy property, then the land owner will be entitled to ground rent. You could plan to buy the freehold of your property – a property solicitor will be required to carry out all the legal work. You can get more information also from the Lease Advisory Board
If you are planning to buy land or property, or if you are considering ownership of the freehold, please give us a call for an informal discussion. SG
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