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Although every industry can feel as though it has its own secret language the legal dictionary is especially jam packed with jargon and specific terms and we fully appreciate that all of the terminology can leave your head in a spin! Although here at Hunton and Garget we pride ourselves on not using unnecessary jargon, we know that there are a few terms which people still find confusing so in this blog we will clarify the A-Z of the most common ones we get asked about.
Assets – Items owned by a person or organisation – these often have some value but can also be sentimental possessions
Beneficiary – Someone who is entitled to a benefit (e.g. under a will or trust)
Completion – The day on which the transaction goes through, and keys are handed over. Not to be confused with exchange of contracts, which typically (but not always) happens a few days beforehand.
Deeds – A collective term generally used to describe all the legal documents associated with the ownership of a property. The deeds will demonstrate the seller’s ownership of the property, and also contain the details of any rights and covenants affecting the property. The old system of paper Title Deeds have now largely been superceded by the system of land registration at HM Land Registry.
Disbursement – Fees paid to organisations as required as part of legal services. For example, a payment made by your solicitors to a local authority for property information during a purchase
Easement – A right enjoyed by one property over another, most typically a right of way.
Exchange – The point at which both buyer and seller become bound by the contract to complete the transaction on the agreed completion date. Not to be confused with Completion, which is where the keys are handed over. Completion usually happens a few days after Exchange of Contracts.
Indemnity – Compensation for, or protection against, loss or damages which might be given by one person to another within a contract
Powers of Attorney – A written authorisation to represent or act on another’s behalf in private affairs, business, or some other legal matter
Probate – A legal permission provided by a Probate Registry for someone to deal with another person’s estate after they die
Stamp Duty Tax – A tax which must be paid to HM Revenue and Customs when purchasing a property in England, unless a relief applies, e.g. first-time buyer relief. The current SDLT threshold and reliefs can be viewed on the Government website here
Vendor – The seller of a property.
We hope that this has helped to demystify a little of the legal language – and as always, we are here to help with any other jargon you may need help with!
