Moving Home Glossary
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Bankruptcy Search
If the transaction is to be funded or partly funded through a mortgage then it is usual for us to receive instructions from the mortgage lender to act on their behalf also. There are therefore additional obligations upon us, one of which is to undertake a bankruptcy search against the prospective purchaser or purchasers.
Draft Contract
The contract is a legal document that sets out the terms of the sale process. It is drawn up by the seller's solicitor using information from the deeds of the property. The contract will contain details of the property and items that are to be included in the sale, the buyers and sellers, how much it will be sold for, and the date on which the transaction will take place. However, it is not a standard contract and is likely to change or clarify in detail quite considerably over the course of the coming weeks. The contract has two parts: Particulars of Sale and Conditions of Sale. The Particulars describe the property and details of the lease or freehold. The Conditions have information about the proposed completion date and any deposit required when contracts are exchanged.
Land Registry Search
A Land Registry search enables your legal representative to determine whether the property has a registered title. The search will provide you with a copy of the Land Registry registered title including ownership details, date of registration, last change of ownership/sale, purchase price (not all have this registered), details of charges, mortgages (not amounts), restrictions and covenants, title number.
Official Search
The official search is conducted by trained and dedicated staff employed by your local council in their Local Land Charges unit. The vast majority of local authorities now complete this process within just a few days. There are many advantages to using the official search product, not least of which is that, should you have any follow-up enquiries, you can go straight to the authoritative source for clarification.
The official search will bear the logo of the council which provides it and the search certificate will be signed by an officer of the council. Only Local Authorities are permitted to produce and sign a Certificate of Search.
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