Property FAQs

At Watson Ramsbottom, we’re committed to guiding you through every step of the conveyancing process with clarity and care.

This comprehensive FAQs page is designed to answer common questions and provide insights into the various stages. Whether you’re a first-time buyer or seasoned mover, our goal is to make the process as straightforward and stress-free as possible.

Purchase ADDITIONAL FAQs jargon buster
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Your Purchase Journey

Step by Step

Buying a home is exciting, but we know it can feel like a lot to take in. Below is your journey. You can follow along as you reach each step, leading you all the way to your new home!

Follow the markers at each stage and click for useful information and FAQs when you reach that point.

Additional FAQs

For additional FAQs on specific property matters, please follow these helpful guides:

Jargon Buster

The conveyancing process is littered with legal jargon, and you’re not expected to be familiar with all of it. Thankfully, we’ve compiled a selection of terms you can expect to come up against and provided the description for each, so you’ll be able to understand the terminology every step of the way.

Term Definition
Apportionments A fair adjustment of costs (like ground rent or service charges) between the seller and buyer, depending on who owns the property during certain periods.
Armalytix A secure finance tool we use to help verify your source of wealth and funds. It connects to your bank (with your permission) or allows document uploads.
Build-Complete The stage when a new-build property is fully constructed and ready for legal completion.
CHAPS Clearing House Automated Payment System – A UK-based, high-value, same-day bank transfer method, often used for sending large sums on completion day. It usually carries a fee.
Client Account A secure, regulated bank account where your money is safely held during your transaction.
Coal Mining Search A search to check whether the property could be affected by historical mining activity, usually required in specific UK regions.
Completion Date/Day The day you become the legal owner of the property and the keys are released to you.
Completion Statement A final breakdown of all funds received and payable, showing how much money you owe (or will be refunded) at completion.
Contract Pack A bundle of documents sent by the seller’s solicitor containing the draft contract, title deeds, and property information forms.
COT (Certificate of Title) A legal document we send to your lender confirming the property is legally sound and ready to proceed.
Deposit A portion of the purchase price (usually 10%) agreed to be paid on exchange of contracts.
Disbursements Costs paid on your behalf by us during your transaction, such as searches, Stamp Duty or Land Registry fees.
Enquiries Questions we ask the seller’s solicitor after reviewing the legal paperwork or search results to clarify any points of concern.
Exchange of Contracts The point when both parties commit to the transaction and following which are legally bound to complete the purchase on the completion date set.
Freehold You own both the property and the land it sits on, permanently.
Ground Rent A fee sometimes paid by leaseholders to the freeholder each year as rental for the land their property stands on.
Help to Buy ISA (HTB ISA) A government savings scheme for first-time buyers. We must follow specific steps to claim your bonus—please tell us if you’re using one.
Indemnity Insurance A specialist insurance policy used when there’s a legal issue that is unlikely to materialise but can’t be immediately resolved – The policy protects you against future loss.
Lender Your mortgage provider (e.g. a bank or building society).
Leasehold You own the property for a fixed number of years, but not the land it sits on. Typically applies to flats.
Lifetime ISA (LISA) A type of Individual Savings Accounts offering a government  backed financial bonus. If using this to buy, we’ll need to follow a specific process—please inform us early on.
LPE1 (Leasehold Property Enquiries) A key document pack from the freeholder/management company, outlining lease terms, service charges, and responsibilities.
Mortgage Offer A formal document from your lender confirming the loan amount and conditions.
New-Build A brand-new property, newly-built and usually purchased directly from a developer. These often involve different timescales and procedures.
Office Copy Entries Official Land Registry records confirming the current legal ownership of the property.
Party Boundary A shared boundary (like a wall or fence) between two properties, often with specific rules or shared responsibility.
Post Completion The final technical steps of work that we undertake after you’ve completed your purchase and moved in—where we register your ownership with the UK Land Registry and pay any Stamp Duty Land Tax due on your behalf.
Redemption Statement A formal statement provided by a lender showing the full amount needed to pay off an existing mortgage on completion day.
Searches Legal checks to reveal anything affecting the property, such as planning issues, flood risk or environmental hazards.
Service Charges Costs leaseholders pay for the upkeep of communal areas, building insurance, or managing agents.
Source of Wealth and Funds Where your money is coming from (e.g. savings, gift, inheritance). We need to verify this before proceeding.
Stamp Duty Land Tax (SDLT) A government tax applied to most property purchases over a certain value.
TA6 The Property Information Form completed by the seller giving details about the property (e.g. boundaries, disputes, alterations).
TA10 The Fittings and Contents Form, where the seller lists what is and isn’t included in the sale.
Transfer Deed The legal document signed by both parties which formally transfers ownership of the property to you.