Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘B’ can be found below.
- Bankruptcy
As it is an offence for a bankrupt to obtain credit, if a mortgage is involved then an appropriate search is made against the names of the buyer by the buyer’s solicitors. If you are receiving a monetary gift, a similar search may be needed on all persons providing the gift to you.
- Beneficial Interest
In relation to a trust these are the rights of the person(s) entitled to benefit under the trust.
- BACS
Stands for Bankers' Automated Clearance Service (BACS). This is an electronic method used to transfer money from one bank account to another. BACS transfers typically clear within the recipient account within 3-5 working days. An administration fee will be payable in respect of each other.
- Bank Transfer
This is the transfer of funds through electronic means. In most cases this will be by BACS transfer (up to 3 days) or CHAPS transfer. Funds are usually transferred by CHAPS transfer on completion in order to ensure quick movement and to avoid any delays in Completion or in the redemption of an existing mortgage. An administration fee will be payable in respect of each transfer, and the cost of this will depend on which type of transfer is used.
- Base Rate
The interest rate set by the Bank of England, as recorded within the Contract in the event any financial compensation needing to be calculated.
- Bridging Loan
An expensive temporary loan designed to fill the hap in time and money if there is any delay between the sale of one property and the purchase of another. Usually the interest on such measures is very high and if you think you may need to utilise such a facility you should obtain independent financial advice prior to proceeding.
- Building Insurance
Designed to cover the owner of a property in the event damage occurs and needs to be repair or that the property needs to be rebuilt. This will not cover damage and/or loss to the contents of a property which should be protected under Contents Insurance.
- Building Regulations
This is a formal acknowledgement from the local authority that the standards required for various types of design, construction and/or alteration works applicable to new and existing building have been achieved.
- Buyer
A person buying a property. Can otherwise be known as Purchaser or Transferee.