Definitions
A glossary list of definitions for conveyancing terms and abbreviations beginning with ‘E’ can be found below.
- Easement
A formal right over one piece of land for the benefit of another. This is typically detailed within the legal title, for example, a right of way.
- Energy Performance Certificate
An official document detailing the energy efficiency of a property. It is a legal requirement in the sale of a residential property if the property has been marketed to the general public, but is not mandatory within privately arranged sales.
- Enquiries
When reviewing the Contract Pack documents and the Searches the buyer’s solicitor will raise various questions to the seller’s solicitor specific to the property. The seller’s solicitor must then answer all such enquiries so the property may be passed off as being legally approved to continue.
- Environmental Search
A search against a property to check formal records to indicate whether the property may be affected by contamination, subsidence and other concerns within the general location of the property.
- EPC
The abbreviation of Energy Performance Certificate.
- Equity
The difference between the value of a property and the amount owned to any mortgagees.
- Equity Release
The process of obtaining money in exchange for trading a percentage of an equity value within a property. The money released is typically then repaid when the property is sold at a future date.
- Exchange of Contracts
Exchange of Contracts is the process of when the contract between the Buyer and the Seller becomes legally binding. During this process the Completion Date is set and the deposit is paid. Once exchange of contract has taken place then neither party can withdraw without incurring substantial financial loss, so exchange should not be finalised until you are fully ready to proceed.
- Execution
The process of signing, witnessing and attesting a formal deed.