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Exchanging Contracts
Under English law, exchanging contracts is the final step in a house purchase. It occurs after a solicitor or conveyancer In most Commonwealth countries, a conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing. A conveyancer can also be (but need not be) a solicitor, licensed conveyancer, or ... has carried out all necessary searches, and there is agreement to the contract terms. Once each party has signed the contracts, and they have been exchanged, they are binding. The contracts will include a completion date, when the property becomes acquired by the purchaser. At exchange of contracts, any deposit needed has to be paid, and arrangements for building insurance must be made so that the property is insured from that day. Usually, the present insurer will cover this new property free of increased premium until the completion date. This is a system that occurs only under English law, and the exchange of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Law
English law is the common law list of national legal systems, legal system of England and Wales, comprising mainly English criminal law, criminal law and Civil law (common law), civil law, each branch having its own Courts of England and Wales, courts and Procedural law, procedures. The judiciary is judicial independence, independent, and legal principles like Procedural justice, fairness, equality before the law, and the right to a fair trial are foundational to the system. Principal elements Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Act of Parliament, Acts of Parliament, Statutory Instrument, regulations and by-laws. In the absence of any statutory law, the common law with its principle of ''stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both United Kingdom l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solicitor
A solicitor is a lawyer who traditionally deals with most of the legal matters in some jurisdictions. A person must have legally defined qualifications, which vary from one jurisdiction to another, to be described as a solicitor and enabled to practise there as such. For example, in England and Wales a solicitor is admitted to practise under the provisions of the Solicitors Act 1974. With some exceptions, practising solicitors must possess a practising certificate. There are many more solicitors than barristers in England; they undertake the general aspects of giving legal advice and conducting legal proceedings. In the jurisdictions of England and Wales and in Northern Ireland, in the Australian states of New South Wales, Victoria, and Queensland, Hong Kong, South Africa (where they are called '' attorneys'') and the Republic of Ireland, the legal profession is split between solicitors and barristers (called ''advocates'' in some countries, for example Scotland), and a lawye ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancer
In most Commonwealth countries, a conveyancer is a specialist lawyer who specialises in the legal aspects of buying and selling real property, or conveyancing. A conveyancer can also be (but need not be) a solicitor, licensed conveyancer, or a fellow of the Institute of Legal Executives. In England and Wales, conveyancers are regulated by an official body known as the Council for Licensed Conveyancers. Its main purpose is to set entry standards and regulate the profession of licensed conveyancers effectively in order to secure adequate consumer protection, promote effective competition in the legal services market and provide choice for consumers. Services offered by conveyancers vary from Residential Conveyancing, Probate and Wills. Strong regulation is imposed to curb unfair practices which include among others false representation, exaction for hidden charges and double dealing. In Kenya, a conveyancer can only be an admitted advocate holding a valid current practising ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses. The devastating effects of the fire converted the development of insurance "from a matter of co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property Law
Property law is the area of law that governs the various forms of ownership in real property (land) and personal property. Property refers to legally protected claims to resources, such as land and personal property, including intellectual property. Property can be exchanged through contract law, and if property is violated, one could sue under tort law to protect it. The concept, idea or philosophy of property underlies all property law. In some jurisdictions, historically all property was owned by the monarch and it devolved through feudal land tenure or other feudal systems of loyalty and fealty. Theory The word ''property'', in everyday usage, refers to an object (or objects) owned by a person—a car, a book, or a cellphone—and the relationship the person has to it. In law, the concept acquires a more nuanced rendering. Factors to consider include the nature of the object, the relationship between the person and the object, the relationship between a number of people in r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Housing In England
Housing in the United Kingdom represents the largest non-financial asset class in the UK; its overall net value passed the £8 trillion mark in 2023. This reflects a marginal decrease of 0.3% from the previous year, yet it remains £1.585 trillion higher than levels in 2019, prior to the COVID-19 pandemic.Savills. "UK housing value dips by a marginal -0.3% to £8.678 trillion." January 30, 2023. (https://www.savills.co.uk/insight-and-opinion/savills-news/356908-0/uk-housing-value-dips-by-a-marginal--0.3--to-%C2%A38.678-trillion) Housing includes modern and traditional styles. About 30% of homes are owned outright by their occupants, and a further 40% are owner-occupied on a mortgage. Around 18% are social housing of some kind, and the remaining 12% are privately rented. The UK ranks in the top half in Europe with regard to rooms per person, amenities and quality of housing. However, the cost of housing as a proportion of income is higher than average amongst European Union (EU ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
