Residential conveyancing - jargon buster B

If you are looking for a conveyancing solicitor to handle a residential house sale, house purchase or a re-mortgage then please contact us on 0203 816 0076 for a free, no obligation initial chat with one of our legal advisors, or request more information via our contact form.

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BACS: B.A.C.S. is short for Bankers Automated Clearing Services. It's an easy way of transferring money electronically from one financial institution to another. A B.A.C.S. transaction takes three working days to complete. 

Bankers Draft: A cheque drawn by a bank, usually on its Head Office. It is generally accepted as the equivalent of cash, although it often needs to pass through the clearing system in the same way as another cheque. 
 
Bankruptcy: If an individual in unable to pay his debts, he may eventually be made bankrupt by the court. The effect is to prevent him from owning property, borrowing money or obtaining credit.
 
Buildmark Scheme: This is a 10 year protection given by the National House Building Council (NHBC) for new houses. The scheme only applies if the builder is registered with the NHBC.
 
Building Regulation Approval or Consent: Building work should comply with the standard laid down by the Building regulations in force at the relevant time, even if it does not require planning permission.
 
By-laws: Laws made by local authorities, which are a type of delegated legislation.