Conveyancing – glossary of terms
A debt secured on the property, e.g. the monies borrowed from a Lender to purchase a house. (See Mortgage)
Formerly the principal ownership document of a property where the title is registered and a mortgage is involved. Now no longer of legal effect. (See also Land Certificate).
The day on which you move.
A legally binding agreement between Buyer & Seller.
Rules and conditions contained in the Deeds or Lease that relate to the upkeep of the property or place restrictions on its use.
Part of purchase money paid on exchange by the Buyer to confirm the commitment to purchase.
Enquiries of the Drainage Company as to mains sewers and water pipes.
Enquiries relating to past and current land uses of the property and its surroundings that may indicate the likelihood of contamination or pollution.
Stage at which the transaction between the Seller and the Buyer becomes legally binding.
Outright ownership of the property and land on which it stands.
Annual payment to Landlord in the case of Leasehold properties only.
On the death of one of you the property will pass to the survivor of you in exactly the same way as if that person had purchased the property on their own (see also Tenants in Common).
One who owns property and rents it to others whether on long or short leases or tenancies.
Government Department holding the National Property Register.
Document setting out the terms of occupation of leasehold property between Landlord and Tenant.
Method of owning property (usually a flat) for a fixed term but not the land on which it stands.
Enquiries of Local Authority concerning planning and services.
Company formed to comply with certain obligations under a Lease, e.g. insurance, repairs, maintenance of main structure.
Firm employed by the Landlord or Management Company to arrange practical maintenance and general management of a building.
Loan secured against the property by Deed, e.g. monies borrowed from a Lender to purchase a home. (See Charge).
Certified copies from the Land Registry of the entries on a registered title.
Details of the property held by the Land Registry.
Money charged to owners of leasehold property and used by the Landlord or Managing Agents for maintenance, insurance and repairs to the property.
A tax on property transactions valued at over £125,000.00 at various rates calculated on the total price with additional tax payable on the rent under a new lease.
Negotiations prior to exchange of contracts between Buyer and Seller and not binding on the parties until contracts have been exchanged.
On death of one of you the share of that person will pass in accordance with any Will that has been made. (See also Joint Tenants).
Freehold or Leasehold.
Documentary history of the property.