Services: Residential Conveyancing
Previous Page
Advance
The payment of Mortgage monies by the Lender. Assignment
Transfer of a lease. Building Regulation Approval
Approval issued by the Local Authority in relation to the structural soundness, safety etc of construction works or alterations Charge
A debt secured on the property, e.g. the monies borrowed from a Lender to purchase a house. (See Mortgage) Charge Certificate
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). Commons Search
Enquiries to establish if anyone has any rights of grazing or fishing, etc. Completion
The day on which you move. Conditions of Sale
The legal terms of the contract. Contract
A legally binding agreement between Buyer & Seller. Covenants
Rules and conditions contained in the Deeds or Lease that relate to the upkeep of the property or place restrictions on its use. Deed of Covenant
A document which confirms that the buyer will comply with the rules and conditions affecting the property. Deposit
Part of purchase money paid on exchange by the Buyer to confirm the commitment to purchase. Drainage Search
Enquiries of the Drainage Company as to mains sewers and water pipes. Easement
A right granted over another's property, e.g. a right of way which allows certain persons access over a piece of land. Encumbrance
A right in favour of another person or a covenant or other unfavourable feature affecting a property. END Notification
An electronic method which some lenders use to notify Land Registry that a mortgage has been paid off. Engrossment
The final document to be signed by all relevant parties. Environmental Search
Enquiries relating to past and current land uses of the property and its surroundings that may indicate the likelihood of contamination or pollution. Exchange of Contracts
Stage at which the transaction between the Seller and the Buyer becomes legally binding. Form DS1/DS3
A legal document signed by the Lender releasing the charge against the property. Freehold
Outright ownership of the property and land on which it stands. Ground Rent
Annual payment to Landlord in the case of Leasehold properties only. Headlease
A lease granted out of a freehold property. There may be subsequent leases (Underleases) created out of the headlease. HIP
See Home Information Pack. Homebuyers Report
An assessment of the main parts of a property which is less detailed than a structural survey but gives general indicators as to its condition. Home Information Pack
Every home that is now put on the market requires a Home Information Pack to be produced before marketing commences. The HIP will include a home energy efficiency rating containing advice on how to cut carbon emissions and fuel bills. Also included in the HIP are documents such as a sale statement, basic searches and evidence of title. Joint Tenants
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). Land Certificate
Formerly the principal ownership document of a property where the title is registered and no mortgage is involved. Now no longer of legal effect. (See also Charge Certificate) Landlord
One who owns property and rents it to others whether on long or short leases or tenancies. Land Registry
Government Department holding the National Property Register. Lease
Document setting out the terms of occupation of leasehold property between Landlord and Tenant. Leasehold
Method of owning property (usually a flat) for a fixed term but not the land on which it stands. Licence to Assign
Formal permission by Landlord for Buyer to buy leasehold property. Local Search
Enquiries of Local Authority concerning planning and services. Management Company
Company formed to comply with certain obligations under a Lease, e.g. insurance, repairs, maintenance of main structure. Managing Agents
Firm employed by the Landlord or Management Company to arrange practical maintenance and general management of a building Mortgage
Loan secured against the property by Deed, e.g. monies borrowed from a Lender to purchase a home. (See Charge) Mortgagee
Lender, e.g. Building Society or Bank. Mortgage Indemnity Policy
Insurance which covers the Lender in the event that they have to repossess the property and there is a resulting loss. The Insurance Company has the right to payment from the defaulting borrower of any resulting loss. Mortgage Protection Policy
An Insurance which guarantees your mortgage payments should any of the following occur: Accident, Sickness, Redundancy/Unemployment. Mortgagor
Borrower. NHBC
National House Builders Council. The NHBC provide a ten year insurance policy on the main structure of new properties. Official Copies
Certified copies from the Land Registry of the entries on a registered title. Permitted Development
Minor alterations to a Property that do not require Planning Permission because they fall within certain criteria issued by the Local Authority Redemption
When the mortgage loan is paid off. Registered Land
Details of the property held by the Land Registry. Repayment Mortgage
Loan where monthly payments include interest and part of the capital initially borrowed. Requisition on Title
Queries raised on the Title to the property, e.g. details as to how much money is payable on completion and what documents will be handed over. Retention
Monies held back from the advance usually pending completion of necessary works to the property. Service Charge
Money charged to owners of leasehold property and used by the Landlord or Managing Agents for maintenance, insurance and repairs to the property. Stamp Duty Land Tax
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. Subject to Contract
Negotiations prior to exchange of contracts between Buyer and Seller and not binding on the parties until contracts have been exchanged. Structural Survey
A detailed assessment of the essential framework of a building. Tenant
A person who pays rent to another for the use of property or land. Tenants in Common
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). Tenure
Freehold or Leasehold. Term
Period of Time , e.g. the length of the Mortgage or Lease. Title
Documentary history of the property. Transfer
Document which hands over the ownership of a property. Underlease
A further lease of the whole or part of a property granted by an existing tenant of a property. Valuation
Assessment of a property's value only, not a survey of the structure. For more information please contact: |
