Conveyancing

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Glossary

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Aa

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Abstract of Title
A schedule listing the documents which set out the history of ownership of a property.
Adopted Highway
A road maintained by the local authority.
Advance
The original amount of the loan.
Assent
A formal document required to transfer ownership of property to a person entitled to the property following the death of the owner.
Assured Shorthold Tenancy
A special form of tenancy agreement designed to simplify the process of obtaining vacant possession of the property at the end of the agreed tenancy period.

Bb

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Base Rate
The basic rate of interest upon which other interest rates are based.
Brine Search
A search to establish if a property might be affected as a result of disused workings near the property.
Building Regulation Consent
Approval by the local authority on the design and materials used in building work.

Cc

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Chain
Where a property seller is also buying another property this is a chain of transactions and some chains can have many links.
Charge Certificate
An official certificate issued by the land registry where a property is registered detailing the ownership mortgages and interests in the property.
Commons Registration Search
A search at the local authority to check the property is not registered as common land or part of a village green resulting in third party rights over the property (e.g. grazing) resulting in the enjoyment of the property being limited.
Completion
The moment when the buyer becomes the new owner of the seller's house and the day the seller must have left the property.
Completion Statement
A written calculation of all the receipts and payments due in respect of the transaction.
Contaminated Land
Land affected by contamination which could arise from a past use of a property (e.g. oil refinery) or by things stored on the property in the past (e.g. petrol station).
Contract
The form of legal agreement prepared in duplicate for signature by the seller and buyer setting out all the legal rights and obligations agreed between them.
Conveyance
A document transferring ownership of an unregistered property from one person to another.
Conveyancing
The legal work needed to buy and sell properties.
Covenants
Legal obligations.

Dd

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Deed of Covenant
A document confirming an agreement to pay or do something.
Deed of Gift
A document transferring the ownership of property from one person to another without any payment being made for it.
Deed of Guarantee
A document used where one person agrees to be responsible for someone else's debt or mortgage obligations if that person fails to carry out their own obligations.
Deed of Postponement or Priority
Where a mortgagee agrees to their mortgage ranking after another lender's mortgage.
Deeds
The official documents confirming who owns a property which are in the possession of the owner or mortgagee if the property is mortgaged.
Deposit
The agreed amount to be paid on exchange of contracts usually forfeited if the buyer fails to complete.
Disbursements
Payments made on your behalf e.g. search fees.

Ee

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Environmental Search
A search against a property to check whether there is any record kept to suggest that the property may be affected by contamination.
Equity
Usually means the difference between the value of a property and the amount owed to the mortgagee.
Exchange of Contracts
The formal exchanging of the two parts of the contract when the seller and buyer become legally bound to complete on an agreed date and in the case of the seller, to move out of the property.
Expedition Fee
An additional fee which can be paid to the land registry to speed up registration.

Ff

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Fixtures Fittings & Contents Form
A standard form where the seller sets out all those items in the property which they have agreed to leave as part of the sale price and which is attached to the contract.
Flying Freehold
This arises when part of one property is built on top of part of another property and so the upper property owner does not own the building or land underneath the "flying" part.
Freehold
Absolute title.
Freeholder
See Lessor.
Full Title Guarantee
The seller of a property must state the guarantee they are prepared to give. This is the usual guarantee given by a property owner.

Gg

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Ground Rent
This is paid by a lessee to a lessor where a property is leasehold and is usually expressed as a yearly sum.

Hh

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Ii

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Index Map Search
A search at the land registry to see if a property is registered or unregistered.

Jj

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Kk

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Ll

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Land Certificate
An official certificate issued by the land registry where a property is registered detailing the ownership and interests in the property where there is no legal charge.
Land Charges Search
A search at the land charges registry to see if a person has any bankruptcy proceedings pending or if the property is unregistered to see if there are any mortgages or interests registered against the property.
Land Registry
A government organisation maintaining a register of properties and their ownership in England and Wales.
Land Registry Fee
The fee payable to the Land Registry to register any change affecting the property including a change of ownership.
Land Registry Search
A search at the land registry to check that no undisclosed charges or interests are registered against the property.
Landlord
See Lessor.
Lease
Where a property is leasehold this is the document giving the lessee the rights to possession of the property for the lease term and setting out all the rights and obligations.
Leasehold
Where the ownership of property is for a limited period only. For example 99 years or sometimes 2000 years. Possession of the property will be subject to the payment of an annual ground rent.
Leaseholder
See Lessee.
Legal Charge
See Mortgage.
Lendor
See Mortgagee.
Lessee
Where a property is leasehold the lessee means the current owner of the leasehold property as opposed to the freeholder or landlord who's interest is subject to the lessees right of occupation until the lease term has come to an end.
Lessor
The person granting the Lease (or sometimes a Sublease). This usually means the landlord or freeholder who owns the freehold title and is entitled to the ground rent under the lease and possession of the property at the end of the lease term (not applicable for Subleases).
Limited Title Guarantee
This is the title guarantee given by a seller where because of their limited knowledge of the property the full title guarantee cannot be given (e.g. a personal representative of a deceased owner or a mortgagee in possession).
Local Search
A search carried out at the local authority to check whether there have been any notices registered affecting the use of the property or any proposals for the neighbourhood which may directly affect the property.

Mm

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Mining Search
A search to check whether the property may be affected by coal mining activity which may result in subsidence.
Mortgage Deed
The document signed by the mortgagor to create a legal charge which the mortgagee can register at the land registry.
Mortgaged
Where a property has been charged by the owner or mortgagor to the mortgagee.

Nn

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Oo

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Occupier's Consent
Any person who lives at the property but will not be signing the mortgage deed will be asked to consent to the mortgage being taken out and agree to move out if the mortgagee takes possession due to the default of the mortgagor.
Official Copy of Registered Entries (Office Copies)
The document which details all entries made on the said property since title was registered. This forms the main document of title checking where the purchasers solicitor proves good title to the property.

Pp

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Party Wall
A wall owned jointly with a neighbour and repairable at shared expense.
Planning Permission
Approval by the local authority to the building or change of use of a property or extension to an existing property.
Power of Attorney
The document to be signed by somebody to appoint somebody else to act as their attorney.
Private Road
A road maintained by property owners rather than by the local authority. The property owners need to have rights over it as it is not necessarily a public access.
Property Information Form
A document completed by a seller to give information about the property to the buyer (e.g. who maintains boundaries and whether there have been any disputes).

Qq

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Rr

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Radon Gas
A naturally occurring radioactive gas which may if above certain safety levels require preventative action to be taken (e.g. more ventilation in a property).
Redemption
The repayment of an existing mortgage.
Redemption Penalty
A penalty charged by a mortgagee when you redeem a mortgage within a fixed rate, discounted rate or cashback period.
Registered Land
Property which has already been registered at the Land Registry.
Rentcharge
Some freehold properties are subject to a rentcharge payable to the rentcharge owner. This may be to ensure income for the original land owner without the existence of a lease or it can be to ensure that estate covenants can be enforced more easily.
Reservation Fee
An administration fee charged by some mortgagees to cover the cost of reserving a mortgagor's entitlement to a loan on certain terms or possibly a fee paid to a builder to reserve a particular new property.

Ss

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Service Charge
A payment required by a lessor or managing agent to cover the costs of maintaining and running a development (e.g. gardening and decorating and also insuring a block of flats).
Smoke Control Order
An order made by the local authority designating an area to be one in which only smokeless fuels may be burnt (i.e. not coal or wood).
Stamp Duty
A tax paid to the government on the purchase of a property over a certain value.
Subsidence
Where a property moves due to inadequate foundations or severe change to the underlying ground resulting in an instability in the structure of a building often evidenced by cracks in walls.
Survey
An inspection and report on the property by a surveyor as to the state of the property and value.

Tt

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Tenant
See Lessee.
Tin Search
A search to establish whether the property may be affected by tin mining activity which may result in subsidence.
Title
The owner's right to a property.
Title Deeds
See Deeds.
Transaction
A dealing with property (e.g. sale or purchase).
Transfer
A document which transfers ownership of a property from one person to another.
Transfer of Equity
A document transferring ownership of a share or interest in a property from one person to another.
Tree Preservation Order
An order made by the local authority designating a tree or group of trees as protected and requiring the local authority's permission to lop or fell them.

Uu

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Unregistered Title
Where the title to a property has not previously been registered at the Land Registry and ownership is proved by the production of a complete chain of documents showing successive ownership.

Vv

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Vacant Possession
Possession of a property free of the presence of any people, possessions or rubbish.
Valuation
A very simple form of survey designed to establish the market value of the property.
Vendor
See Seller.

Ww

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Wayleave Agreement
A formal agreement entered into with a property owner to give a service provider (e.g. Electricity or Telephone company) a right for their pipe or cable to pass through or over their property.

Xx

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Yy

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Zz

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