| Absolute Title: | Proves without doubt who owns the land. |
| Abstract of Title | List of all documents that prove ownership of land |
| Administrative Area | The name given by the Land Registry to the area where a property is situated. Usually refers to a county or district |
| Adverse Possession | Where a person takes possession of land or building without the owners consent. After 12 years +1 day the occupier may be able to claim possessory title |
| Agent | May refer to estate or land agent. Can also refer to the the holder of any deposit or other monies on the property |
| Agreement for sale | Contract for the purchase and sale of property or land |
| Assign | To transfer one persons interest in a property to another |
| Assignee | The person to whom the interest has been transferred |
| Assignment Fee | A charge sometimes levied by a lender to set up a loan or mortgage. (see also 'Booking Fee') |
| Assignor | The person from whom the interest has been transferred |
| Bankers Draft | A cheque issued by a bank. Funds must be available to cover the draft and will be retained by the bank until the draft is presented for payment. A draft is considered a safe way to transfer cash. See also 'CHAPS' |
| Beneficial Owner | The entity entitled to receive the proceeds of a sale for their benefit. |
| Booking Fee: | Usually refered to as 'Assignment Fee' |
| Breach of Contract | Where a party to a contract fails to keep to the terms and conditions |
| Bridleway | A route over which it is lawful to walk, cycle or ride a horse |
| Building regulations | All building work in the England and Wales, even if planning permission is not required, must comply with Building Regulation Standards. The local authority is responsible for inspection, however the NHBC will inspect new build property benefitting from an NHBC guarantee. |
| Caveat Emptor | (Latin) litteral translation is "Let the buyer beware" |
| Certificate of Title | A standard form to request mortgage or loan funds from a lender |
| CHAPS | Clearing House Automated Payment System" A high speed method of transferring funds between banks and other financial institutions. Usually takes 2 - 4 hours |
| Charge | A loan secured against land or property - i.e. mortgage. Also Land Registry title for a document creating a legal charge |
| Chattels | Personal property |
| Client Account | A solicitor must have a bank account soley for clients monies to keep them seperate from any monies belonging to the firm |
| Completion date | The date specified in the contract where the land or property transfers ownership. This is usually the day the seller must vacate the property and the buyer may move in |
| Completion Statement | A list of all transactions carried out on the clients behalf by the solicitor. It shows any balance due to or shortfall required from the client |
| Conservation Area | An area or district that is considered to be of historical or architectural interest requiring preservation. Special planning conditions in relation to alterations or repairs generally exist in such areas |
| Contract | An agreement to sell and buy giving full details of the relevant land or property |
| Contract race | Where a seller deals with 2 or more prospective buyers, the first to exchange contracts wins |
| Conveyance | The formal document transferring ownership from seller to buyer |
| Covenant | A restriction on the owner contained within the contract or deed to a property |
| Curtilege | An old legal term referring either to an area of land attached to a property or anything contained within the property boundary |
| Deed | A formal document executed by signature and requiring a formal witness |
| Defect in Title | Where good title to property cannot be proven |
| Deposit | Monies paid by the buyer on exchange of contract. It is paert payment and a sign of good faith. f the buyer fails to complette the purchase the seller can retain any deposit |
| Disbursement | Payments required to be made to third parties on your behalf |
| Easement | The right to use a piece of land not owned by you |
| Epitome of Title | A list of documents in date order proving title to the property |
| Exchange of contracts | By exchanging signed contracts they become legally binding at that moment |
| Fixtures and Fittings | Fixtures are items attached to the land or building: i.e. shelves or fitted wardrobes. Fittings are not attached and therefore not included in the sale unless specifically mentioned. i.e. carpets or curtains |
| Flying Freehold | Usually property built above land or property owned by another |
| Footpath | A route over which it is lawful for a member of the public to walk |
| Force Majeure | here a breach of contract occurs the cause of which is not within the control of either party. In such circumstances a contract may be declared void and all deposits returned |
| Freehold | Ownership of land considered to be inperpertuity |
| Full Title Guarantee | The seller confirms that they are entitled to sell and the property is free from charges or other covenants than those previously disclosed |
| Further Advance | A second or additional amount lent to the buyer and charged against the property |
| Good Leashold Title | Lower class of title than absolute leashold. Normally granted where the Land Registry has not seen the freehold title or superior lease and therefore cannot confirm the landlord has authority to grant the lease |
| Ground Rent | Rent payable for the lease of the land |
| HIPs | Home Information Pack - a Government sponsored scheme to reduce the time a conveyance takes. The seller of a property compiles an information pack relating to that property. Information includes title details, searches and an energy certificate. |
| Incumbrance | A loan or mortgage secured against a property, other agreements or covenants |
| Joint and Several | Where 2 or more people agree to be jointly and severally liable agreeing that each is liable for repayment of the whole debt |
| Joint Tenents | Where a property is jointly owned and each has an equal share |
| Lease | A document from a landlord granting a tenant rights to occupy a property |
| Leasehold property | Property subject to a lease |
| Limited Title guarantee | A document confirming the seller has the right to sell the property. however the freedom from charges or adverse rights is not as complete as with a full title guarantee |
| Managing Agent | The person or body appointed by the property owner to act on their behalf in collection of rents and general upkeep of the property |
| Money Laundering | The process of turning funds resulting from illegal operations into legitimate funds. Specific regulations have been laid out to counter this activity |
| Mortgage | Monies lent for the purpose of buying property and secured against that property |
| Mortgage Offer | Formal offer to the borrower from the lender detailing the period of the loan, repayment terms and all terms and conditions of the loan |
| Mortgage Retention | That part of the loan that is not released until certain conditions, usually remedial work, have been completed to the satisfaction of the lender |
| Mortgagor | The person or persons borrowing the money |
| NHBC Guarantee | NHBC guarantees are issued with a policy to registered builders for new buildings against structural defects. A policy lasts for 10 years and is specific to the property not the occupier |
| Negative Equity | The situation where the value of the property is less than the amount of the loan secured on it |
| Official Copy | An official copy of a document as held by a public body |
| Party Wall | The wall between 2 properties that both owners have rights and responsibilities for |
| Peppercorn Rent | A nominal rent intended to demonstrate that a property is leasehold and not freehold. It may be as little as one peppercorn per year |
| Perpetuity | Without end - some properties may be said to be held in perpetuity |
| Planning Permission | Permission granted by a local authority to carry out work on a property. It is intended to ensure work meets building regulations or, particuarly in conservation areas, in keeping with the building and/or surrounding properties |
| Possessory title | The land registry may give possessory title to a property where the existing owner has lost title deeds or through 'adverse' possession |
| Redeem | To pay off a mortgage or loan |
| Redemption Figure | The exact figure required to repay the motgage or loan at a certain date or period of time. It may include penalties due, or interest - particuarly where added daily |
| Restrictive Covenant | A covenant contained within the deeds that restrict certain activities by current and subsequent owners |
| Searches | Searches are enquiries carried out on local authorities, water authorities, coal board and other organisations to find out as much as possible about a property |
| Service Charge | A payment made to a landlord or his agent for repairs or maintenance to a property |
| Stamp Duty Land Tax | A banded tax levied on the purchase value of the property |
| Successor in title | Subsequent owner of the property |
| Telegraphic Transfer | Electronic transfer of funds between banks and ultimately solicitors on the day of transfer of ownership of the property. It is not an instant transfer but does ensure same day transfer. It is only when the monies are released to the sellers solicitors that the buyer can take possession of the property by being given the keys. See also 'CHAPS' |
| Tenants in Common | Each owner posses a precise and specified share of the property. Each is able to dispose of their share as they see fit |
| Title | Ownership of a property |
| Title Indemnity Policy | An insurance policy covering the owner and mortgage lender from any defects in title up to a specified limit |
| Transfer | The document that transfers title from one owner to another |
| Vacant Possession | Having no tenant or occupier |
