Buying | Selling | A - Z of moving terms
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
This is a document that you will need to sign and return to your lender if you wish to accept the lender’s mortgage offer.
This term is used by us as a potential purchaser.
This relates to the person owning and is entitled to it for his/her benefit, however not in the instance that a trust holds the land for the benefit of another.
A purchaser under certain circumstances may wish to complete on the purchase of a property before completing on their own or whilst waiting to receive an amount of money via another source. The lenders advise as to whether the necessary temporary finance can be made available.
Entries onto the land register protecting the interests of a third party. Any application for first registration of title is notified to them whereupon they can take appropriate action to protect their interest.
A property owner may use security in the property to service a loan, a charge is then registered and certified. This entitles the lender to be regarded as a secured creditor to be paid out of the proceeds of a sale in the event that there is a default on the loan.
This is a certificate which is issued to the lender by the Land Registry proving evidence of the lender’s charge over the property.
This is different from ground rent which has a time limit as chief rent is paid to the freeholder of the freehold land forever.
This is where the property pledged as a guarantee for the repayment of a loan.
This is the amount on which a vendor is invoiced for our services, this is based on a percentage of the sale price of the property and is only invoiced once contracts have exchanged, yet not paid until completion has taken place.
This is the final stage of the conveyance process where all monies are passed over and the purchaser now has the legal right to the property.
This is entered into by both the vendor and the purchaser which only becomes legal binding on exchange of contracts which is carried out by acting solicitors. On both parties signing the contract and the purchasers hand over the deposit is the stage where contracts can exchanged.
This can happen where there is more than one party wanting to purchase the same property which is usually under instigated by the seller. The successful purchaser will be the one to exchange contracts first.
This is the legal process of transferring ownership from vendor to purchaser by acting solicitors.
This is a legal requirement of the owner as to do or not to do relating to the property. This could be a number of things however it is usually something as simple as there are restrictions as to the properties use or its appearance.
These are legal documents relating to the property, as in title deeds which contain the title number of the property which is supplied by the Land Registry.
Completion can take place any time after exchange of contracts. However, should it be any longer than 28 days it is referred to as delayed.
Vendor’s solicitors send these documents out to purchaser’s solicitors along with title deeds, fixtures and fittings forms and any other related documents once they have been received back from the vendor.
This is a right over or under land granted to someone whom is not the owner.
This formal and final version of a document is prepared by a solicitor in readiness for signing and sealing following agreement of the final draft between parties.
These are legal rights in a property that do not include the right to sell its legal title.
This is the stage when the purchaser and vendor exchanged signed, legally binding contracts of purchase and sale. Both parties then become committed to complete the transaction.
This is the signing, sealing and delivering of a deed in front of an independent witness.
This is a document which is sent to the vendors to fill out and return to the acting solicitors. The items are relating to what is being left in the property as in carpets, curtains, wall lights, curtain rails etc.
A flying freehold is formed when part of a freehold property overhangs a different freehold property or land.
This is absolute ownership of the land.
This term is use to denote a situation where the vendor has accepted an offer but then subsequently accepts a higher offer from another purchaser.
This is the term used to denote a situation where the purchaser lowers their offer immediately prior to exchange of contracts.
This applies only to Leasehold properties and a sum of money is paid annually to the Freehold by the Leaseholder.
This term is used by Estate Agents when they are formally instructed by the property owner/s to market the property, usually under private treaty, in order to find a purchaser. The resulting contractual agreement confirms the terms under which the instruction is offered by the vendor and accepted by the Estate Agent.
This is where two or more people holding property as co-owners. When one of the owners dies, their share of the property automatically passes on to the survivor. This is also known as tenants in common.
This certificate is issued by the Land Registry as proof of ownership.
This is a Government department where details of properties with a registered title are recorded along with any charges e.g. mortgages.
This where there is ownership of a property is by way of a leasehold interest for a fixed term which is usually with an annual ground rent.
Ownership of land which is normally for a fixed period subject to an annual payment of a ground rent to the owner of the freehold. Usually a leasehold property is a flat however there are areas with conventional properties which have a leasehold tenure. In some cases there may be the opportunity to buy the lease from the Landlord after a certain period of time. Should a property be leasehold, for the owner to either make any structural alterations i.e. erect a garage or extension, permission needs to be granted by the Landlord as well as the local authority.
This is informally known as the landlord as they are the one’s who grants the lease.
This is a legal right of a person to hold a property of another as security for a debt.
These charges are usually set by the landlord to cover maintaining the property as set out in a lease. This charge is usually paid annually for the maintenance of windows, or communal gardens.
A mortgage is loan for which property is the security this is used to purchase a property.
This document ensures the conditions of a loan secured on a property.
This is also known as the lender.
This is an amount payable when a loan to property value exceeds the lender’s maximum allowable. The amount payable and repayment terms of this vary according to each lender’s mortgage arrangements.
This letter is sent to purchasers from the lender offering you the loan and sets out the terms and conditions upon which it is offered. A copy is also sent the acting solicitors, should you agree with the terms and conditions this is then signed at the solicitors.
This is the borrower whose property is secured on the loan.
This term is used when a property is being sold and a tenant has the legal right of occupation.
This term is used to denote a trivial amount of ground rent.
This is a set of questions raised by the purchaser/s solicitor and sent to the vendor/s via the solicitors prior to exchange of contracts. They ask for clarification of specific points about the property which is being sold and the present vendor/s ownership of it.
This is for structural works such as extensions, conservatories over a certain size and garages to be erected which is granted by the local authority. Should a property not have had planning permission granted then the local authority can insist that the works be removed which inevitably causes problems, should the property be on the market could also result in the loss of a sale.
The sale of property by private treaty is the method employed by most estate agents, preparing description details of the property and quoting a definitive asking price, details are circulated potential buyers may view the property and either agree to buy at the asking price or submit an offer to purchase. Agreement to buy at this stage is subject to contracts being prepared between the vendor and the purchasers solicitors and those contracts being signed and exchanged between both parties.
This is official process of proving a will is valid. In many cases part of the estate will involve a property, which might need to be valued for inheritance tax purposes. A probate valuation is generally a negotiated value with a qualified valuer. A sale cannot proceed to exchange of contracts until probate has been granted.
This act is to ensure that a property is described correctly and not misleading in any way, i.e. documentary proofs of works carried out, measurements and décor.
The person/s buying the property from the vendor/s.
This is a legal document that allows someone to appoint a person or organisation to handle their affairs whilst they are unable to do so.
This is land which includes any buildings on it, the title to which is registered at the land registry and legal ownership of which is guaranteed.
This is an amount of money held back from an initial loan by the lender until certain repairs or improvements have been completed.
This is an individual’s legal right to use any part of the property in order to gain access to any part of their own property i.e. a path between two properties.
This term is used to denote the physical and written procedure for determining any adverse effects in or on a property, whether already in effect or planned to take place. These are carried out by a conveyance solicitor at a fee and include local search, mining search, drainage search, environmental search, HM Land Registry and land charges searches. Although these are not requires when purchasing a property on a cash basis it is strongly advised to be carried out.
This is a tenant whom occupies a property; however have legal rights without a lease. Any sale would be subject to any rights the tenant may have during occupancy.
This term is commonly known as SSTC and means that the vendors have accepted an offer from the purchaser however the legal paperwork has not yet been completed.
This is where one estate agent has complete control of the sale of a property and is entitled to their fee however the property is sold.
Stamp duty is paid by the purchaser of a property to the government which are based on the following rates:
These are available in three types which are valuation, home buyers and structural at a cost. An inspection is carried out by an independent surveyor and in the case of purchasing a property the surveyor sends a report to the relevant mortgage provider to the issue a mortgage offer.
In some rare cases after exchange of contracts a purchaser may seek to take possession of a property before financial, legal completion. This could be to carry out repairs, decorate or take up residence. This could be organised and a license arranged between both parties solicitors. The purchaser then pays the appropriate rate of interest on the balance of the outstanding monies i.e. purchase price less deposit paid instead of rent.
This is the person/s that is in possession of a property usually by way of a lease.
This is when Two or more people holding a property as co-owners. When one dies, their share of the property is automatically passes to their estate.
This situation is where an asking price is not actually stated, yet offers in writing are invited. Details of the property are prepared, circulated and advertised (possibly as P.O.A price on application). The closing date for the tender is noted. In most cases the vendor will reserve the right to refuse the highest offer, thereby not being committed to sell. Offers tendered are usually opened in the presence of the vendor’s solicitors, at a prescribes date and time. An acceptance of an offer by the vendor constitutes an immediate contract and in most cases the party tendering will have made their financial arrangements and have had their survey carried out in advance.
This is a term used to denote whether a property is freehold or leasehold.
The rights and liabilities that attach to the property.
The highest form of tenure available.
A summary of title documentation used in the conveyancing of unregistered properties to prove that the vendor has the right to sell.
These are legal documents describing the rights and liabilities that attach to the property and prove ownership of the property.
This is a solicitor’s certificate confirming that the title to the property is acceptable. A lender must have this before an advance of the mortgage monies can be issued.
This is a road which has not been accepted by a local authority possibility as a result of it not meeting the standards laid down i.e. road surfaces, drainages etc. This indicates the possibility of a road charge liability if and when the road is adopted.
A property is under offer when a purchaser has made a formal offer to purchase the property yet the vendor has not yet confirmed the decision to accept or decline the offer. Should an offer be declined the property remains on the market until either the offer is increased or another offer is made. Once an offer has been accepted by the vendors the property then becomes sold subject to contract.
An undertaking is a legal document that needs to be signed at the solicitors by the purchasers. This is for the purpose of the release of the properties keys before completion takes place yet after exchange of contracts. Both parties are required to be in agreement with the release before the undertaking can take place.
This is the term used when the previous occupants of a property must have vacated the property before the new occupants move in, including any tenants.
This is carried out by valuers who in their expertise and opinion give a price on the property to be marketed. For other valuation purposes, see probate, matrimonial etc.
This is the owner of a property to be sold.
This is the mode of commencing legal proceedings.
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