|
|
|
|
A schedule listing the documents which set out the history of
ownership of a property.
|
|
|
A road maintained by the local authority.
|
|
|
The original amount of the loan.
|
|
|
A formal document required to transfer ownership of property to
a person entitled to the property following the death of the owner.
|
|
|
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.
|
|
|
Someone appointed formally to act on behalf of another either
generally or for a specific purpose.
|
|
|
The basic rate of interest upon which other interest rates are
based.
|
|
|
A search to establish if a property might be affected as a
result of disused workings near the property.
|
|
|
Approval by the local authority on the design and materials
used in building work.
|
|
|
Someone who buys a property.
|
|
|
A mortgage interest rate which is a variable rate but capped at
a maximum upper limit usually for a limited period.
|
|
|
A sum of money usually paid by cheque by the lender on
completion of a mortgage.
|
|
|
Where a property seller is also buying another property this is
a chain of transactions and some chains can have many links.
|
|
|
An official certificate issued by the land registry where a
property is registered detailing the ownership mortgages and interests in the
property.
|
|
|
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.
|
|
|
The moment when the buyer becomes the new owner of the seller's
house and the day the seller must have left the property.
|
|
|
A written calculation of all the receipts and payments due in
respect of the transaction.
|
|
|
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).
|
|
|
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.
|
|
|
A document transferring ownership of an unregistered property
from one person to another.
|
|
|
The legal work needed to buy and sell properties.
|
|
|
A document confirming an agreement to pay or do something.
|
|
|
A document transferring the ownership of property from one
person to another without any payment being made for it.
|
|
|
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.
|
|
|
Where a mortgagee agrees to their mortgage ranking after
another lender's mortgage.
|
|
|
The official documents confirming who owns a property which are
in the possession of the owner or mortgagee if the property is mortgaged.
|
|
|
The agreed amount to be paid on exchange of contracts usually
forfeited if the buyer fails to complete.
|
|
|
Payments made on your behalf e.g. search fees.
|
|
|
A mortgage interest rate which will rise and fall with the
variable rate but which will always be the discounted amount below the variable
rate.
|
|
|
A mortgage where you pay the interest on the mortgage only and
a premium towards an endowment policy. The policy is then intended to pay off
the original amount borrowed at the end of the mortgage term.
|
|
|
Assurance providing for the payment of a lump sum on death or
maturity.
|
|
|
A search against a property to check whether there is any
record kept to suggest that the property may be affected by contamination.
|
|
|
Usually means the difference between the value of a property
and the amount owed to the mortgagee.
|
|
|
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.
|
|
|
An additional fee which can be paid to the land registry to
speed up registration.
|
|
|
A mortgage interest rate where the mortgagee agrees to charge a
fixed rate of interest over a given period whether or not the variable rate
changes.
|
|
|
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.
|
|
|
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.
|
|
|
The seller of a property must state the guarantee they are
prepared to give. This is the usual guarantee given by a property owner.
|
|
|
An additional amount lent to the mortgagor under the terms of
the original mortgage.
|
|
|
This is paid by a lessee to a lessor where a property is
leasehold and is usually expressed as a yearly sum.
|
|
|
This is sometimes charged by a mortgagee where a borrower
borrows more than a certain percentage of the value of a property to insure the
mortgagee only against loss arising if the property is sold by them due to the
borrower's failure to pay the mortgage.
|
|
|
A search at the land registry to see if a property is
registered or unregistered.
|
|
|
A mortgage whereby interest only is paid to the mortgagee and
the capital amount of the original loan is repaid at the end of the mortgage
term either by an endowment policy maturing or a pension or other savings plan
maturing.
|
|
|
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.
|
|
|
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.
|
|
|
A government organisation maintaining a register of properties
and their ownership in England and Wales.
|
|
|
The fee payable to the Land Registry to register any change
affecting the property including a change of ownership.
|
|
|
A search at the land registry to check that no undisclosed
charges or interests are registered against the property.
|
|
|
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.
|
|
|
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.
|
|
|
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.
|
|
|
This 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.
|
|
|
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).
|
|
|
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.
|
|
|
A search to check whether the property may be affected by coal
mining activity which may result in subsidence.
|
|
|
A loan to buy a house or flat where the mortgagee lends the
mortgagor money in return for a legal charge being registered against the
property to ensure that the loan must be repaid before the property can be sold.
|
|
|
The document signed by the mortgagor to create a legal charge
which the mortgagee can register at the land registry.
|
|
|
The details of the terms upon which the mortgagee is prepared
to make the mortgage loan.
|
|
|
The length of time agreed for the repayment of the loan.
|
|
|
Where a property has been charged by the owner or mortgagor to
the mortgagee.
|
|
|
Somebody who gives someone a mortgage (e.g. a bank or building
society).
|
|
|
Somebody who takes out a mortgage (a borrower).
|
|
|
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.
|
|
|
A wall owned jointly with a neighbour and repairable at shared
expense.
|
|
|
Approval by the local authority to the building or change of
use of a property or extension to an existing property.
|
|
|
The document to be signed by somebody to appoint somebody else
to act as their attorney.
|
|
|
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.
|
|
|
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).
|
|
|
The buying of a property.
|
|
|
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).
|
|
|
The repayment of an existing mortgage.
|
|
|
A penalty charged by a mortgagee when you redeem a mortgage
within a fixed rate, discounted rate or cashback period.
|
|
|
Property which has already been registered at the Land Registry.
|
|
|
Changing a mortgage from one mortgagee to another.
|
|
|
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.
|
|
|
A mortgage where the mortgagor repays both interest and some of
the initial capital borrowed each month.
|
|
|
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.
|
|
|
Someone who sells a property.
|
|
|
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).
|
|
|
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).
|
|
|
A tax paid to the government on the purchase of a property over
a certain value.
|
|
|
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.
|
|
|
An inspection and report on the property by a surveyor as to
the state of the property and value.
|
|
|
Life insurance which only lasts the term of the mortgage.
|
|
|
A search to establish whether the property may be affected by
tin mining activity which may result in subsidence.
|
|
|
The owner's right to a property.
|
|
|
A dealing with property (e.g. sale or purchase).
|
|
|
A document which transfers ownership of a property from one
person to another.
|
|
|
A document transferring ownership of a share or interest in a
property from one person to another.
|
|
|
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.
|
|
|
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.
|
|
|
Possession of a property free of the presence of any people,
possessions or rubbish.
|
|
|
A very simple form of survey designed to establish the market
value of the property.
|
|
|
A mortgage interest rate which is variable and which is set by
each individual mortgagee.
|
|
|
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.
|
|
|
|
|
|