The rent payable for the lease of land
A loan or mortgage secured against the property. This can also include other agreements or covenants that apply to the property.
The property is jointly owned so that all of the owners have an equal interest in the property. If one of the owners dies, then the survivors will automatically own the whole of the property. See also Tenants in Common
A Central body that retains records of who owns the land, and under what conditions.
This was set up in 1925, to simplify the conveyancing process. Not all land in England and Wales is registered today. This is partly due to the fact that land can only be registered following certain "triggering events". The Land Registry has their own website which provides useful information. http://www.landregistry.gov.uk/
A document of agreement by which a Landlord grants a Tenant the right to occupy property, usually in return for a capital payment or rent. The lease is usually granted for a fixed and specified time.
Property that is occupied under the terms of a lease. Where the seller owns the leasehold, they only have temporary ownership of the property and do not own the land upon which the property stands. Upon expiry of the lease, ownership of the property reverts back to the owner of the freehold.
Limited Title Guarantee
Where land or property is sold with a Limited title guarantee, the seller is confirming that he has the authority to sell it. However, the freedom from any charges or adverse rights are not as complete as if it were being sold with full title guarantee. Limited Title Guarantee is often accepted if buying from Personal Representatives as they will have no real knowledge of the property in order to give the full title guarantee
Reveals details such as planning permissions granted and any plans to build roads in close proximity to the property.
This is a list of questions about the property, which are sent to the local authority. It covers such items as, whether the road serving the property should be maintained by the council, whether there have been any planning applications on the property, and a number of other things.
The search is against the property only and does not cover the surrounding area. A word of warning - the search will not show any Planning Permissions or matters affecting land or buildings outside the boundaries of the property. It is important that you let us know at the start of the transaction if you require information on any particular point or if you wish us to ask any particular questions of the local authority. We would not normally advise a buyer to exchange contracts without a satisfactory local authority search. The Search is a required element of the Home Information Pack
A person appointed by the owner of a property (usually a landlord) to act on his behalf, usually in collection of rents or maintenance of the property
A deed by which the buyer of a property borrows money. The property is then taken as security for repayment of the loan. This is a loan to help you buy the house. The mortgage is 'attached' to your title deeds, and means that you cannot sell the property without paying it off at the same time.
Contracts should not be exchanged until an acceptable written mortgage offer has been received. It is not enough that you have had verbal confirmation from you bank or building society that they will grant you a mortgage.
If you are selling, we will contact your mortgage lender at an early stage to ask how much it will cost to pay off the mortgage - we will send you a copy of this statement. You may find that you will be charged a financial penalty if you pay the mortgage off early. This is a consideration to be taken into account when agreeing a completion date, and often applies when your existing mortgage was set up on a fixed rate, or you obtained a 'cashback' figure.
The money loaned under a Mortgage
The formal document making an offer of a loan under a mortgage which will say how much the loan is for, the period and amount of repayment and all of the terms and conditions attached to the loan. The Mortgage offer will normally be sent by the lender to the borrower, with a copy to your solicitor.
A sum of money not released by the lender until certain conditions have been complied with, for example, they may require that essential repair work is carried out. The remainder of the loan will be released when the work has been completed.
The lender who had made an advance of money under a mortgage. Usually a Bank or Building Society.
The person to whom money has been lent under a mortgage (the borrower)
National House-Building Council (NHBC)
This will usually relate to a new or fairly new property, where the builder is registered under the NHBC scheme, and which provides some insurance protection against major structural defects in the property for 10 years after it was built. You can find out more about the NHBC warranties on their website: www.nhbc.co.uk
The shortfall in the amount that a property can be sold for and the amount of Mortgage or loan secured on it, for example, if someone is only able to sell their house for £80,000 but have a mortgage with an outstanding balance of £90,000 they have a Negative equity of £10,000