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FitzPatricks
Solicitors - Business - Property - Family
FitzPatricks
speak plain English because we know how much you hate legal jargon,
but we cannot help technical terms creeping in now and then.
This glossary of terms should help you find your way through the
Jargon Jungle.
Bankruptcy
Search: A search on behalf of the lending institution to ensure
you are not bankrupt.
Charge:
See Mortgage
Charge
Certificate: See Land Certificate (below)
Completion
Date: The moving date. The day you move out or move in.
Contract:
The formal document which when signed and exchanged binds the
seller and buyer to each other to complete the transfer of the property.
It normally includes details of the price, the parties, description
of the property and any other terms.
Conveyance:
The document transferring ownership of unregistered land.
Co-Ownership:If
more than one person buys a property then there has to be an agreement
as to the percentage of ownership and what happens when either party
dies unless the survivor of the co-owners is to take the property,
the agreement is called a Declaration of Trust.
Covenants:
Things the owner of a property must or must not do. Those the owner
must do include repairs. See also Restrictive Covenant.
Declaration
of Trust: See
co-ownership
Deposit:
The amount of money put down by a buyer on exchange of Contracts
(usually 5% or 10% of the purchase price) as evidence of his good
faith to proceed. This can be forfeited by the seller in certain
circumstances if the buyer fails to complete.
Easements:
Rights that your property enjoys over other
properties or other properties enjoy over yours,
eg rights of access.
Exchange
of Contracts: The moment that the Contract becomes binding on
both seller and buyer when both parties are bound to continue. Any
withdrawal from the transaction after exchange is likely to
impose a great expense on the party who withdraws.
Fixtures
and Fittings Form: A questionnaire which indicates what items
the seller at the property is taking and leaving, and sometimes
what items he wishes to sell.
Index
Map Search: A search to establish if the title to the
property is a registered property or if it is unregistered at the
Land Registry.
Joint
Tenancy: (see Co-ownership)Where, on the death of a co-owner,
the entire property will pass to the survivor(s)
Land
Certificate: The Certificate supplied by the Land Registry proving
ownership of a property registered at the Land Registry. If your
property is subject to a charge or mortgage, a Charge Certificate
is issued instead, which will be kept by your lender. See also Registered
Land .
Land
Registry: The Central and District government registries
where details of registered titles are kept.
Land
Registry Fee: A fee payable to the Government for registering
you as the owner of the property at the Land Registry, and also
for registering any other transactions related to Registered Land.
Land
Registry Search: A search to establish that there are no additional
entries on the Register of Title since the date of issue of an official
copy.
Loan
Agreement: See Mortgage Offer
Local
Search: A search with the Local Authority to establish their
views on such issues as roads, drains, planning and general development
in the local area.
Mortgage
A loan to help you buy a house, flat, or other property. Sometimes
called a charge.
Mortgage
Offer: The offer of a loan of finance to you by your lending
institution. This becomes a Loan Agreement when the offer is accepted.
Office
Copy entries: (Sometimes shortened to office
copies) The official copy of a Land or Charge Certificate obtained
from the Land Registry. Office Copies of individual documents can
usually be obtained.
Property
Information Form: A questionnaire to be completed by a seller
to give details of matters which affect the property, eg, boundary
ownership, disputes, guarantees, occupiers and planning.
Redemption
Statement: Details of monies owed to your financial institution
which will need to be repaid on completion of a sale or
re-mortgage.
Registered
Land: A title which is centrally filed at the Land Registry
on which all details are kept of matters which affect the property
including easements, charges, restrictive covenants and who owns
the property. The Land Certificate or Charge Certificate are
copies of information held by the Land Registry.
Restrictive
Covenant: Restrictions imposed on a property effectively being
things you are not allowed to do, eg, not alter the appearance of
the property or build in the garden.
Stamp
Duty: A Government Tax payable by the buyer, on moving
if the price of the property exceeds a certain figure - currently
£60,000.00.
Survey:
A report carried out by a surveyor on the physical state of
the property.
Tenancy
in Common: Where on the death of the Co-Owner
his/her share of the property passes by will or intestacy, see Co-Ownership.
Title
Deeds: The documents which prove you own the property.
Transfer
Deed: The document which formally transfers title on registration
at the Land Registry from the seller to buyer.
Transfer
of Equity: A sale or gift of one person's
interest in the property to another, most commonly on divorce or
separation where the family home is jointly owned property.
Unregistered
Land: A title which is yet to be registered and for which there
are a number of documents not yet sorted into a Land Registry file
for which a Certificate of Title would be issued.
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