Author Chris Poulton

Agreement Another word for contract. Boundaries These indicate the extent of the property and are usually marked on the ground by fencing or hedging. Boundary ownership is sometimes, but not always, shown on Deeds and plans. Building Insurance Insurance taken out by the owner of the property to insure it […]

Advance The mortgage funds sent by the lender. Arrangement fee A fee payable to a lender/broker for setting up a mortgage. It can sometimes be added to the mortgage debt. Bankruptcy search A search made to check whether a Buyer or Borrower has been, is, or is about to be, […]

Deposit The deposit is a sum of money paid by the Buyer to the Seller through their conveyancers on Exchange of Contracts. The deposit is part payment of the purchase price and is up to 10% of this. Very often, however, a lower deposit is paid, for example where the […]

Land Registry Regulatory body responsible for recording the ownership of land. National House Building Council (NHBC) One of the building warranty providers for new homes and conversions to dwellings, which issues a 10 year structural guarantee after inspection of the property. There is an increasing number of other warranty providers.

Ground rent The rent paid to a Landlord on a Leasehold property. Landlord The owner of the freehold interest of a leasehold property. Rent on a leasehold property is paid to the Landlord who has the right to enforce the terms in the Lease. Lease The document entered into between […]

Flying freehold Where a property owner owns an area of property at first floor level or above but does not own the ground floor area underneath it. Joint tenants Where two or more persons buy a property they will either be joint tenants or tenants in common (whether the property […]

Freehold Freehold ownership is the ownership usually applicable to houses. Leasehold Ownership of property for a fixed period in return for a rental payment and subject to terms and conditions for occupation. This is usually applicable to flats where the ownership is only for a specified period, e.g. 99 years, […]

Local Authority search A compulsory (if obtaining a mortgage) search carried out at the Local Authority to check a wide range of matters that may affect the property. The search does not extend to the surrounding area. The result of the search is supplied by the Local Authority and contains […]

Client care letter We send this out at the beginning of the transaction. It gives details of the work which will be carried out, who will be doing it, and at what cost. Completion statement The statement we prepare which shows all income and expenditure involved with your sale or […]