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Land Registry -
The Land Registry is a government department that holds the records of all
property in the United Kingdom. Most property is now registered at the Land
Registry. See our links page for details of the Land Registry web site.
Land Registry
Search/Fees - The
conveyancer will make searches at the Land Registry to check matters affecting the property
and to get up to date copies of the Land Registry entries that relate to the
property. On completion the conveyancer will send the deeds to the Land Registry
who will register the new owner and any new lender. The Land Registry charges a
fee for searches and for registration of property. See our links page for
details of the Land Registry web site where a full list of fees is available.
Landlord -
A Landlord is the owner of the freehold 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 -
A lease is a complicated document which details the matters affecting a
leasehold property. Typically these will include the length of the lease, rent,
service charges, rights of way, water, drainage and access and it will usually
incorporate a plan.
Leasehold
- A Leasehold property means that the owner does not own the property or land
outright. There is a lease which for a term of years grants the owner the right
to occupy the property/land. There may be a rent or a ground rent to pay to the
Landlord.
Legal Executive
- A qualified legal professional
who is governed by the Law Society
Lender -
The Bank or Building Society who lend money to property owners, sometimes also
known as the mortgagee
Licensed
Conveyancer - a
qualified
property lawyer who holds a license granted by the CLC (see above).
Listed Buildings
- Listed Buildings are protected
by the Local Authority. Properties that are listed are subject to planning
restrictions.
Local Search -
This is a search made by the conveyancer on behalf of the buyer or in the case
of a re mortgage on behalf of the Lender. The search covers Local Authority
issues relating to the property. The search will either be sent to the Local
Authority to answer and return to the conveyancer or the conveyancer may use a
Personal Search Agency or an Online Search Provider to collect the information
from the Local Authority.
Local Search
Indemnity Insurance - This
insurance is used on re-mortgages where there is no need to carry out a full
local authority search and protects the Lender from financial loss. It is
sometimes used on a purchase where there is insufficient time to make a full
Local Search if the lender permits.
Management
Company - If the property is
leasehold there will often be a management company set up to deal with the day
to day running of the property and repairs and renewals. The management company
collect a service charge from the property owners to pay for their services and
for the upkeep and maintenance of the building.
Mortgage -
A loan that is secured over a property.
Mortgage Deed -
This is the document the borrower signs to agree to the terms set out in the
Mortgage Offer. This document is sent to the Land Registry who register the
Mortgage as a Financial Charge on the property which is shown in the Charges
Register.
Mortgage Offer -
A written offer to lend money on a property. The Mortgage Offer will contain all
the terms of the Loan and the conditions upon which the money is loaned.
Mortgage
Valuation Fee - The borrower
generally pays a fee to the Lender to have the property valued for mortgage
purposes. This enables the Lender to take a commercial view on whether the
property is worth what the borrower says it is and whether it is suitable
security for the Mortgage. The Mortgage Valuer will not necessarily inspect the
physical condition of the property.
New Build -
Where a property is being purchased for the first time from the builder or
developer.
Off Plan -
Where a property is being bought at the planning stage and is yet to be built
Overriding
Interests - Not all matters
affecting property are registered or capable of being registered at the Land
Registry. Nonetheless the property is still subject to such matters.
Preliminary or
Pre Contract Enquiries - This is
a set of questions that is sent to the seller's
conveyancer by the buyer's
conveyancer relating to the property. Typically these questions will consist of
enquiries relating to boundaries, easements, persons living at the property etc.
Property
Information Form - This is a
standard form that is completed by the seller giving details about the property.
The form is legally binding on the seller.
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