Glossary of Terms

“Let the buyer beware”. It is up to the buyer to be aware of what they are purchasing.

A standard form provided by a mortgage lender used by a lawyer to request the mortgage advance.

“Clearing House Automated Payment System”. The system allows for the payment of any amount to be transmitted electronically by one bank or branch to another on the same day. This is the most common method of transferring funds between lawyers on completion of a property purchase.

A financial debt or liability affecting property. It is also the name used by the Land Registry for a document creating a legal charge.

Someone who has the benefit of a charge over property as security for the repayment of a debt, eg. a mortgage lender.

Someone who has charged their property with the repayment of a debt, eg. a borrower.

Items of personal property, such as furniture and moveable goods.

A lawyer’s account with a bank, which is solely for money belonging to a firm’s clients. Clients money must be kept separate from money belonging to the firm.

The date inserted in the agreement for sale, being the date when the seller is to vacate the property and transfer the title to the land to the buyer.

A statement sent by either the buyer’s or seller’s lawyer to their client showing the money which has passed through their hands in the course of the purchase or sale of the property.

An area of special architectural or historic interest, which the planning authority has decided to preserve or enhance because of its character or appearance, and to which special planning rules and requirements will apply.

A signed agreement in writing for the sale of land agreed between the buyer and seller containing all of the terms agreed between them.

Where a seller decides to deal with more than one prospective buyer, with a view to exchanging contracts with whoever is ready first. There are strict rules to be followed by lawyers in these cases.

The document that transfers the legal title in freehold land from the seller to the buyer. It is used for unregistered land.

The process by which an interest in land is transferred from one party to another.

The part of the lease that is handed to the landlord/lessor on completion of the grant of the lease in exchange for the original. The counterpart lease is signed by the tenant/lessee (and any guarantors of the tenant/lessee), whereas the original is signed by the landlord/lessor.

An agreement or promise contained in a deed, where a person agrees either to do, or not to do, something.

A legal expression often used to refer to any ground that comprises part of, or is attached to, a dwelling house, eg. a yard or garden.