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Party Wall
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A wall separating two
properties, over which each owner has rights and responsibilities.
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Peppercorn Rent
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Perpetuity
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Personal Covenant
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A personal obligation which
is binding on the current owner of the land.
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Planning Permission
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Formal permission granted by a
local authority to carry out development on land or to change its use.
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Possessory Title
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One of the classes of title
the Land Registry may approve. Often approved when the owner claims to have lost the
title deeds, or to have acquired ownership by adverse possession.
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Power of Sale
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The legal right of the
mortgagee to sell the property.
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Professional Indemnity Insurance
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Insurance taken out by a
professional firm, eg. lawyers, to cover itself against claims for negligent
acts, omissions or advice, up to the financial limits detailed in the policy.
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Public Footpath
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A path over which the public
has pedestrian rights of way.
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Public Highway
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A road over which the public
has a pedestrian and vehicular right of way.
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