Jargon Buster

Additional Enquiries

Specific enquiries, sent to the Seller’s Solicitor, based on the paperwork contained in the pre-Contract package.

Alternative Dispute Resolution "ADR"

An alternative way to resolve disputes such as mediation, arbitration, early neutral expert evaluation, expert determination or negociation.

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Beneficial Interest

The entitlement to have or share in the proceeds of a property. This may or may not coincide with the legal title.

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Completion

The point in a sale and purchase transaction when the Buyer pays the purchase price to the Seller and the Seller hands over the keys and the document transferring ownership.

Compulsory Purchase

A forced sale to a Government Department or Statutory Authority, on payment of an agreed level of compensation.

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Equity

The part of the value of a property that is unencumbered, e.g. free of mortgage or other charge.

Exchange Contracts

The point in a sale and purchase transaction when the seller agrees to sell and the buyer agrees to buy, at the price and on the completion date as specified in the contract.

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Fixtures Fittings and Contents Form

A prescribed list on which a Seller can show those items in the property that are intended to be included in, or excluded from, the sale, or which are to be purchased separately.

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Land Registry

The Government Department that handles the registration of titles to land in England and Wales. Registers of Title are available for public inspection.

Leasehold

An interest created out of a Freehold, or Superior Leasehold, Estate, by which a Tenant is granted a right of ownership for a fixed term on payment of an annual ground rent. A Leaseholder will generally contribute towards the costs of maintaining and insuring the whole building.

Legal Title

The legal ownership of a property, usually held by owner occupiers, or Trustees who hold on behalf of others.

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Pre-Contract Package

Generally the draft Contract, the Seller’s Title, replies to standard questions about the property, and a form listing items to be left at and removed from the property.

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Searches

Pre-Contract searches generally involve replies to standard questions raised with the Local Authority and the Water Authority. Environmental, Planning and
other searches are also available.

Sellers Property Information

A prescribed set of questions completed by the Seller of a property, to provide information about boundaries, disputes, guarantees, services, alterations to the property, etc.

Stamp Duty Land Tax

A tax payable on certain transfers of ownership of property and shareholdings, subject to certain tax rate bands and exemptions.

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Title Deeds

In the case of a registered title, the deeds may consist only of a set of title registers and a plan. For an unregistered title, they may comprise individual documents charting the title over a number of years.

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Wayleave Agreement

An agreement, generally with a utility company, to keep or run its equipment on
or through land.

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