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Glossary
  • Abstract of Title

    An abstract of title is a summary of all official records that relate to a particular property.

  • Acre

    An acre is a measurement of land equal to 43,560 square feet.

  • Banker’s Draft

    A banker’s draft is like a standard cheque but which has been guaranteed by a paying bank.

  • Completion Date

    The completion date is the date specified in a contract when a property becomes the property of the buyer and the seller receives the proceeds of the sale.

  • Contracts

    These are the legal documents under which the buyer and seller agree to buy and sell the property.

  • Conveyancing

    This is the legal process involved in buying and selling property.

  • Deposit

    The amount of money put towards buying a property.

  • Fixtures

    Any item that is fixed to a property, e.g. bathroom suite, and is therefore legally part of the property.

  • Freehold

    Freehold is when one owns a property and the land on which it is situated.

  • Freeholder

    Someone who owns the freehold of a property.

  • Gazump

    Gazumping is when a seller pulls out of an agreed sale after accepting a higher offer. This may result in the buyer losing money spent on things such as building surveys.

  • Ground Rent

    The fee that a leaseholder has to pay the freeholder.

  • HM Land Registry

    Transfer of ownership has to be registered with HM Land Registry who keep records of properties in England and Wales.

  • Homebuyer’s Report

    A combination of a valuation and survey to help identify faults in a property and confirm that the property is valued correctly. It is not as in-depth as a full building survey.

  • Leasehold

    Leasehold is when a property is owned for a set number of years, after which it then goes back to the freeholder. The majority of flats in England are leasehold and most lenders will lend money on leasehold properties, but will insist that there are a number of years left on the lease before agreeing the loan.

  • Leaseholder

    This is someone who owns a leasehold property.

  • Lender

    This is the company who provides the money for a loan.

  • Licensed Conveyancer

    A licensed conveyancer is someone who specialises in the legal side of buying and selling properties.

  • Purchaser

    The person buying a property.

  • Structural Survey

    A structural survey is the most comprehensive check of both the inside and outside of a property. This will be carried out by a professional surveyor and should highlight faults or defects to a property. It is optional and is carried out at the buyer’s expense.

  • Title Deeds

    These are documents showing proof of who owns the freehold and leasehold of a property.

  • Transfer Deed

    This document transfers ownership of a property.

  • Valuation

    A valuation is carried out by a professional surveyor to check a property’s value. This would be organised by the lender who needs to be sure that the property is worth the asking price.

  • Vendor

    The vendor is the person selling a property.

 





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© Thurtell Designs Limited
Registered office
19 Bell Close
Taverham,
Norwich,
Norfolk,
NR8 6YT
Company Registration No:05879158
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