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Conveyancing
Legal Terminology
| Question | Answer |
|---|---|
| Ad Valorem | Stamp used to be impressed on deeds at the Stamp Office when stamp duty was payable. Since the introduction of Stamp Duty Land Tax, HM Revenue & Customs issue receipts. The rate of duty depends on the value of the property |
| Abstract of Title | An abbreviated version of old title deeds - used before photocopiers made copying easy! May be found in old deeds, but no longer prepared. |
| Assignment | A legal document transferring ownership of unregistered leasehold property from one party to another or transferring the benefit of a life policy from one person to another eg the insured to a lender |
| Attestation Clause | A specific clause at the end of a document which shows that the signature of a party to the document has been witnessed by another |
| Caveat Emptor | Let the buyer beware |
| Charge | In property law a charge is a form of security for the payment of a debt, such as a mortgage |
| Land Certificate | A Certificate from the Land Registry containing particulars of registered land. Held by the registered Proprietor when all charges, such as a mortgage, have been paid. |
| Consideration | Usually means money. A valuable consideration is necessary to make a legal, binding contract not under seal. |
| Counterpart | A deed (often a Lease) prepared with two indentical copies - a lease and counterpart. Each copy is signed by one party and then exchanged and kept by the other party. |
| Deed of Covenant | Covenants are often entered into by a separate deed, such a Deed of Covenant for production of deeds (now generally replaced by an acknowledgement). |
| Demise | To lease. |
| Donee | A person who receives a gift from another. |
| Donor | A person who makes a gift to another |
| Dwellinghouse | A building used or capable of being used as a residence by one or more families and provided with all necessary parts and appliances. |
| Easement | A right enjoyed by a person over his neighbour's property, such as a right of way. |
| Fee Simple | An estate which can be inherited by any chosen heir; clear of ny condition, limitation or restriction to particular heirs. |
| Incumbrance | A right over land which held by someone who does not own land, such as a charge, ground rent or a right. |
| Joint and several liability | Where two or more people may be laible, eg, for a joint mortgage. They are liable both individually and jointly together. |
| Land registry | Office where details of all registered land are held. |
| Lessor | A person who grants a lease to another. The other party is called the Lessee. |
| Messuage | A house, including gardens, courtyards, orchards and outbuildings |
| Mortgagee | The person who makes the loan and who holds the deeds as security against the loan. |
| Dematerialised | Under the Land Registry Act of 1925 the Land Registry has the power to retain Charge Certificates for lenders. This is done electronically for all lenders from 2003. |
| Notice to quit | A notice given by a landlord to a tenant that the tenancy is to end. |
| Quarter Days | The dates on which rent is often due unde the terms of a lease: Lady Day - 25 march, Midsummer Day - 24 June, Michaelmas Day - 29 September, Christmas Day - 25 December. |
| Recitals | Clauses at the beginning of a deed and which usually begin with the word WHEREAS. Recitals set out the seller's authority to sell. |
| Stakeholder | An independent person holding deposit money for the purchase of property, who is obliged to hand it over to the seller on completion. |
Created by:
Jonell
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