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Conveyancing Jargon Buster (K-P)

CMS and its panel solicitors aim to speak and write to you in plain English in terms that are easy to understand.

See our jargon buster below to make sense of some of those words that the estate agents and solicitors use everyday (but which may need explanation).

Land Registry The Land Registry is a government department that holds the records of all property in the United Kingdom. Most property is now registered at the Land Registry.

Land Registry Search/Fees The conveyancer will make searches at the Land Registry to check matters affecting the property and to get up to date copies of the Land Registry entries that relate to the property. On completion the conveyancer will send the deeds to the Land Registry who will register the new owner and any new lender. The Land Registry charges a fee for searches and for registration of property.

Landlord A Landlord is the owner of the freehold of a leasehold property. Rent on a leasehold property is paid to the landlord who has the right to enforce the terms in the lease.

Lease A lease is a complicated document which details the matters affecting a leasehold property. Typically these will include the length of the lease, rent, service charges, rights of way, water, drainage and access and it will usually incorporate a plan.

Leasehold A Leasehold property means that the owner does not own the property or land outright. There is a lease which for a term of years grants the owner the right to occupy the property/land. There may be a rent or a ground rent to pay to the Landlord.

Legal Executive A qualified legal professional who is governed by the Law Society

Lender The Bank or Building Society who lend money to property owners, sometimes also known as the mortgagee

Licensed Conveyancer A qualified property lawyer who holds a license granted by the Council for Licensed Conveyancers.

Listed Buildings Listed Buildings are protected by the Local Authority. Properties that are listed are subject to planning restrictions.

Local Search This is a search made by the conveyancer on behalf of the buyer or in the case of a re mortgage on behalf of the Lender. The search covers Local Authority issues relating to the property. The search will either be sent to the Local Authority to answer and return to the conveyancer or the conveyancer may use a Personal Search Agency or an Online Search Provider to collect the information from the Local Authority.

Local Search Indemnity Insurance This insurance is used on re-mortgages where there is no need to carry out a full local authority search and protects the Lender from financial loss. It is sometimes used on a purchase where there is insufficient time to make a full Local Search if the lender permits.

Management Company If the property is leasehold there will often be a management company set up to deal with the day to day running of the property and repairs and renewals. The management company collect a service charge from the property owners to pay for their services and for the upkeep and maintenance of the building.

Mortgage A loan that is secured over a property.

Mortgage Deed This is the document the borrower signs to agree to the terms set out in the Mortgage Offer. This document is sent to the Land Registry who register the Mortgage as a Financial Charge on the property which is shown in the Charges Register.

Mortgage Offer A written offer to lend money on a property. The Mortgage Offer will contain all the terms of the Loan and the conditions upon which the money is loaned.

Mortgage Valuation Fee The borrower generally pays a fee to the Lender to have the property valued for mortgage purposes. This enables the Lender to take a commercial view on whether the property is worth what the borrower says it is and whether it is suitable security for the Mortgage. The Mortgage Valuer will not necessarily inspect the physical condition of the property.

New Build Where a property is being purchased for the first time from the builder or developer.

Off Plan Where a property is being bought at the planning stage and is yet to be built

Overriding Interests Not all matters affecting property are registered or capable of being registered at the Land Registry. Nonetheless the property is still subject to such matters.

Preliminary or Pre Contract Enquiries This is a set of questions that is sent to the seller’s conveyancer by the buyer’s conveyancer relating to the property. Typically these questions will consist of enquiries relating to boundaries, easements, persons living at the property etc.

Property Information Form This is a standard form that is completed by the seller giving details about the property. The form is legally binding on the seller.

Conveyancing Jargon Buster (Q – Z)

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