Glossary

Where the owner of the Lease sells to someone else and this will be subject to the existing Lease and they will transfer the property.

Means when someone transfers money online to another account electronically. The maximum you can send for most bank accounts is £10,000.

When you are buying and selling, the people you are buying from uses the money from the sale for their onward purchase. The conveyancing has to be synchronised so that all parties in the chain are able to complete their respective sales and purchases.

Is a same day automated payment system for processing payments and an electronic method of transferring funds. It is immediate and guaranteed payment into a bank account before 3.30 pm on the same working day.

Can mean a mortgage registered on the property or any other entry which gives someone else a benefit over the land. Secured creditors can also register charges on the Title Deeds so that they get paid the monies they are owed when the property is sold.

At this stage we will be chasing for the final repayment figure from your current lender calculated to the completion date set by the Case Handler. We will be checking the figure for any early repayment charges and to calculate if there is a shortfall in the amount you are borrowing. Once the case is completed your existing lender will be repaid and any surplus mortgage funds will be sent to you by your chosen method.

When you buy a Leasehold property from someone else, under the Lease it may request that you enter into a formal deed to say you will comply with the terms of the Lease, as if you were the original party to the Lease.

Means whenever you have commercial property, the Freeholder will draw up a list of all the repairs you have to carry out when your lease comes to an end. (for commercial properties)

When contracts are exchanged this confirms you are committing contractually to either sell or buy a property and the contract will set out all the agreed terms and a deposit is paid at exchange of contracts with the balance of monies to be paid at completion. Once exchange of contracts takes place and a deposit is paid, the conveyancing transaction is set in stone and you cannot pull out without incurring financial penalties.

A person or company that owns the freehold of a building. A Freeholder is also known as Landlord.

When a new Lease is created and this is usually as a result of a new flat being built/new development.

Is a rent a Leaseholder has to pay under the Lease to the Freeholder or Landlord.

This is the initial stage of the transaction when we receive our instructions to proceed with the remortgage from your ender. You will have received our initial welcome pack enclosing the Mortgage Deed and Form of Authority for signing and return to us. In addition you have been given access to, and guidance for, using our online remortgage services to enable you to complete and submit our Property Questionnaire, along with any other relevant documents and information we require to process your remortgage. You will also find our case tracking facility a useful tool in keeping up to date with the progress of your case and for contacting the Case Handler.

Is a document giving someone the legal right to exclusively occupy and own a property for a period of time subject to periodical payments. Leases can be for any number of years and can be sold to someone else.

Is the owner of the flat, maisonette or building and is a person who is registered at the Land Registry with a Leasehold interest.

Is a person appointed under the Lease by the Freeholder or Landlord, who is authorised to collect ground rent or service charges and arrange maintenance and general management to the building.

Is a charge registered against the property to secure monies loaned to you.

This is the final stage of the remortgage and describes the process of registering your new mortgage with the Land Registry. We will arrange with the Land Registry to remove your existing mortgage and to replace it with details of the new mortgage. Once the registration is completed, our file will be closed and archived.

To repay the existing mortgage registered against your property and take out a new mortgage and the new mortgage will be against your property.

Is recorded on the Title Deeds so that the property cannot be sold unless the person who has the benefit of the restriction agrees to remove it.

Are contractual promises which are registered on the Title Deeds to a property.

Stamp Duty Land Tax which has to be paid on every purchase of property which is over £125,000 for residential properties or £150,000 for non-residential or mixed use.

Searches that are required to investigate a property you are buying. They include Local Authority Search, Water (Drainage) search, Environmental Search, chancel search, coal mining and tin mining search.

Leasehold owners have service charges they have to pay under the Lease. These are charges which usually cover buildings insurance and maintenance of the building and communal areas.

Is not a Lease but a contract which gives some one the right live in a property that you are renting.

Title is the term used to describe your legal ownership of the property you are remortgaging and in the majority of cases the title is administered by the Land Registry. the Land Registry allocates a unique title number for all registered property in England and Wales. The title includes 3 separate Registers, namely: Property, Proprietorship and Charges. Generally, the Registers contain a description of the property; details of the current owners of the property and any existing financial charges (mortgages) affecting property. The check of the title is undertaken by the Case Handler and its purpose is to ensure that the legal aspects of the property are acceptable to the new lender. Once the title has been reviewed, the Case Handler will set a completion date. The Case Handler will contact you should any additional information be required at this stage.

This is a legal document that transfers the ownership from you to someone else and is registered at the Land Registry to show the new legal owner.

Is where the existing legal owners of the property want to remove a person from the Title Deeds, or they want to add someone else on to the title and will be registered at the Land Registry to show the changes of ownership.