Legal Jargon

In a mortgage-funded property purchase, any person who lives at the property but is not an owner, and will not therefore be signing the mortgage deed, will be asked to consent to the mortgage being taken out and agree to move out if the mortgagee lender repossesses the property following the owner defaulting (failing to pay) on the mortgage.

Overriding interest is an English land law concept that allows certain interests in a property to be binding on any new owner, even though they are not registered with the Land Registry, as is usually required. Examples of overriding interests could include tenancies of less than seven years, rights of occupation for people who are in occupation but might not be aware of their rights, public rights of way where it is not clear who would have had responsibility for registering them, and rights to light or physical support from adjacent buildings.

A party wall is a wall that stands astride the boundary between two neighbouring properties and that is owned jointly by both. Repairs and maintenance of party walls are typically the joint responsibility of both neighbours, usually at equal expense. They usually form part of the structure of both properties, though party fence walls may simply serve as dividing walls between adjacent pieces of land. Walls that stand wholly within one owner’s property but which serve to mark the boundary between two adjacent properties may also be identified as party walls. Any works to a party wall should be carried out in compliance with the Party Wall Act 1996.

The bank, building society or other person or company that lends money to the buyer / owner of a property or other asset.

The present owner of a leasehold property. The interests of the freeholder or landlord are subject to the lessee’s rights under the lease until the lease term has come to an end or they sell their leasehold.

A legal term which means the seller has limited knowledge of the property and cannot give a full title guarantee because they do not know enough about the property. Typically, a limited title guarantee might be used when an attorney, an executor of a deceased person’s estate, or by trustees or a personal representative.

A building of architectural or historic interest recognised as being worthy of protection and preservation. Owners of listed buildings need to gain permission from their local planning authority to make any significant alterations to the property and its curtilage (land and associated buildings). This can include extensions, window replacements and double glazing installation, solar panels, removal of internal walls and features and even changing the colour of external paintwork.

A search submitted to the local authority that asks a considerable number of questions about a property and its surroundings including, for example, information on any planning permission(s), whether the adjoining roadway is maintainable at public expense or any local land charges affecting the property. Your conveyancing lawyers will usually conduct a local search as part of their work researching the property that you are planning to purchase.

A way of owning property in joint names that means that, on the death of one of the owners, the property will automatically pass to the surviving owner regardless of what is said in any will. In the event of the owners separating or wishing to sell the property and not buy another one together, the basic premise is that the proceeds of sale are divided between them on an equal basis, regardless of the contribution that either of them may have made to the purchase price or any subsequent modifications or improvements to the property.

A search for unregistered titles carried out at the Land Charges Department of Land Registry to see if there are any mortgages or other adverse interests registered against a property that would affect its value and a person or entity’s decision about whether to buy it.