Legal Jargon

A way of holding jointly-owned property so that on the death of one of the owners, their interest in the property passes to the beneficiaries of their will or, in the case of intestacy, be settled through probate. A separate document known as a declaration of trust should be drawn up to stipulate the share of the value of the property owned by each party.

A scheme designed to help eligible council and housing association tenants in England to buy their home at a discounted price.

A planning obligation entered into by a developer in order to secure permission for a development. These often, but not always, contain affordable housing provision and/or contributions by the developer towards, for example, local infrastructure, education and healthcare provision.

A payment required by a landlord or managing agent of a leasehold property to cover the cost of insuring and/or maintaining a development or block of which the property forms a part. Most newer freehold properties on an estate are also subject to a service charge payable for amenity areas on the estate.

Where documents are privileged, a party can refuse to disclose these documents as part of the disclosure exercise. The two main examples of privilege are documents created between a solicitor and a client (legal professional privilege) and negotiations between parties with a view to settling litigation (negotiation privilege).

This is a standard questionnaire, also known as a TA6, completed by a seller to provide detailed information about a residential property to a buyer. It covers a wide range of topics including, for example, boundaries and who maintains them, services to the property, parking, environmental issues such as recent flooding, and any disputes with neighbours.

A search to see if a property is affected by the naturally occurring radioactive gas radon, which, if found above the safe level, may require preventative action such as enhanced ventilation.

The repayment of an existing mortgage or a loan.

A charge levied by a lender on the early repayment of a loan. Redemption penalties are common in mortgage loans and must be specified in the mortgage offer before it is signed. Lenders expect to make a certain level of profit on their loans through the interest they charge. If a loan is repaid early, it means that interest will be charged for a shorter period and the loan will be less profitable for the lender. Redemption penalties may also be charged on overpayment of mortgages i.e. when a borrower overpays their monthly mortgage payments beyond a specified level, usually 10%.

Property that has been registered at the Land Registry.