Legal Jargon

A flying freehold is a freehold property where a section of that property overhands, extends or protrudes onto another freehold property or land.

The outright ownership of property and the land on which it stands with no time limit to the period of ownership.

The person who owns the freehold of a property.

This is a technical conveyancing term that implies certain “warranties” or “guarantees” in your favour. It is the standard guarantee given to the buyer by an absolute owner who knows about the property.

An additional amount loaned by a mortgage company to a buyer / owner after completion of a property transaction on broadly the terms of the original mortgage.

An EPC should be produced by the Seller or Landlord whenever a property is built and prior to a property being sold or rented.

The questions asked by the buyer’s lawyer to the seller’s lawyer to clarify aspects of the legal title and search results.

A search to check for any indication that the property may be affected by contamination, flooding, ground stability or other environmental factors.

The difference between the value of a residential property and the amount owed on any mortgage(s) (also known as a Legal Charge). If the owners have a mortgage of £100k on a property valued at £300k, they have £200k equity.

A financial tool that enables home owners to access the value or equity in their home when they are not eligible for a traditional mortgage and do not wish to move. Equity release schemes are often used by older homeowners to access fund to supplement pension income or to fund capital expenditure such as home improvements or modifications. There are two main types of equity release schemes: a home reversion plan and a lifetime mortgage.