Jargon Buster

Freehold

If the property you purchase is Freehold, the property and the land the property stands on are owned by you.

Furniture / Furnishing(s)

Furniture and furnishings are items within a property, included within the Tenancy for the use / benefit of a Tenant.

Inventory

Inventory is a document that provides a record of the condition of the property at the commencement of the tenancy that is signed by Landlord and Tenant.

Land Registry

Established in 1925, the Land Registry retains records of all sale transactions, who owns land and under what conditions.

Landlord

A Landlord is the owner (individual or organisation) of the property that is let.

Leasehold

A Leasehold property, most often a flat or apartment, involves temporary ownership of the property which stands on land owned by the Freeholder. When the Lease expires, ownership of the property returns to the Freeholder. Your Solicitor will be happy to explain full implications.

Local Authority

The Search is a search of the Local Land Charges Register for the property being sold. A search of the records held by the Local Authority on matters of interest to buyers is also carried out and this includes planning decisions and road building proposals. These searches are carried out by a Local Authority or personal search company on behalf of your Solicitor, a copy of this document must also be provided in any Home Information Pack.

Mortgage

This is the loan to help you pay for your home. The company which gives you a mortgage will hold your Deeds until you have paid off the mortgage or sold the property and paid off any outstanding monies.

Mortgage Deed

This gives the mortgage company a legal right over the property until the loan is repaid.

Notice Period

Notice Period is the amount of notice that the Landlord must give the Tenant and vice versa.