![]() ![]() Boundaries are usually hedges, walls or fences, and will be marked clearly on the deeds.Ĭlick here to read more about boundary disputesīreach – the failure to keep to an obligation in a legal document – often in relation to a lease. Best and final offers are treated as “sealed bids”, with the offers being considered only when everyone else is put in their offer and the deadline for best and final offers has past.īMV – where it is believed that the sale price of a property is “below market value”īoundaries – the legal definition of the limits of the property being bought or sold. information is not shared with any other potential purchasers. To avoid lengthy negotiations going back and forth, estate agents may ask potential buyers to give their ‘best and final offer’, with both parties indicating the highest offer they are prepared to make. A standard form of tenancy agreement – which allows the landlord to re-take possession of the property at the end of the tenancy termīalance outstanding – the total amount of a loan outstanding at any one timeīankruptcy Search – a check your solicitor will carry out with the Land Charges Register to make sure that there are no existing or imminent bankruptcy proceedings against the vendor.īest and final offer – a phrase often used by estate agents where a property has more than one person interested in it. Also referred to as a “decision in principle’ or ‘agreement in principle’Īrrears – the amount of mortgage instalments or rent that is overdue as a result of being behind in paymentsĪssignment – the process of transferring a lease.Īssured shorthold tenancy – also known as AST. There will therefore will be a need for the buyer to reimburse the seller on completion for those costs that would be due for the post completion periodĪpproved In Principle – where a lender has given an idea of how much they may be able to lend you, normally subject to further checks and the receipt of further information. Apportionments cover the situation where the vendor has paid for some of these charges upfront and in advance. Often called “squatters rights”.Ĭlick here to read more about adverse possessionĪpportionments – when buying a leasehold flat, you will become responsible for ground rent and service charges. Distinct from an unadopted or private road which is not maintained at public expenseĪdvance – the mortgage money when it is paid by the lender.Īdverse possession – acquiring property through continuous occupation, without the permission of the legal owner. Ĭlick here to read more about buying leasehold property with an absent freeholderĪbstract of title – a chronological summary of relevant title deeds proving history of ownershipĪdopted highway – a road or path which is maintained by the local authority at their expense. This can cause problems for leasehold flat owners.but it can also raise opportunities for better value lease extension in freehold purchase. We hope it’s pretty comprehensive, but if there are any conveyancing terms to explain which we have missed – do let us know.Ībsent Freeholder – a missing landlord. Here’s our A to Z conveyancing jargon busting guide. Call or Email Us Now for Your Fixed Fee Conveyancing Quote.Ĭlick here to read some reviews of our conveyancing lawyers from satisfied clients In 20 years, we have helped around 10,000 people just like you move home. So what do all those technical terms solicitors use when it comes to buying and selling a house or flat actually mean? And that makes the whole process of buying your own home sound even more complicated than it actually is. Too often legal conveyancing terms simply aren’t explained properly. It’s a sad fact that far too many solicitors use jargon and complicated legal terminology, especially when it comes to conveyancing. ![]() Conveyancing jargon – your simple A to Z guide ![]()
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