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Ross Coates Solicitors serve clients nationally and throughout East Anglia, and in the following locations:
Solicitors for Aldeburgh, Solicitors for Attleborough, Solicitors for Aylsham, Solicitors for Baldock, Solicitors for Burwell, Solicitors for Bury St Edmunds, Solicitors for Cambridge, Solicitors for Cromer, Solicitors for Diss, Solicitors for Downham Market, Solicitors for Ely, Solicitors for Eye, Solicitors for Fakenham, Solicitors for Framlingham, Solicitors for Great Yarmouth, Solicitors for Halesworth, Solicitors for Harleston, Solicitors for Holt, Solicitors for Ipswich, Solicitors for King's Lynn, Solicitors for Lowestoft, Solicitors for Mildenhall, Solicitors for Newmarket, Solicitors for North Walsham, Solicitors for Norwich, Solicitors for Royston, Solicitors for Saxmundham, Solicitors for Sheringham, Solicitors for Thetford, Solicitors for Tiptree, Solicitors for Wells, Solicitors for Wisbech, Solicitors for Woodbridge, Solicitors for Wymondham
Our Expertise
Glossary of legal terms
ABSOLUTE TITLE
A class of title that the Land Registry can give to freehold or leasehold
land. It proves who owns the land.
ABSTRACT TITLE
List of all the documents that prove the title of the land.
AGREEMENT OF SALE
A written and signed contract for the purchase and sale of property
or land.
ASSIGN
A transfer of right or an interest in property from one person to another.
ASSIGNEE
The person to whom the right or interest of property has been transferred.
ASSIGNORS
The person to whom the right or interest in property has been transferred.
BANKERS' DRAFT
A cheque drawn by bank.
BENEFICIAL OWNER
The person of people who are entitled to receive the proceeds or
sale for their own use.
BREACH OF CONTRACT
Where one of the parties to a contract fails to keep to the terms
and conditions the agreement.
BRIDLE WAY
A path or a route, over which it is lawful to walk, ride a horse or cycle.
CERTIFICATE OR REPORT ON TITLE
A standard form usually provided by a building society,
bank or a solicitors to refuse the mortgage or loan funds from the lender.
CHARGE
A loan of money, payment of which is secured against land or property.
CLIENT ACCOUNT
The bank that we have which is only for money belonging to clients.
Client money is kept separate from the rest of the firm to safeguard it.
COMPLETION DATE
The date that the contract takes effect and ownership of the property
passes from the seller to the buyer. This is also usually the day when the seller
is obliged to move out of the property and the buyer moves in.
COMPLETION STATEMENT
This is a list of the financial aspects of the transaction that
we have dealt with on the monies that we have paid to others (or to redeem a mortgage
or pay Land Registry fees etc.) It will also show whether there is a balance of money
from the transaction that is to be paid to the client, or whether there is a shortfall
that the client will need to make up before we can complete the transaction.
CONTRACT
A written and signed agreement made between the buyer and seller. It will
give full details of the property and all of the other terms and conditions of the
sale that have been agreed.
CONTRACT RACE
When someone selling property decides to deal with more than one perspective
buyer, exchanging contracts with whoever is ready first.
CONVEYANCE
Formal document that transfers freehold land or property from the seller
to the buyer.
COVENANT
An agreement contained in a contract or a deed, where someone agrees to do
or not to do something.
DEED
A formal document that is executed by signature, with the signature being formally
witnessed.
DEPOSIT
The money that is paid by the buyer when contracts are exchanged. The deposit
is a part payment and a gesture of good faith that the buyer will complete the purchase.
The seller normally keeps the deposit.
DISBURSEMENT
Fees that must be paid to the third parties such as searches.
ENERGY PERFORMANCE CERTIFICATE
Energy Performance Certificates tell you how energy
efficient a home is on a scale of A-
EPITOME OF TITLE
A list of documents in date order that prove title to the property
being sold.
EVIDENCE OF TITLE
These documents prove that the seller owns the property and therefore
has the right to sell it. Where the property being sold is registered, certain documents
that are available on request from the Land Registry must be included in the Pack.
These provide an up-
Official copies of the individual register (made up of a property register, proprietorship register and, typically, a charges register)
An official copy of the title plan
EXCHANGE OF CONTRACTS
Contracts must formally change hands in order to make them legally
binding.
FIXTURES AND FITTINGS
Fixtures are items on a building or on land that have become
part of the building or land and therefore included in the sale. They are items that
are usually physically fixed to the building such as shelves or fitted wardrobes.
Fittings are items that are not attached to the building or land and are not subject
to the sale unless they are specifically included. Carpets and curtains would normally
be thought of as fittings.
FREEHOLD
A type of land ownership which, in effect, runs forever.
GROUND RENT
An amount paid by a leaseholder to a landlord.
GUARANTEES
Promises by those issuing them as regards their workmanship.
HOUSING ASSOCIATION
Non profit making body which can assist in the home buying process,
perhaps by taking a share of the property to be bought.
INDEMNITY INSURANCE
You can insure against all manner of things arising in a property
transaction e.g. your buyer or seller withdrawing, an adverse search result, breach
of planning or building regulations and many other events. It does not solve the
problem, but it does provide compensation.
INDEMNITY PREMIUM
Sometimes known as the high loan to value fee. The borrower usually
pays the lender's charge for this. In effect, it is the payment of an insurance premium
to cover the loss a lender may suffer as a result of having advanced a sum in excess
of 75% of the purchase price.
JOINT PURCHASE
Property can be acquired either as beneficial joint tenants or tenants
in common. See points to remember.
LAND REGISTRY
A Government department that is responsible for registering ownership
of land.
LENDER
Usually a bank or building society to whom one applies for a loan/mortgage.
LOCAL SEARCH
Enquiry made of the local authority about the property to be purchased,
but of a limited nature and addressing only certain matters.
MAINTENANCE CHARGE
An amount payable by a leaseholder to landlord, managing agents
or management company being the leaseholder's contribution towards costs incurred
in maintaining and repairing the structure of a building and its insurance.
MORTGAGE OFFER
Formal offer from your lender issued after their valuation has been
carried out and income references and credit checks have proven satisfactory. Issued
subject to conditions, the offer refers to the gross advance i.e. the amount you
pay interest on, and the net advance i.e. the amount you can put towards paying for
the property. Money is lent on many terms. You can have fixed rate, capped rate,
discounted rate or variable rate mortgages on a straight repayment basis or endowment
PEP or pension basis.
NEGATIVE EQUITY
Where the debts secured against a property exceed its value making
the properties sale difficult.
OFFER
Can be used to refer to a mortgage offer or your offer to purchase a property
at a set price.
PLANNING PERMISSION
Evidence of local authorities' approval/consent to works undertaken
to a property.
PROPERTY INFORMATION FORM
Form that the seller completes giving answers to questions
raised on the buyer's behalf.
QUOTE
Available upon request to give you full details of the legal costs you will
incur on moving.
REDEMPTION FIGURE
The amount a borrower owes a lender to repay a loan.
RE-
Where you take out a new mortgage redeeming/repaying any existing mortgage.
RETENTION
Money withheld by a lender until certain works have been undertaken and
in some instances reinvested.
SALE STATEMENT
The sale statement should provide some basic information about the
property, including:
- The address of the property being sold
- Whether the property is freehold, leasehold or commonhold
- Whether the property is registered or unregistered
- Whether or not the property is being sold with vacant possession
SEARCHES
Numerous searches are made by us in the purchasing process which can include
local searches, coal mining searches, environmental searches, commons registration
searches, bankruptcy searches and many more. Those considered appropriate are made.
The Home Information Pack must include:
The local land charges register relating to the property being sold. If the search is carried out by the local authority, an official search certificate will be provided. Alternatively, a personal search company can be used.
Other records held by the local authority on matters of interest to buyers, such as planning decisions and road building proposals. These are referred to as local enquiries in the Home Information Pack regulations. A local authority or a personal search company can be used.
The provision of drainage and water services to the property. The local water company or a personal search company can be used, however, the search must comply with the HIP Regulations.
SELLER
Also known as the Vendor -
SERVICE CHARGE
See maintenance charge.
STAMP DUTY
Tax payable to Inland Revenue on a purchase price in excess of £125,000.
SURVEY
A surveyor can undertake a basic valuation, usually on behalf of a lender,
or a home buyer's report undertaken on your behalf and on which you can place reliance.
TERMS OF BUSINESS
Available on request setting out what you can expect of us.
TITLE
Investigated to ensure entitlement to sell or mortgage.
TRANSFER DEED
Land Registry deed transferring ownership of land.
VENDOR
See Seller.