Legal Terminology
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| Ad Valorem | Stamp used to be impressed on deeds at the Stamp Office when stamp duty was payable. Since the introduction of Stamp Duty Land Tax, HM Revenue & Customs issue receipts. The rate of duty depends on the value of the property
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| Abstract of Title | An abbreviated version of old title deeds - used before photocopiers made copying easy! May be found in old deeds, but no longer prepared.
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| Assignment | A legal document transferring ownership of unregistered leasehold property from one party to another or transferring the benefit of a life policy from one person to another eg the insured to a lender
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| Attestation Clause | A specific clause at the end of a document which shows that the signature of a party to the document has been witnessed by another
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| Caveat Emptor | Let the buyer beware
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| Charge | In property law a charge is a form of security for the payment of a debt, such as a mortgage
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| Land Certificate | A Certificate from the Land Registry containing particulars of registered land. Held by the registered Proprietor when all charges, such as a mortgage, have been paid.
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| Consideration | Usually means money. A valuable consideration is necessary to make a legal, binding contract not under seal.
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| Counterpart | A deed (often a Lease) prepared with two indentical copies - a lease and counterpart. Each copy is signed by one party and then exchanged and kept by the other party.
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| Deed of Covenant | Covenants are often entered into by a separate deed, such a Deed of Covenant for production of deeds (now generally replaced by an acknowledgement).
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| Demise | To lease.
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| Donee | A person who receives a gift from another.
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| Donor | A person who makes a gift to another
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| Dwellinghouse | A building used or capable of being used as a residence by one or more families and provided with all necessary parts and appliances.
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| Easement | A right enjoyed by a person over his neighbour's property, such as a right of way.
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| Fee Simple | An estate which can be inherited by any chosen heir; clear of ny condition, limitation or restriction to particular heirs.
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| Incumbrance | A right over land which held by someone who does not own land, such as a charge, ground rent or a right.
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| Joint and several liability | Where two or more people may be laible, eg, for a joint mortgage. They are liable both individually and jointly together.
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| Land registry | Office where details of all registered land are held.
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| Lessor | A person who grants a lease to another. The other party is called the Lessee.
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| Messuage | A house, including gardens, courtyards, orchards and outbuildings
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| Mortgagee | The person who makes the loan and who holds the deeds as security against the loan.
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| Dematerialised | Under the Land Registry Act of 1925 the Land Registry has the power to retain Charge Certificates for lenders. This is done electronically for all lenders from 2003.
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| Notice to quit | A notice given by a landlord to a tenant that the tenancy is to end.
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| Quarter Days | The dates on which rent is often due unde the terms of a lease: Lady Day - 25 march, Midsummer Day - 24 June, Michaelmas Day - 29 September, Christmas Day - 25 December.
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| Recitals | Clauses at the beginning of a deed and which usually begin with the word WHEREAS. Recitals set out the seller's authority to sell.
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| Stakeholder | An independent person holding deposit money for the purchase of property, who is obliged to hand it over to the seller on completion.
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