The process of registering the legal title of an area of land with the land registry, typically handled by a solicitor.
Land Registry Fee
Payable to the Land Registry to register ownership of a property.
The owner of property that is rented.
A reference given by a previous landlord, which confirms an applicant's history of payment of rent and previous conduct as a tenant.
A legal document by which the freehold or leasehold owner of a property lets the premises to another party for a specific length of time, after which point it may revert to the freeholder or superior leaseholder.
The formal legal document entered into between a landlord and a tenant that reflects the terms of the negotiations between them. It constitutes the entire agreement between the parties and sets out their basic legal rights.
A type of ownership in which a person owns a property, but not the land on which it is built. The owner of the Freehold will grant a lease on the property for a specified length of time.
A mortgage on the property.
The party, typically a bank, building society or Mortgage Company, offering the loan.
Lender’s arrangement fees
Charge passed on to the buyer by the lender for arranging a loan.
A lessee is a person who holds a lease (i.e. the tenant).
A person who grants the lease (i.e. the landlord).
A building which is listed as being of special historical or architectural interest, which cannot then be demolished or altered without local government consent.
Loan to value (LTV)
The proportion of the value of the property on which the lender is prepared to loan. This can be up to 100%.
Local Authority Search
A search made at the local council office by a buyer’s solicitor to check whether or not the property is affected by such matters as any outstanding enforcement or future development issues which might affect the property, or the immediate surrounding area.
A long let is a property that is typically let for a period of six months and more.