Charge
A mortgage deed which lenders (building societies, banks etc) require borrowers to sign. It is registered against the property until the loan is repaid and the charge is removed.

Charge Certificate
An official document issued by the Land Registry to the owner of a registered charge as proof of ownership. It includes a copy of the register and the original charge.

Chief Rent
An annual charge on freehold property found in certain parts of Britain. The chief rent is payable by the freeholder in perpetuity although the amount cannot be increased.

Completion
The date when the purchaser and vendor complete the sale of land or property. The purchaser pays the balance of the purchase price and the vendor gives possession to the purchaser.

Contract
The formal document which details all the terms of sale. The contract is prepared by the vendor's solicitor and a copy is sent to the purchaser.

Conveyance
A deed which transfers freehold land which is unregistered.

Deed
The legal documents relating to property. These will include all matters which relate to the property since it was built.

Draft Transfer
A legal document issued by the vendor's solicitor to the purchaser's solicitor setting out the terms and conditions of sale.

Edwardian
Property built between approximately 1901 -1910.

Elizabethan
Property built between approximately 1560 -1603.

Engrossment
When the draft deeds to a property are approved they are engrossed for the vendor and purchaser to sign.

Equity
The difference between what is owed by way of mortgage on a property and the value of the property.

Freehold
A freehold interest in property means absolute ownership, although technically all land is held from the Crown.

Georgian
Property built between approximately 1714 -1800.

Ground Rent
Rent paid to the owner of freehold land by a person who has a Lease.

Guarantor
Someone who guarantees an obligation of another.

Hectare
A metric measurement of an area of land equivalent to 2.47 acres. An acre contains 4840 square yards.

Land Certificate
Land document issued by the Land Registry to the owner of registered land as proof of ownership. It includes a copy of the register and the plan showing the extent of the land.

Land Registry
The Land Registry is a Government agency responsible for the registration of title to land. Registration enables the sale of land and property to take place without the laborious and expensive exercise of checking through title deeds.

Land Search
A formal application for an inspection of the Land Registry register. A certificate is issued showing the current situation of the land in question.

Local Search
A questionnaire sent to a local Authority by a purchaser's solicitor to verify whether a property is affected by planning proposals, tree preservation orders, etc.

Mortgage Offer
A formal offer of mortgage issued by a building society, bank or other lender once the usual formalities such as references and valuation have been carried out.

Mortgagee
The person or institution to whom the property is mortgaged.

Mortgage Indemnity
In cases where applicants require a mortgage which exceeds the lender's normal limits they may require the applicant to take out a mortgage indemnity policy with an insurance company for the difference.

Mortgagor
The person who takes out the mortgage.

Office Copies Entries
A Land Registry term for copies of registers and plans, they are officially marked "office copy" and are legally recognised.

Pre-Contract Enquiries
These are enquiries made by the purchaser's solicitor to the vendor's solicitor requiring information relating to the property being purchased prior to exchange of contracts.

Private Treaty
A phrase used to describe the method of sale of property when it is offered other than by auction or tender.

Regency
Property built between approximately 1800 -1837.

Rent Charge
A small charge reserved to a previous owner of land that is paid to him or his successors annually out of freehold land. It is not a rent.

Repayment Mortgage
A mortgage which involves the repayment of both capital and interest in monthly instalments within a specified term of years.

Reserve Price
Properties for sale by auction are normally offered subject to a 'reserve'in which case the property is withdrawn if the highest bid does not reach the reserve price.

Stamp Duty
A Government tax on the sale of land and property which is related to the sale price. At the present time the tax is 1% up to £250,000 3% from £250,000 to £500,000 and 4% over £500,000. Properties with a sale price of less than £60,000 are exempt.

Subject to Contract
When an offer is made to purchase a property 'subject to contract' it means that all the dealings are subject to the actual exchange of the contract itself. Nothing is binding on either the vendor or purchaser until the contracts are exchanged.

Tenure
A collective term relating to the nature of the vendor's title to a property i.e. freehold, leasehold or crownhold.

Tenancy In Common
When property is held jointly between two people and each of them own an individual share which can be passed on under a Will.

Transfer
The legal transfer of ownership on completion of the sale of registered land or property.

Tudor
Property built between approximately 1485 -1550.

Unregistered Land
Land which is not registered with the Land Registry. Proof of ownership is by production of the Deeds.

Vacant Possession
A well used estate agency phrase which means that the property being offered will be vacant upon completion of the sale. The property is therefore offered free from any such encumbrances as a sitting tenant or service tenancy.

Vendor
The person who sells property or land.

Victorian
Property built between approximately 1837 -1901.