Glossary of terms.
We use a number terms to describe each part of the legal pack summaries we provide. Take a look here to find out what they mean and what they cover.
Glossary of our most commonly used terms
This is arguably the most important document in the legal pack. They are contractual terms that are associated to each property. These are not printed in the catalogue but are part of the contract. They may include a short completion period, additional fees such as seller premium and overage clauses, short leases, excessive services charges etc.
An office copy entry is officially known as an Official Copy of Register of Title – and also a title register – proves property ownership and shows the ownership chain. The title plan shows the exact boundaries of the property. You must ensure that you review the outlined area in conjunction with what’s set out in the office copy entries
There are various types of tenancy agreements. It is recommended to understand the difference between Assured Shortland Tenancies (AST’s), Assured Tenancies (AT’s) and Regulated/Protected Tenancies. If a property is tenanted, the details listed within the auction catalogue may differ to the tenancy agreement within the legal pack. You may not be able to make any changes to the tenancy agreement until it expires, so be aware of what your obligations are.