Glossary of terms.

We use a number terms to describe each part of the Legal Risks & Cost Reports 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.

Searches are enquiries submitted to various authorities which provide you with more information about the property. These typically include Local Authority Searches, Environmental Searches, Water Drainage Searches and Chancel Repair Searches.
This includes typical protocol forms such as the Property Information Form, Leasehold Information Form and Fixtures & Fittings Form as well as Insurance information and the Energy Performance Certificate (EPC).
A Land Registry TR1 Form is a formal land registry document which transfers the legal ownership of a property from one party or parties to another party or parties.
This contains information provided by the Freeholder's managing agent who handles the the management of the building and collection of funds in relation to flats or leasehold premises. It will contain accounts of service charge, ground rent and insurance as well as a statement of account and other relevant information (major works planned etc)
A private contract between you and your landlord (Freeholder) which sets out the rights and duties of both parties. Your lease will allow you to occupy the property for a fixed number of years: typically for 99 or 125 years when first granted.