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Property Words Glossary
Administrator/Executor – someone who administers the property of a deceased person, by means of Probate; and who can deal with it if he/she were the owner.
Bank draft – a cheque drawn by a bank and which cannot be stopped.
Charge – legal term synonymous with mortgage.
Conservation Area – an area protected from modern development by a local authority. All proposed changes to a dwelling within the area need approval first.
Deed/title deed – a document usually a conveyance which is executed by the vendor, and conveys unregistered property to the purchaser. (Also describes Land Certificate).
Exchange – short for exchange of contracts. When the contract is exchanged it becomes enforceable in law by either vendor or purchaser.
Fee simple – legal term denotes the property is freehold (owned in perpetuity)
Gazumping – whereby the vendor accepts a higher offer than the original purchaser, thereby pushing the first buyer out of the picture. Happens in a bouyant house market where property is selling quickly.
Gazundering – whereby the purchaser reduces the agreed purchase price at the last possible moment in the pre-exchange of contract period. More prevalent in a buyers market.
Land – in legal terms means land and any building on it.
Land certificate – a copy of the register issued by the Land Registry, which counts as the title deed.
Lease – a document which grants someone the right to have the property for a stated number of years.
Subject to contract – a phrase which, if incorporated in a document, means that document shall not be a contract, or evidence thereof.
Title number – the Land Registry reference number alloted to each register
Under offer - the status of a property for sale, when a seller has accepted an offer from a purchaser but prior to exchange of contracts.
Vacant possession - applying to land and dwellings upon it: the state of being ready for occupation immediately after purchase, the previous occupiers having already left.
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