Conveyancer

A conveyancer is a specialist in the buying and selling of residential property.

Deed of Covenant

A Deed of Covenant is a legally binding agreement whereby one party covenants with the other to perform certain obligations (to pay rent and service charge, to deal with assignment requirements etc.) and/or observe certain restrictions (not to cause nuisance, obstruct common parts etc.).

Deed of Variation

A lease is usually a large document and lays out what the leaseholder of any particular property is, and is not, allowed to do and the responsibilities of the leaseholder and the freeholder. When small changes need to be made to the document it is preferred to append this to the lease rather than write the entire lease again. The document that is appended to the lease is called a "Deed of Variation" but it must be agreed and signed by both the leaseholder and the freeholder (or his agent).

Freeholder

A 'Freeholder' is a name given to companies or individuals who own the ground that a property is built on and charge a rent (ground rent) for the Leaseholder/Tenant to have the use of the land under the terms of the lease.

Ground rent

Regular set rental payments made by the owner of a leasehold property to the freeholder as required under a lease. The amount payable may be subject to an increase as per the terms set out in the lease.

Landlord

A 'Landlord' is a name given to companies or individuals who own the ground that a property is built on and charge a rent (ground rent) for the Leaseholder/Tenant to have the use of the land under the terms of the lease.

Lease

This is the agreement between the Landlord and Tenant which gives details of ground rent to be paid and terms to be adhered to, such as serving notice and paying fees at transfer of ownership of the property, restrictions to the use of the property and restrictions to changes that can be made without the Landlord's permission.

Lease Term

A lease term is a stated period of time, from the inception of a lease to its expiration, during which the terms of the lease are in force, expressed as a number of years that extend beyond the start date of the lease term. (e.g. 99 Years, 125 Years, 150 Years, 999 Years and so on)

Leaseholder Or Tenant

A 'Leaseholder' or 'Tenant' is a person or company that is in possession of a leasehold property. The Leaseholder or Tenant must meet the terms of the lease which usually include payment of a ground rent and other conditions relating to making changes to the property.

Management Company

A Management Company is the company established to manage the building and common areas.

Managing Agent

A Managing Agent is the company responsible for maintaining the shared areas of the property on behalf of the management company and/or the Freeholder

Notice of Assignment

When a leaseholder sells their interest in a property to someone else, it is vital that the landlord and management company are aware of the transfer. A Notice of Assignment must be served to the landlord or management company under the Law of Property Act 1925.

Notice of Charge

A Notice of Charge is the notification sent to the landlord/management company providing details of any mortgages on the property. This is so that if you, as the borrower, fail to pay ground rent or service charges you landlord/management company will notify the lender who may pay the charges and then add the cost to your mortgage.

RPI

The retail prices index (RPI) is one of the two main measures of consumer inflation produced by the United Kingdom's Office for National Statistics. The RPI tracks changes in the cost of a fixed basket of goods over time, and is produced by combining about 180,000 price quotes for over 650 representative items.

Short Lease

A lease is a period of time that you own the property for usually when it sits on land owned by someone else (the freeholder). A flat for example will usually be leasehold as it will be on land owned by a freeholder. A short lease is anything under 80 years. Lease details are important when considering buying a property as most mortgage companies will not lend on short leases. You should also consider how the length of the lease will affect the resale of the property and the price when you come to move as extensions of leases can be expensive.

Solicitor

A Solicitor is a member of the legal profession qualified to deal with legal matters.

Rent Review

A rent review is an increase in the amount of rent payable during the term of the lease. The increase amount will be defined within the terms of the lease.

Certificate of Compliance

A certificate of compliance is a document required by the Land Registry to confirm that all the covenants of the lease have been complied with. This will be issued by the Landlord (if they are the beneficiary of the restriction) so the Land Registry can lift the restriction from the official records.

Licence to Assign

A Licence to Assign is permission to sell the property in question. A Licence to Assign is granted by the Freeholder to the current Leaseholder. Where a lease requires a Licence to Assign before the lease can be sold it would be a breach of the lease to sell the property without such consent.

Tenant Reference Number

Your tenant reference number is a 12 digit number that will always begin with 5. Please refer to any written correspondence from Landmark Collections to obtain your tenant reference number