LSB Conveyancing & Notarial Practice key terms

The largest freehold estate recognised in England and Wales, lasting indefinitely and capable of being inherited. It is the legal estate most residential and commercial freehold transactions transfer.

An estate granted for a fixed term, created out of a freehold or a superior lease, giving exclusive possession for that term subject to the covenants in the lease.

Only estates listed by statute (fee simple, term of years, and a few others) take effect as legal interests; all other rights, such as beneficial shares under a trust, bind only in equity.

The mechanism by which a purchaser for value of a legal estate takes free of beneficial interests under a trust if capital money is paid to at least two trustees or a trust corporation.

Land whose ownership and interests are recorded in the register maintained by HM Land Registry, so that title derives from the register rather than from deeds.

The grade of registered ownership granted, such as absolute freehold, possessory, qualified or good leasehold; the class shows how far the state guarantees the title.

Certified extracts of the register, the title plan and any documents referred to in the register, obtained from HM Land Registry and used as evidence of title in registered conveyancing.

An entry limiting the circumstances in which a disposition of registered land may be registered, commonly used to protect beneficiaries behind a trust or a third party's interest.

A notice entered in the register to protect an interest without the registered proprietor's consent, giving priority to that interest against later registered dispositions.

Rules determining which of two competing interests prevails, based for registered land on registration, actual occupation or notice, and for unregistered land on the land charges register and doctrine of notice.

The system of registering certain interests in unregistered land, such as puisne mortgages, estate contracts and restrictive covenants, so that they bind purchasers regardless of actual knowledge.

A document in an unregistered chain of title, at least fifteen years old, that deals with the whole legal and equitable interest and from which title investigation begins.

A schedule of the title documents with copies attached, compiled by the seller's solicitor in unregistered conveyancing and delivered to the buyer for investigation.

The compulsory or voluntary process of bringing unregistered land onto the register, triggered by dispositions such as sale, gift, mortgage or long lease.

Written questions put to the seller before exchange, covering the property's physical condition, boundaries, disputes, services and planning history, with replies forming part of the contract package.

A search of the local land charges register and enquiries of the local authority revealing planning constraints, enforcement notices, road schemes and charges affecting the property.

A search made with the water undertaker confirming whether drains and water mains are adopted, whether the property is connected, and whether any public sewer runs within the boundaries.

The moment the parties become contractually bound, with completion deferred, usually by each side holding a signed contract and the buyer paying a deposit.

A standard set of contractual terms, incorporated by reference into most residential sale contracts, governing deposit, completion date, risk and remedies for default.

A contractual promise by the seller under the standard conditions, either full or limited, that the seller has the right to convey and will do what is reasonable to perfect the title.

The final stage of a transaction when the purchase price balance is paid, the transfer is executed and the buyer obtains keys and vacant possession.

A return that must be filed with HM Revenue and Customs within fourteen days of completion of a land transaction, accompanied by payment of any tax due.

The post-completion submission to HM Land Registry, supported by the transfer and evidence of tax paid, to record the buyer as registered proprietor.

A window of protection, typically thirty working days from the date of a property search result, during which a later registered disposition cannot defeat the searcher's position.

The statutory form of mortgage over registered land, giving the lender a legal interest in the property and powers of enforcement on default.

The lender's statutory right, exercisable once the mortgage money is due and after notice, to sell the mortgaged property and apply the proceeds to the debt.

The borrower's right to repay the secured debt and have the mortgage discharged, freeing the property from the lender's charge.

A form of freehold ownership of units within a building or estate, with a commonhold association managing shared parts and no fixed lease term.

A sum payable by a leaseholder towards the costs of maintaining and insuring the building and common parts, subject to statutory consultation and reasonableness controls.

The landlord's remedy of terminating a lease for breach of covenant, which for most breaches requires prior service of a notice specifying the breach and requiring remedy.

The process by which a notary verifies the identity and capacity of a signatory, witnesses the signature and certifies the document's due execution for use abroad.

A simplified certification issued under the Hague Convention confirming the authenticity of a notary's signature and seal, so the document can be accepted in another member state.

The notary's written attestation recording what was done, such as the appearance of the signatory, the documents examined and the capacity in which the person acted.

A formal declaration by a notary, typically relating to a bill of exchange or ship, recording dishonour or a casualty and the steps taken, used to preserve rights.

Written confirmation of the terms of engagement, including scope of work, fees, complaints procedure and regulatory information, which must be provided at the outset.

Documentary proof of where the money for a transaction came from, such as bank statements or sale proceeds, required by anti-money-laundering rules before acting.

Additional identity and background checks required in higher-risk situations, such as politically exposed persons, complex structures or transactions with higher-risk jurisdictions.

A situation where the duties owed to two or more clients, or to a client and the firm, diverge, requiring disclosure, safeguards or refusal to act.

A personal and professional promise, given by a solicitor or notary, that is binding and enforceable, and which must be honoured even if it proves more costly than expected.

A civil action alleging that a conveyancing professional failed to exercise reasonable skill and care, causing loss, commonly arising from missed searches, defective title advice or missed deadlines.