Property, Valuation, Legal Ownership and Related Protections
Ownership
Land is either registered at HM Land Registry or unregistered (now rare). Title shows the proprietor, class of title, charges and notices. Freehold is ownership of land and buildings indefinitely; leasehold is a term of years with ground rent, service charges and a landlord. Commonhold exists but is uncommon.
Where two or more people own, they hold as joint tenants (no distinct shares, survivorship applies) or tenants in common (distinct shares, no survivorship, so a share passes under a will or intestacy). Severance converts joint tenancy into tenancy in common. A spouse or civil partner without a legal share can protect occupation with matrimonial home rights, registered as a notice.
Valuation and survey
The lender's valuation is a short inspection confirming the property is adequate security; it is not a structural survey. Buyers may commission a condition report, a HomeBuyer report or a full building survey. Searches typically cover local authority, drainage, environmental, chancel repair and flood risk. Leasehold checks include lease length, ground rent review terms, cladding and EWS1, and Building Safety Act obligations.
Traps
Houses in multiple occupation, non-standard construction (thatched, concrete) or flats above commercial premises restrict lending. Leases below 80 years attract marriage value on enfranchisement and are harder to mortgage. Japanese knotweed, subsidence and flooding affect both value and lender appetite. A valuation is not a warranty of condition.
Rule of thumb: if asked who the valuation protects, the answer is the lender; if asked who pays for it, it is usually the borrower.