Property Buying Glossary

Property Buying Glossary

A

Adopted

A road or sewer system becomes "adopted" when responsibility passes to the highway authority (typically under a Section 38 Agreement) or sewer undertaker (typically under a Section 104 Agreement).

Assent

A formal document required to transfer ownership of property to the beneficiary following the death of the owner.

Attorney

A person formally appointed to act on behalf of another, either generally or for a spe

B

Building Regulation Consent

Approval by the local authority on the design, structure, and materials used in building work. (Not the same as Planning Permission.)

C

Completion

The final stage of a property transaction when money and ownership change hands.

Completion Statement

A breakdown of all receipts and payments related to a property transaction.

Contract

A legal agreement between buyer and seller, setting out all rights and obligations when a property changes hands.

Contracted Out

A commercial lease where Security of Tenure does not apply.

Conveyance

A deed transferring ownership of unregistered land.

Covenant

A legally binding promise:

  • Positive Covenant – Requires the property owner to do something (e.g., maintain a boundary).
  • Restrictive Covenant – Prevents the owner from doing something (e.g., building an extension).

CPSE

Commercial Property Standard Enquiries, a common form of preliminary questions in property transactions.

D

Deduction of Title

The process where a seller’s solicitor proves legal ownership of the land.

Disbursements

Payments made on a buyer’s behalf, such as search fees or Land Registry fees.

Draft

A preliminary version of a legal document before final approval.

Due Diligence

The investigations a buyer undertakes to assess the value and risks of a property before purchase.

E

Easement

A legal right benefiting land, such as a right of way.

Engrossment

The final, official version of a document ready for signature.

Exchange (or Exchange of Contracts)

The point at which both parties become legally bound to complete the transaction.

F

Flying Freehold

When part of a property is built over another without shared ownership of the underlying land.

Freehold

Absolute ownership of land and property.

Full/Detailed Planning Permission

Planning approval allowing development, subject to conditions.

L

Landlord

The owner of a leasehold property who grants tenancy to a tenant.

Land Registry

The government body maintaining property ownership records in England and Wales.

Lease

The document outlining a tenant’s rights, responsibilities, and duration of tenancy for a leasehold property.

Leasehold

Ownership of property for a limited period, subject to a lease.

Legal Charge (Mortgage)

A loan secured against a property, ensuring repayment before sale.

O

Outline Planning Permission

Approval in principle for development, requiring further details later.

Overage Payment

An additional payment beyond the purchase price, often based on future development profits.

P

Preliminary Enquiries

Questions asked by a buyer’s solicitor to clarify property details before exchange.

Public Right of Way

A right allowing public access across land.

R

Registered Land

Property recorded at the Land Registry.

Requisition

A formal enquiry requiring a response as part of Deduction of Title.

Restrictive Covenant

See Covenant.

S

Searches

Enquiries made with authorities (e.g., Local Authority, Environment Agency) about property-related matters.

Security of Tenure

The legal right of a commercial tenant to renew their lease, unless Contracted Out.

Service Charge

Ongoing payments in leasehold properties covering maintenance, insurance, and shared facilities.

Stamp Duty Land Tax (SDLT)

A tax paid on property purchases, calculated based on price and lease terms.

Stopping Up Order

A legal order closing a Public Right of Way.

T

Tenant

The leaseholder who occupies a leasehold property.

Term

The duration of a lease.

Title

Proof of property ownership, which may be Freehold or Leasehold.

Transfer Deed

A document transferring ownership of registered land.

U

Unregistered Title

Property ownership that is not recorded at the Land Registry and must be proven through historic title deeds.

W

Wayleave Agreement

A contract allowing utility providers (e.g., electricity, telecoms) to install equipment on private land.

To speak to a solicitor about our residential developer services, get in touch with Switalskis today by calling 0800 138 0458 or contact us through the website.

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To speak to one of our residential development solictors, call us today on 0800 1380 458 or get in touch through the website.

Our Residential Development Team

photo of Gareth Giles
Gareth GilesSenior Associate Legal Executive
Photo of Emma Millington
Emma MillingtonAssociate Solicitor
Ellie MetcalfeAssociate Chartered Legal Executive
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Why Switalskis?

There's a lot to account for when you are setting up a residential property development, and it's crucial to be thorough in your approach. Trust the legal expertise of the team at Switalskis, and we'll handle the difficult aspects as efficiently as possible on your behalf. To demonstrate what makes our approach different, we've made the following commitments:

Clarity in complexity

Residential development can be full of legal nuances, so it's vital to make sure your plans are watertight before you move ahead. The expert team at Switalskis can review documents, break down terminology and make sure you understand your legal obligations, so you can make decisions with confidence.

Empathy at every step

We take the time to understand your expectations and to explore and establish targets for your projects.

Expertise you can trust

We understand the practical aspects of residential development not just the legal background and formalities. We've got years of experience and a raft of satisfied clients to prove it. When you come to Switalskis, you can rest easy knowing you're in safe, skilled hands.

Championing your rights

Our main goal is to get you the best outcome possible. We go the extra mile to protect your interests. We’re always working to manage and mitigate business risks.

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Contact our property development solicitors today for comprehensive support or bespoke services tailored to your specific needs. Call us on 0800 1380 458 , or get in touch through the website today.

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Find out how Switalskis can help you

Contact our property development solicitors today for comprehensive support or bespoke services tailored to your specific needs. Call us on 0800 1380 458, or get in touch through the website today.

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