A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
B
Block
A building containing individual flats and common areas share between them.
C
Common parts
Those areas of a block of flats that are common to all flat owners.
Commonhold
A new form of tenure created by the Commonhold and Leasehold Reform Act 2002. Commonhold allows for the freehold ownership of the individual flats within a block and the shared ownership of the common parts.
Completion
The time when the balance of the purchase price is payable, the sale is complete and the buyer becomes the legal owner of the property.
Conveyancing
The process of transferring the legal ownership in a property from the seller to the buyer.
E
Enfranchisement
The process by which the leaseholders of a block can purchase the freehold of the building.
Exchange of Contracts
This is the time when a contract to purchase and sell a property becomes legally binding on the parties, and a deposit on the purchase price is payable.
F
Forfeiture
A legal process that enables a landlord to terminate a lease where the tenant is in breach and take back possession of his property.
Freehold
Absolute ownership of a property – the most supreme form of tenure possible.
G
Ground Rent
A nominal amount paid by the lessee to the freeholder in compensation for the use of the land by the building in which the lessee has a flat.
L
Land Registration
The process of recording the ownership of a property with the Land Registry.
Land Registry
A government department responsible for keeping and maintaining the Land Register of England and Wales.
Lease
The property contract between a lessee and lessor, setting out the terms of agreement between them.
Lease extension
The right of the lessee to demand the landlord to extend his lease to 99 years.
Leasehold
A form of property ownership that provides the right to use and enjoy a property for a definite period of time.
Lessee
The party to a lease who is granted the right to use and enjoy the property fo a definite period of time.
M
Managing agent
A company instructed to manage the common parts of a block of flats for a fee.
Mortgage
A particular type of loan where money is lent for the purposes of buying a property.
P
Property manager
The individual person employed by a managing agent responsible for managing a block of flats.
R
Reserve Fund
A sum of money saved up over a period of time to pay for ermergency works or complying with maintenance obligations in a lease.
Resident Management Company
Legal entity set up to control the management of the block.
Reversionary interest
The right to receive full ownership of a flat upon the expiration of the lease term.
S
Service charge
An amount payable by each lessee towards the maintenance and repair of the common parts of a block of flats.
Shared ownership
A method to make housing more affordable by providing people with the ability to part-buy and part-rent their home.
T
Tenure
The method by which property is owned. There are three types of tenure: freehold, leasehold and commonhold.
Title
The term used to describe who owns property or land.
Transfer of Equity
The process of adding or removing a party from a mortgage.
U
Unit
One individual flat.
