Land and property ― commonly used terminology

By Tolley

The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:

  • Land and property ― commonly used terminology

The following list while not exhaustive provides an overview of the meanings of commonly used terms that a business and or its adviser may encounter when dealing with a land and property transaction Term Definition Alienation clause Clause restricting the tenant s right to assign a lease or sublet a property Beneficial occupation The occupation of land to the benefit or advantage of the occupier Beneficial owner A party that has title to the land for their own benefit Charge certificate This is the certificate issued by the Land Registry to the mortgage lender showing the charge on the Land Registry Charge This is an interest in land which secures payment of a debt Chattels Moveable personal property Completion This is the final step which leads to the transfer of ownership of a property The purchaser receives the title documentation in exchange for payment of the purchase price Completion monies This is the sum payable to the vendor to complete the purchase of the property Completion statement This is a statement issued to the buyer showing details of the exact amount that must be paid to complete the purchase Compulsory registration Where legally required in England and Wales the transfer of land must be registered with the District Land Registry when the transfer is completed If the land is not currently registered an application for first title will need to be prepared and submitted Contract This is a legally binding document that must be signed by the seller and purchaser two copies are normally made Exchanging the document binds both parties to complete the transaction Conveyance This is the document that transfers the legal interest in the land and property from the seller to the buyer Conveyancin

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