Land and property ― commonly used terminology

Produced by Tolley

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

  • Land and property ― commonly used terminology

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:

TermDefinition
Alienation clauseClause restricting the tenant’s right to assign a lease or sublet a property
Beneficial occupationThe occupation of land to the benefit or advantage of the occupier
Beneficial ownerA party that has title to the land for their own benefit
Charge certificateThis is the certificate issued by the Land Registry to the mortgage lender showing the charge on the Land Registry
ChargeThis is an interest in land which secures payment of a debt
ChattelsMoveable personal property
CompletionThis 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 moniesThis is the sum payable to the vendor to complete the purchase of the property
Completion statementThis is a statement issued to the buyer showing details of the exact amount that must be paid to complete the purchase
Compulsory registrationWhere 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
ContractThis 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
Conveya

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