The Short Version
- 45 terms defined in plain English
- Every entry tagged by jurisdiction: Scotland, England & Wales, or UK-wide
- Cross-border equivalents noted: missives and exchange, servitude and easement
- Covers tax terms: SDLT, LBTT, LTT and ADS
- Includes leasehold terminology: marriage value, enfranchisement, staircasing
- Regional oddities explained, including Tyneside flats and Scottish tenements
Conveyancing runs on terminology that nobody outside the profession uses, and it gets worse when you cross the border: Scotland and England often have entirely different words for the same idea, and occasionally the same word for different ideas.
Every entry below is tagged with the jurisdiction it applies to. Where a term has a counterpart in the other system, the definition says so.
Jump to: A · C · D · E · F · G · H · I · L · M · N · P · Q · R · S · T · V
A
Additional Dwelling Supplement (ADS) ScotlandScotland's surcharge on additional residential property, currently 8%. Unlike the English surcharge it is charged on the whole purchase price rather than band by band, and applies from £40,000. Reclaimable if you sell your previous main residence within 36 months.
C
Chain UKA sequence of linked transactions where each depends on the others. A chain completes from the bottom up, and one delayed link stalls everything above it.
Chancel repair liability England & WalesA historic obligation on some landowners to contribute to parish church repairs. Rare since 2013, and normally dealt with by cheap indemnity insurance.
Completion England & WalesThe moment ownership transfers: money reaches the seller's solicitor, the seller's mortgage is redeemed and keys are released. Called settlement in Scotland.
Conclusion of missives ScotlandThe point at which the exchange of formal letters reaches agreement and the contract becomes binding. Scotland's equivalent of exchange of contracts.
Covenant England & WalesAn obligation in a title binding the owner: positive (to do something) or restrictive (not to). Scotland's equivalent is a real burden.
CQS England & WalesThe Law Society's Conveyancing Quality Scheme, the recognised accreditation for residential conveyancing. Required by most major lenders. Does not apply in Scotland.
D
Date of entry ScotlandThe date agreed in the missives on which the buyer takes possession and settlement occurs.
Disbursements UKPayments your solicitor makes to third parties on your behalf: searches, registration fees, transfer charges. Not part of the firm's own fee.
Disposition ScotlandThe deed transferring ownership of Scottish property. The English equivalent is the transfer deed (form TR1).
E
EWS1 England & WalesThe External Wall System form recording a professional assessment of a block's external walls. Not a safety certificate, a record for lenders and valuers.
Exchange of contracts England & WalesThe moment buyer and seller become legally bound. The deposit is paid and a completion date fixed. Risk passes to the buyer at this point.
Enfranchisement England & WalesThe statutory right of qualifying leaseholders to extend a lease or collectively buy the freehold.
F
Factor ScotlandA property manager responsible for common repairs and maintenance in a tenement or development. Broadly equivalent to an English managing agent.
Freehold England & WalesOutright ownership of land and buildings indefinitely. Most Scottish residential property is held on a broadly equivalent basis following the abolition of feudal tenure in 2004.
G
Gazumping UKWhere a seller accepts a higher offer after already accepting yours. Less common in Scotland because missives conclude earlier.
Gazundering UKWhere a buyer reduces their offer shortly before exchange, exploiting the seller's position.
H
Home Report ScotlandThe survey, valuation, energy report and seller questionnaire that Scottish sellers must provide before marketing, at their own expense.
I
Indemnity insurance UKA policy covering financial loss from a specific title defect or missing document. It insures against loss; it does not fix the underlying problem.
L
LBTT ScotlandLand and Buildings Transaction Tax, collected by Revenue Scotland. Replaced stamp duty in Scotland in 2015.
Leasehold England & WalesOwnership of a property for a fixed term under a lease from a freeholder. Residential long leasehold was largely abolished in Scotland in 2012.
LPE1 England & WalesThe Leasehold Property Enquiries form completed by a freeholder or managing agent, supplying service charge, ground rent and building information.
LTT WalesLand Transaction Tax, collected by the Welsh Revenue Authority. Replaced stamp duty in Wales in 2018.
M
Marriage value England & WalesThe uplift in value created by extending a lease. Payable to the freeholder where the unexpired term is under 80 years, which is why extension costs rise sharply below that threshold.
Missives ScotlandThe formal letters between solicitors that together form the contract for a Scottish property sale.
N
Notice to complete England & WalesA formal notice served where a party fails to complete, typically requiring completion within ten working days and triggering liability for costs and interest.
P
Peppercorn rent England & WalesA nominal ground rent of effectively nil. Statutory lease extensions reduce ground rent to a peppercorn.
Property enquiry certificate (PEC) ScotlandThe Scottish equivalent of an English local authority search, covering planning, building control, roads and statutory notices.
Q
Qualified acceptance ScotlandA reply to an offer agreeing in principle but amending or rejecting particular conditions. A counter-proposal, not a binding acceptance.
R
Real burden ScotlandA condition in a Scottish title restricting or obliging the owner. Broadly equivalent to an English covenant.
Redemption figure UKThe amount required to pay off an existing mortgage on completion or settlement.
Registers of Scotland ScotlandThe body maintaining the Land Register of Scotland and the older General Register of Sasines. The Scottish counterpart to HM Land Registry.
Requisition UKA follow-up query raised by a solicitor on the title or the other side's replies to enquiries.
Retention UKA sum held back by a lender or between parties pending completion of works or resolution of an issue.
S
SDLT England & N. IrelandStamp Duty Land Tax, collected by HMRC. The return is due within 14 days of completion.
Servitude ScotlandA right over neighbouring land, such as access or drainage. The English equivalent is an easement.
Settlement ScotlandThe Scottish equivalent of completion, occurring on the agreed date of entry.
Staircasing England & WalesBuying additional shares in a shared ownership property to increase your stake, potentially to full ownership.
Suspensive condition ScotlandA condition in missives that must be satisfied before the contract becomes fully enforceable, commonly a mortgage condition.
T
TA6 / TA10 / TA13 England & WalesStandard Law Society forms: the Property Information Form, the Fittings and Contents Form and the Completion Information Form.
Tenement ScotlandA building divided into flats. The Tenements (Scotland) Act 2004 governs shared responsibility for common parts where title deeds are silent.
Title deeds UKThe documents establishing ownership and the rights and obligations attaching to a property.
Transfer of equity UKAdding or removing someone from the legal ownership of a property without a full sale.
Tyneside flat EnglandAn unusual arrangement found mainly around Newcastle, where two flats in a building each hold the freehold of the other's flat, creating reciprocal obligations.
V
Vacant possession UKThe requirement that a property be empty of people and belongings on completion, save for anything agreed to remain.
