Jargon Buster
Abstract of Title
In unregistered land a statement in chronological order showing how the seller came to own the land.
Advance
The payment of mortgage monies by the Lender to the Solicitors acting for the borrower.
Adverse Possession
A claim to possession of land based on a continual period of occupation of 10 years.
Assent
A document which is signed by the Personal Representative(s) of the deceased to transfer a property (known as an AS1).
Assignment
The transfer of a lease.
Assured Shorthold Tenancy
A tenancy whereby a property is let for at least 6 months. At the end of the term the Landlord is guaranteed possession, provided proper notice has been given.
New regulations have come into force which affect all shorthold tenancies created after 6th April 2007. These are intended to protect a tenant’s deposit. Please contact us for advice on this new legislation
Auction Sale
At an Auction, the Contract to buy is made when the hammer falls.
It is advisable to consult your solicitor before the auction about the title to a property you wish to bid for. If you are successful you need to contact your solicitor straight after the auction.
