Arrears
These are the sum total of late or overdue payments for ground rent, maintenance charges or any other regular payment.
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Arrears fee
This is a fee charged to cover additional administrative costs.
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Back Letter
This is an agreement, often between a Landlord and a tenant, that is binding on each party but is not referred to in the actual Lease for commercial reasons.
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Buildings and Contents Insurance
Buildings and contents insurance can often be purchased together protecting both the building structure and your belongings and possessions inside.
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Buildings Insurance
Buildings insurance is designed to give you financial protection for the basic structure of your home such as the walls roof and foundations. This usually includes any external parts of the property such as your shed garage conservatory or greenhouse.
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Bungalow
A property which is built all on one level and therefore has no upstairs. This definition could also apply to a flat but would exclude a chalet bungalow.
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Chief Rent
A payment made on freehold land to the original freeholder for an infinite period, sometimes known as a Rentcharge. The amount payable frequency and any other conditions or restrictions on use of the property are set out in the conveyance which created the rentcharge. Distinct from ground rent which has a finite period.
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Common Parts
The parts of the building used by all residents, such as the front entrance and lobby, common staircase and common hallways.
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Completion
When the sale and purchase of the property are finalised, and you become the owner of the house or flat.
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Completion Statement
This is a record of all the payments made and monies received during the transaction of buying your home.
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Contents insurance
Insurance cover for your possessions. This may include cover against loss or damage away from the home.
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Contracts
The legal documents under which you and the person selling the property agree to buy and sell the property.
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Conveyance
This is usually the original document passing the property from the original owner to the purchaser when the property was first built. It may include payment of a rentcharge or chief rent and other conditions as to how the property may be used.
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Covenant
a legally-binding promise, as referred to in leases.
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Deed of Covenant
This is a document which confirms that the buyer of a property will comply with the rules and conditions affecting the property which can be found in the Title Deed or Lease.
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Deeds
These are the documents which contain all the information about a property such as the owner and the rules affecting the property. These are often held by the mortgage lender to ensure they can take possession of the property should you default on the repayments.
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Disposition
The flat or house that is subject of the lease.
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