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Land Registry Sold House Prices Index

Land Registry Sold House Prices Index

Since 1980 it has been a requirement to register all property in England, Scotland and Wales centrally with HM Land Registry.

As each plot of land sells it is given a unique reference or “Title” number.

This number then holds all the details about that plot of land against it, including details of previous transfers, owners, sale prices and any restrictions on the property.

Property professionals can use these records to identify current owners of property, previous owners and year sold, property boundaries, tenure (Freehold or Leasehold), previous valuations and other information relating to the property transaction.

Land Registry house price data is used to provide accurate calculations of property valuations using clever algorithms to take account of types of property, market fluctuations, inflation etc.

Mouseprice uses Land Registry data, along with data from other property portals including Rightmove and Zoopla to populate the information provided on the Mouseprice website.

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Property: Glossary of terms

 

  • A 
  • Abstract of Title – A written summary in chronological order which sets out the history of ownership of a property.
  • Adopted Highway – A road maintained by the local authority or council.
  • Advance – The original amount of the loan.
  • Agreement – Often used as a word for contract.
  • Apportionment – The proportionate sum of money that an owner has to contribute or is entitled to receive.  Usually relates to Leasehold property where rent and service charges will need to be apportioned because they are outstanding or have been prepaid to a date after completion.
  • Assent – The formal document required to transfer ownership of a property to a person entitled following the death of the owner
  • Assured Shorthold Tenancy – A special form of tenancy agreement designed to simplify the process of obtaining vacant possession of the property at the end of the agreed tenancy period.
  • Auction – This is where a property is bought at a public auction. Once the gavel goes down contracts are exchanged.
  • B 
  • Bankruptcy Search – A search undertaken against a buyer when they are obtaining a mortgage.  Conveyancers are obliged to undertake this search by the mortgage company.  It is to check for any bankruptcy proceedings against the client.
  • Base Rate – The basic rate of interest upon which other interest rates are based, set by the Bank of England.
  • Basic Fee – The fee charged by solicitors/conveyancers for their time and expertise.
  • Borrower – See Mortgagor.
  • Boundaries – Boundaries define the extent of the property in question and are usually marked with fencing, hedging or walls. They are usually shown on the deeds plan.
  • Breach of Contract – Once contracts have been exchanged, if either party pulls out and does not complete the conveyancing process they are in breach of contract and the non-defaulting party can seek legal redress.
  • Bridging Loan – This is a loan taken out to “bridge” the gap whilst waiting for the sale of a property or the receipt of a mortgage.
  • Brine Search – This is carried out to establish if a property is affected by disused workings nearby.
  • Building Insurance – Once contracts have been exchanged, buyers in most cases become responsible for their new property’s building insurance. This must cover the cost of rebuilding the entire property if it is destroyed. Mortgage lenders may want to see proof of this insurance.
  • Building Regulation Consent – Approval by the local authority on the design and materials used in building work.
  • Buyer – Someone who buys a property.
  • Buy To Let – This is where a buyer buys a property with the intention of renting it out. There are usually mortgages specific to this type of purchase known as Buy to Let mortgages.
  • C 
  • Cashback – A sum of money paid by the lender to the borrower on completion of a mortgage.
  • Caveat Emptor – Latin for “let the buyer beware”, a principle in property law that restricts a buyer from recovering damages from a seller for defects that render a property unfit for purpose, unless misrepresentations were made amounting to fraud.
  • Certificate of Title – A form sent to mortgage companies to request mortgage funds and to certify the property is suitable for lending against.
  • Chain – This occurs when there are a number of people buying and selling properties, of which each is dependent on one another.
  • Chancel Repair Search – A search to ascertain whether the property carries with it a potential liability of the owner to pay for chancel repairs to a church.
  • Charge – An interest in land to secure the payment of money.
  • Charge Certificate – An official certificate, which used to be issued by the Land Registry where a property is registered detailing the ownership, mortgages and interests in the property.
  • Chattels – Fixtures and fittings.
  • Client Care Letter – The conveyancer must send their client this letter at the beginning of the transaction. It must clearly set out what work will be carried out, who will be doing it, at what cost and the complaints procedure of the firm. The client is usually asked to sign and return one copy. The conveyancer is not allowed to start work for a client until the client confirms in writing that they wish the conveyancer to do so.
  • Commonhold – A type of ownership that enables several people to share in the common ownership of land. This is usually applicable to common parts of a development of several homes.
  • Commons Registration Search – A search at the local authority to check the property is not registered as common land or part of a village green resulting in third party rights over the property (e.g. grazing), resulting in the enjoyment of the property being potentially compromised.
  • Completion – The moment – often referred to as moving day – when the buyer becomes the new owner of the seller’s house and the day by which the seller must have left the property. The transaction completes with the balance of purchase/sale monies being paid and title to property transferred. If there is a chain involved everybody completes and moves on the same day.
  • Completion Statement – A written calculation of all the receipts and payments due in respect of the transaction.
  • Conservation Area – This is an area protected by the local authority. Properties within such a designated area may be subject to planning restrictions particularly relating to the exterior of the property.
  • Contaminated Land – Land affected by contamination which could arise from a past use of a property or by items/commodities stored on the property in the past.
  • Contract – This is the legally binding document between a seller and a buyer that contains all the terms of the agreement for the sale of land/property.
  • Conveyancer – The person who manages all of the matters arising from the sale or purchase of a property. This can be a licensed conveyancer or solicitor.
  • Conveyancing – The legal work needed to buy and sell properties.
  • Council of Mortgage Lenders – Most Lenders are members of the Council of Mortgage Lenders that sets out specific conditions and procedures which must be complied with before mortgage advance monies can be requested. Conveyancers have a duty to comply with their conditions and procedures.
  • Council for Licensed Conveyancers (CLC) – The governing body that licenses and regulates licensed conveyancers. You should always ensure your conveyancer is a full member.
  • Covenants – Binding promises contained in Deeds, which are legal obligations.
  • D
  • Declaration of Trust – A document indicating that a property is to be held on trust for two or more people.
  • Deeds – The official documents confirming who owns a property.
  • Deed of Covenant – A document confirming an agreement to pay, do or not do something.
  • Deed of Gift – A document transferring the ownership of property from one person to another without any payment being made for it.
  • Deed of Guarantee – A document used where one person agrees to be responsible for someone else’s debt or mortgage obligations if that person fails to carry out their own obligations.
  • Deed of Postponement or Priority – This is where a mortgage company agrees to their mortgage ranking after another lender’s mortgage.
  • Defect in Title – A problem with the title relating to a property e.g. the lack of a right of way to the property. Sometimes it is possible to deal with such matters by the obtaining of an insurance policy, which will allow the transaction to proceed.
  • Deposit – A payment made to the seller by the buyer on exchange of contracts. This is usually 10% of the purchase price and it is not refundable if the buyer later withdraws after contracts are exchanged.
  • Disbursements – Out of pocket expenses paid by conveyancers on the client’s behalf to third parties, such as Stamp Duty, Land Registry charges and search fees.
  • Discount Rate – A mortgage interest rate that will rise and fall with the variable rate but which will always be the discounted amount below the variable rate.
  • Drainage Search – Also known as a ‘water search’ or drainage enquiry, this search establishes whether surface water and sewage from the property drains into a mains sewer or into a septic tank and if the property has the benefit of a mains water connection. It includes a plan to show where water and drainage pipes are located.
  • E
  • Easement – Rights over another person’s land, for example, a right of way
  • Endowment Mortgage – A mortgage where you pay the interest on the mortgage only and a premium towards an endowment policy. The policy is then intended to pay off the original amount borrowed at the end of the mortgage term.
  • Endowment Policy – Assurance providing for the payment of a lump sum on death or maturity.
  • Engrossment – The top copy of a document that is for signature by the parties involved.
  • Environmental Search – A search against a property to check whether there is any record kept to suggest that the property may be affected by contamination.
  • Epitome of Title – A schedule listing and including copies of the documents that set out the history of ownership of a property
  • Equity – The difference between the value of a property and the figure owed to the mortgagee.
  • Estate Agents’ Fees – These are the fees charged by an estate agent to sell a property.  Conveyancers pay these on completion from the sale proceeds.
  • Exchange of Contracts – The point that both parties are committed to the transaction. From the minute that contracts are exchanged, the sale becomes binding. Until contracts are exchanged, either party can walk away from the transaction with no legal or financial penalties (in England and Wales). At the same time as contracts are exchanged, a deposit is handed over from the buyer’s solicitors to the seller’s solicitors. The balance of the money will be handed over on the completion date, which is also agreed at this point.
  • Expedition Fee – An additional fee that can be paid to the Land Registry to speed up registration.
  • F
  • Fixed Rate Mortgage – A mortgage interest rate where the lender agrees to charge a fixed rate of interest over a given period whether or not the variable rate changes.
  • Final Searches – See Pre-Completion Searches.
  • Fixtures Fittings & Contents Form – A standard form where the seller sets out all those items in the property which they have agreed to leave as part of the sale price and which is attached to the contract.
  • Flying Freehold – This arises when part of one property is built on top of another property and so the upper property owner does not own the building or land underneath the “flying” part.
  • Freehold – A freehold property involves a permanent change in ownership of land or a building that is not time-sensitive and will not revert to another owner unless a new sale is agreed.
  • Freeholder – This means the landlord or freeholder who owns the freehold title and is entitled to the ground rent under the lease and possession of the property at the end of the lease term.
  • Full Title Guarantee – The seller of a property must state the guarantee they are prepared to give. This is the usual guarantee given by a property owner.
  • Further Advance – An additional amount lent under the terms of the original mortgage.
  • G
  • Gazanging – This is when a seller pulls out of a property transaction and opts to stay put, having previously accepted an offer.
  • Gazumping – This is when the seller accepts a higher offer from another buyer after having already accepted an initial offer.
  • Gazundering – This is when the buyer lowers his or her offer after the sale has already been agreed.
  • Ground Rent – Paid by a lessee to a lessor/landlord in the event a property is leasehold, usually in yearly amounts.
  • H
  • High Loan to Value Fee – This is sometimes charged by a lender where a borrower borrows more than a certain percentage of the value of a property to insure the lender only against loss arising if the property is sold by them due to the borrower’s failure to pay the mortgage.
  • HM Land Registry – The government body that deals with ownership of property and land throughout England and Wales only.
  • I
  • Indemnity Insurance – Insurance taken out to cover all manner of problems experienced with titles to properties.
  • Index map search – A search undertaken at the Land Registry to determine whether a property is registered or unregistered.
  • Interest Only Mortgage – A mortgage whereby interest only is paid to the lender and the capital amount of the original loan is repaid at the end of the mortgage term either by an endowment policy maturing or a pension or other savings plan maturing.
  • L
  • Land Certificate – The official certificate issued by the Land Registry when a property is registered detailing ownership and interest in the property without any legal charge.
  • Land Charges Search – A search at the land charges registry to see if a person has any bankruptcy proceedings pending or if the property is unregistered to see if there are any mortgages or interests registered against the owners of the property.
  • Land Registry Fee – The fee payable to the Land Registry to register any changes affecting the property.
  • Land Registry Office Copies – The legally permissible document outlining who owns your property, held by HM Land Registry. It is requested by your conveyancer during the conveyancing process.
  • Land Registry Search – A check prior to completion to ensure that the office copy entries already received have not been subsequently amended since receipt e.g. a further loan secured on the property.
  • Landlord – See Freeholder.
  • The Law Society – The Law Society is the representative body for solicitors in England and Wales.
  • Lease – A document under which an owner of a property grants another person exclusive possession of the property for an agreed period usually in return for an agreed periodic payment.
  • Leasehold – In contrast to a freehold property, a leasehold property is one where a party buys the right to occupy land or a building for a given length of time, which may extend into hundreds of years.
  • Leasehold Property Information Form – An alternative version of the Property Information Form (SPIF) that is used when dealing with leasehold properties.
  • Limited Title Guarantee – This is the title guarantee given by a seller where because of their limited knowledge of the property the full title guarantee cannot be given (e.g. a personal representative of a deceased owner or a mortgagee in possession).
  • Listed Buildings – Listed Buildings are protected by the local authority and are subject to planning restrictions.
  • Local Authority Searches – These searches are conducted during the early stages of the conveyancing process and are designed to protect buyers from council plans that may affect the state of their property once they have moved in. However, these only refer to things affecting the land up to the legal boundaries of the property in question. For more comprehensive checks solicitors can be asked to perform a ‘planning search.’
  • M
  • Memorandum of Sale – This is issued by the estate agent showing details of the property being sold, for how much, by whom and who the buyer is.
  • Mining Search – This is an investigation carried out by the buyer’s solicitor if the property is in a mining area, so that the risk of subsidence due to mining activity beneath the property can be assessed and if any claims have been made. It also indicates whether or not any mining activity is currently taking place close by, the date of last working, and the likelihood of future working.
  • Mortgage – A loan, usually from a Bank or Building Society, made to help you buy a property. You cannot sell a property without paying off the mortgage at the same time.
  • Mortgage Deed – This is the document that gives the Lender legal rights to the property, such as the right to repossess it should you fail to keep up mortgage payments.
  • Mortgage Offer – The document issued by a mortgage lender highlighting the amount of borrowing, interest payable, monthly repayments and mortgage terms and conditions. Any special conditions will be contained within the mortgage offer.
  • Mortgage Term – The length of time agreed for the repayment of the loan.
  • Mortgagee – The mortgage Lender, usually a Bank or Building Society.
  • Mortgagor – Somebody who takes out a mortgage (a borrower).
  • N
  • Negative Equity – An issue where the amount of money you owe on the property, usually via a mortgage, is more than the sale value of the property.
  • New Build – Where a property is being purchased for the first time from the builder or developer.
  • NHBC – (National House-Building Council) This is the body to which most residential builders belong. It is responsible for monitoring building standards of new properties and issues a 10-year warranty in favour of buyers relating to the build quality of the property.
  • Notification of Sale – See Memorandum of Sale.
  • O
  • Occupier’s Consent – This is issued to all individuals over the age of 17 years who do not appear on the mortgage offer and who will continue to live at the mortgaged property. The occupier(s) (often children) is /are required to sign the form to acknowledge that they waive any rights of occupation or ownership claims in the event of property repossession by the lender.
  • Off Plan – Where a property is being bought at the planning stage and is yet to be built.
  • Overriding Interests – Not all matters affecting property are registered or capable of being registered at the Land Registry. However, the property is still subject to such matters. Examples include short leases, certain kinds of easement.
  • P
  • Party Wall – A wall owned jointly with a neighbour and repairable at shared expense.
  • Planning Permission – Approval by the local authority to the building or change of use of a property or extension to an existing property.
  • Power of Attorney – This document allows a person to act as a legal representative of somebody else with their consent. These are often used to protect the financial interests of the ill or the elderly.
  • Pre-completion Searches – These are searches undertaken by your conveyancer before contracts are exchanged. They check to see if you have been bankrupt and that the property in question is legally owned by the seller. Also known as priority searches.
  • Pre-contract Searches – Searches carried out on a purchase at the outset of the transaction such as local, drainage, environmental etc.
  • Priority Searches – See Pre-completion Searches.
  • Private Road – A road maintained by property owners rather than by the local authority. The property owners need to have rights over it as it is not necessarily a public access.
  • Property Information Form – Sellers are required to fill this form in and return it to their conveyancer. It asks questions regarding boundaries, disputes, services, relationships with neighbours, legal rights, restrictions and other important information. Failure to provide correct information is an offence.
  • Purchase – The buying of a property.
  • Purchaser – See Buyer
  • R
  • Radon Gas – A naturally occurring radioactive gas which may if above certain safety levels require preventative action to be taken (e.g. more ventilation in a property).
  • Redemption – The re-payment of an existing mortgage.
  • Redemption Penalty – A penalty charged by a mortgage lender when you redeem a mortgage within a fixed rate, discounted rate or cashback period.
  • Redemption Settlement – This is the sum of money transferred to a lender if you decide to pay back your mortgage early, consisting of the outstanding lump sum balance in addition to any applicable administration fees or penalty fees.
  • Redemption Statement – Document issued by a mortgage lender indicating the total amount owing on a mortgage.
  • Registered Land – Land which has been registered at the Land Registry.
  • Remortgage – Changing a mortgage from one mortgage lender to another or from one mortgage product to another from the same lender.
  • Report on Title – See Certificate of Title.
  • Reservation Fee – An administration fee charged to cover the cost of reserving a borrower’s entitlement to a loan on certain terms or a fee paid to a builder or property developer to reserve a new property.
  • Restrictions – A limitation of the right of a registered owner of a property to deal with the land e.g. a restriction that the property cannot be sold without the consent of another individual.
  • Restrictive Covenant – An obligation created by a deed that curtails the rights of an owner of land.  For example, extending without the consent of another.
  • S
  • Sale – The sale of a property.
  • Seller – Someone who sells a property.
  • Sellers Property Information Form – A document completed by a seller to give information about the property to the buyer (e.g. who maintains boundaries and whether there have been any disputes).
  • Service Charge – A payment required by a lessor or managing agent to cover the costs of maintaining and running a development. For example, decorating common areas of a block of flats.
  • Shared Ownership – A property which has been or is about to be partially bought from a Housing Association or Local Authority i.e. you are buying 30% of a share of the property but the Housing Association/Local Authority will retain 70% ownership.  The buyer will then pay rent on the remaining share.
  • Smoke Control Order – An order made by the local authority designating an area to be one in which only smokeless fuels may be burnt.
  • Solicitor – The legal conveyancing process is traditionally undertaken by a solicitor who acts on your behalf once instruction has been received, authorised and regulated by the Solicitors Regulation Authority (SRA).
  • Solicitors Regulation Authority (SRA) – The independent regulating body of the Law Society of England and Wales, the SRA can be called upon to deal with disputes if you have received an unsatisfactory service from your solicitor.
  • Stamp Duty – Officially known as Stamp Duty Land Tax (SDLT), this is the tax payable on the purchase of a property. Current rates are available here – www.gov.uk/stamp-duty-land-tax-rates.
  • Stamp Duty Exempt – Some types of purchase or transfer of land are exempt from Stamp Duty tax. Your conveyancer will be able to tell you whether your transaction is exempt.
  • Statutory Declaration – A declaration made before a justice of the peace (JP), notary public, or other person authorised to administer an oath. In practice, these are usually sworn before a solicitor.
  • Subsidence – This describes where a property moves due to inadequate foundations or significant change in the underlying ground conditions resulting in the instability of the structure above.
  • Survey – This a report carried out by a surveyor on the physical state of the property. There are different levels of survey. Most properties are bought with the assistance of a mortgage and the lender will require a mortgage valuation. This is not a survey, it merely ensures that the property is valued in accordance with the loan amount. A more detailed survey, known as the RICS Homebuyer’s Report, is usually recommended, and is prepared by a qualified surveyor.
  • T
  • Telegraphic Transfer – Transfer of monies via a bank electronically.  Funds are transferred in this way on completion in order to ensure a quick transaction and in order to ensure completion is not delayed due to lack of money.
  • Tenant – See Lessee.
  • Term Assurance – Life insurance that only lasts the term of the mortgage.
  • Third Party Rights – This is when someone other than the legal owner of a property has the right to use or control the land of which they have no ownership.
  • Tin Search – A search to establish whether the property may be affected by tin mining activity that may result in subsidence.
  • Title – The owner’s right to a property.
  • Title Check – When the title to a property is checked to see if any enquiries need to be raised with the seller’s solicitors.
  • Title deeds – These documents act as evidence that the person selling the property actually owns it, and they also set out any rights or obligations that affect the property. Mortgage lenders will hold onto title deeds as they legally own the property until the mortgage is paid back. Once you have instructed a solicitor they will arrange to obtain the title deeds from the lender, which may take up to three weeks.
  • Title Information Document – Also known as ‘Office Copies’ or ‘Official Copies’ and usually available online.
  • Transaction – A dealing with property, such as a sale or purchase.
  • Transfer Deed – A document that legally transfers your property into the name of the buyer. It must be signed by you in the presence of a witness.
  • Transferor – The person transferring (selling) the property.
  • Transferee – The person buying the property.
  • Transfer of Equity – The document transferring the ownership of a share or interest in a particular property from one person to another.
  • Tree Preservation Order – An order made by the local authority designating a tree or group of trees as protected and requiring the local authority’s permission to lop or fell them.
  • U
  • Unregistered Title – Where the title to a property has not previously been registered at the Land Registry and ownership is proved by the production of a complete chain of documents showing successive ownership.
  • V
  • Vacant Possession – Possession of a property free of the presence of any people, possessions or rubbish.
  • Valuation – The simplest form of survey designed specifically to establish the market value of the property.
  • Variable Rate – A mortgage interest rate that is variable, usually set at a percentage above the base rate set by the Bank of England, and set by each individual mortgage lender.
  • Vendor – See Seller.
  • W
  • Wayleave Agreement – A formal agreement with a property owner enabling a service provider (electricity or telephone company) to install piping or cabling through or over the property. It also allows for subsequent access for maintenance and repair.