Residential conveyancing - jargon buster

If you are looking for a conveyancing solicitor to handle a residential house sale, house purchase or a re-mortgage then please contact us on 0203 816 0076 for a free, no obligation initial chat with one of our legal advisors, or request more information via our contact form.

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Debentures: Mortgages issued by a company.

Deed: A document that is legally binding (e.g. Transfer or TR1).
 
Deed of Assignment of Life Policy between policy holders: The transfer of one person’s interest under an insurance policy, usually an endowment policy, to the other policy holder.
 
Deed of Guarantee: This document allows one person to guarantee the obligations of another, usually in relation to a mortgage or other legal charge.
 
Deed of Postponement / Grant / Variation: A deed of postponement is a document in which one party agrees to postpone their rights to those of another, usually in relation to the order of mortgages on a property. A deed of grant gives rather than postpones specific rights to the owner of a property (such as rights of way), and a deed of variation varies the terms of an existing document affecting the title of land, usually relations to leasehold properties.
 
Deed of Rectification: This document usually corrects an error in an existing document affecting the title to land.
 
Deed of Trust: A deed which sets out the shares of the property owned by the different owners.
 
Deposit: A proportion of thepurchase price, payable by a buyer at the time of exchange of contracts to buy land or buildings. It is paid to the seller’s lawyer. It acts as a part payment and also a guarantee that the buyer will actually complete the transaction. If the buyer unjustifiably refuses to complete then the seller can keep the deposit. The sum suggested by the Law Society at this stage of the transaction is 10% of the purchase price. If however, the buyer is borrowing 95% of the purchase price then only 5% would be payable.
 
Discharge of Mortgage: The repayment of a mortgage or the document that confirms that the borrower has paid off all the money due to the lender in respect of the loan. The form used to discharge a mortgage can be a DS1, END or, in case of unregistered land, the original mortgage deed is sealed by the lender.
 
DX (Document Exchange): An alternative method for delivery and collection of business letters and documents. Each member delivers letters and documents to its local Document Exchange for collection by local members or for carriage and delivery by Document Exchange operator to members of other Document Exchanges organised by the operator.
 
Drafting or approval of Assured Tenancy Agreement: This relates to drawing up or checking a tenancy agreement under which a property will be let or occupied following completion of the purchase property.