Personal Property: All property except for freehold land. Leasehold property was historically regarded as being personal property, which meant that in ancient times, a right in rem did not exist in respect of it: however, due to the special nature of leaseholds, they were recognised as a hybrid type of property, chattels real.
Possessory Title: A Land Registry title that is used for titles based on missing deeds or on adverse possession (squatter’s rights). Possessory title does not carry the state guarantee in respect of any third party claims that arise from before the date of first registration.
Precedent: A printed standard form document that is used as a basis when drafting a document, e.g. those found in the encyclopaedia of Forms and Precedents, or in Kelly’s Draftsman.
Property Information Form: Initial documentation to the client (sale): This is a questionnaire completed by the sellers of a property to provide the buyer with such information as to whether there have been any disputes with neighbours, whether there are any guarantees or warranties on the property and whether the current owners have made any alterations to the property during ownership and if so what consents were necessary and whether they were obtained. Copy evidence of which will be supplied to the buyers lawyer during the transaction and all original guarantees and warranties will be handed to the buyers lawyer on completion.
Power of Attorney: A deed where the seller or buyer authorises someone else (the attorney) to do something on his behalf (e.g. sign the contract). This is often necessary if a buyer or seller will be abroad during the conveyancing transaction.
Puisne mortgage: A legal mortgage that is not protected by the deposit of title deeds with the mortgage. As the first mortgagee invariable requires deposit of the deeds as part of his security, a puisne mortgage is invariably a second or subsequent mortgage. In unregistered land, the puisne mortgage must be protected as a C(i) entry at the Land Charges registry.
Purchase of the freehold reversion for a leasehold property: Where we have to act in the purchase of both freehold and leasehold interests in a property, usually so that we can merge the two titles into one freehold.