Telegraphic Transfer (TT): A transfer of funds via a bank, usually CHAPS.
Tenancy in Common: Equitable co-ownership, where the beneficial interest of the tenant can be left by will. There cannot be a tenancy in common-law; it can only exist in equity.
Tenancy: Lease. Often, the word tenancy is used to describe leases with very short terms.
Tenant: (1) Lessee. (2) A general term for someone who holds land, e.g. a joint tenant (who may, or course, hold a freehold or leasehold estate.
Title Deeds: These documents act as evidence that the person selling the property does own it and sets out any rights or obligations which have to be complied with. We need these documents to enable us to register the new ownership on their records.
Title Guarantee: This is the guarantee given by the seller of property, which may be full or limited. Various covenants are implied accordingly by the Law of Property (Miscellaneous Provisions) Act 1994.
Transfer Deed: This is a document which actually transfers the legal title from the name of the seller to the name of the buyer. This is the final document and is also the document forwarded to the Land Registry to register the new ownership on their records.
Transfer of Equity / Deed of Gift: A transfer of equity is the transfer of one owner’s share of the property to the remaining owner subject to an existing mortgage. A deed of gift is where no payment is made.
Trust of Land: The principal method by which land is held on co-ownership situations since the Trusts of Land and Appointment of Trustees Act 1996. The legal estate in the land is held by trustees, who have the power to sell the land and power to retain the land. The equitable interest is held by the beneficiaries, who may be joint tenants or tenants in common, or have successive interests in the land. The trust of land is a replacement for the trust for sale.
Transfer of Legal Aid Charge or current loan: This deals with the requirements of the Legal Aid board in releasing the statutory charge from the sale property and imposing the charge of the new property. This usually follows matrimonial proceedings during which one or both parties receive legal aid.