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home you and your home homeowners busting the jargon in your lease

busting the jargon in your lease agreement

We know that lease agreements and documentation can contain a lot of jargon, so we've tried to break it down for you here.

Assignment:

Where a property changes ownership and is placed under a new name.

Breach:

When one or more of the rules in the lease is broken.

Communal area/s:

Places/areas used by all residents/neighbours on an estate.

Conveyance Plan:

A document showing what you are purchasing.

Covenants:

Rules and responsibilities.

Deed of variation:

Where an error in the original lease is corrected.

Defects:

Any defective issues found in a new-build house within the first 12 months following its completion.

Easement:

The legal right of way over your land or someone else’s.

Forfeiture:

Where we (Plus Dane) repossess your lease following non-payment of rent.

Freeholder:

The person/company who owns the land your home is built on.

Header lease:

Where the property is built on land that we (Plus Dane) have leased ourselves.

Land Registry:

The government agency that holds records of land ownership.

Lease:

A document outlining all agreements between a buyer and a seller.

Lease extension:

Where you make the length of your lease longer.

Lessee/Leaseholder:

The person who has purchased the lease (you).

Lessor/Landlord:

The owner of the freehold (us – Plus Dane)

Management Fee:

A culmination of all of the costs which have to be met by Plus Dane when providing services to you. It also includes a contribution to the office space, etc. 

Mortgagee/Lender:

The person/bank lending the money to buy a home.

Mortgage Protection Clause:

An agreement that the mortgage will be paid in full before anyone else received funds following a repossession or
sale of the property.

Mortgagor:

The person who has taken out the mortgage to buy a home (you).

New build:

A brand new property that has just been built.

Nominations agreement:

An agreement with us (Plus Dane) and the Local Authority showing who gets priority for the homes, and
also outlining any local connection requirement.

Notice of charge:

A document that notifies Land Registry of your ownership of a home and details any mortgage on the property.

Notice of transfer:

A document that transfers the ownership of a home to someone else.

Perpetuity clause:

A requirement for the owner of a home (once they own 100%) to inform us (Plus Dane) of their plans to sell their home if they have owned their home for less than 21 years.

Repossession:

Where your mortgage lender takes your home from you due to arrears.

Resale (Sometimes called Assignment):

The sale of a shared ownership property by its current owner to someone else.

Restricted staircasing:

A limit on the amount of the property you can buy.

S106:

A contract between us (Plus Dane) and the Local Authority stating what we can build and what it can be used for.

Service charge:

A charge paid by the homeowner for services provided to the estate.

Staircasing:

The procedure of buying further shares of your home.

Term of years:

The length of the lease.

Terms of a lease:

Individual rights and obligations.

Title deeds:

A document showing the owner of a piece of land. This is recorded by Land Registry.

Undertaking:

Commitment by any party to do something relating to the property.

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