Commercial Property Jargon Buster

See a breakdown of some of the legal terminology used when discussing commercial property and the law.

Authorised Guarantee Agreements

A form of guarantee which may be given (as a condition of the landlord’s consent) by an outgoing tenant of its assignee’s obligations under the lease. The guarantee will only endure for so long as the assignee remains the tenant.

Conveyancing

Dealing with transfer of land or property.

Covenant

An agreement between two or more persons to do or not do something specified.

Deposit

Sum of money put down by the buyer on exchange of Contracts to secure the property.

Draft Contract

Legal document sent by the seller’s solicitors to the buyer’s solicitors to approve and giving all details of the property and price.

Freehold

Where the property is bought outright including the land and building.

Guarantor

A party that agrees to be responsible for another’s debt or performance under a contract, if the other fails to pay or perform.

Landlord

The owner of an estate in land, who in exchange for rent, leases it to another individual known as the tenant.

Leasehold

Where part of the property only (i.e a flat) is transferred on a let for so many years on payment of a rent. Building and land belong to the owner who is known as the landlord.

Redemption

This is the sum required to pay off a loan usually calculated to the completion date.

Searches

Your fee earner will carry out different searches with the Local Authority, Water Board, Environment Agency and many other agencies to check for any adverse matters which may affect the property or immediate vicinity.

Security of Tenure

The right of a tenant to occupy the property after the lease expires.

Stamp Duty

Land tax on properties over £125,000 payable by the buyers to the Inland Revenue.

Tenant

A party that occupies land or property, rented from a landlord.

Title Deeds

Documents proving ownership of property.

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Commercial Property Jargon Buster

Commercial Property Specialists In Corby & Kettering

Hello, I am Gemma McKimmie and I am the Head of Seatons Solicitors Commercial Property Department. We aim to provide our clients with an outstanding legal service.

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