Conveyancing Glossary - E

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E-conveyancing

It is generally accepted that the present conveyancing system can be plagued with delay and anxiety. The Land Registry is developing 'e-conveyancing', an electronic system for the buying, selling and registration of land and property in England and Wales to improve the conveyancing...

Easement

A right granted over another's property, e.g. a right of way which allows certain persons the right to walk or drive across a piece of land.

Easement

Easements are legal rights which one property enjoys over another. Common examples are rights of way, rights of drainage, and rights of light.

Encroachment

In the conveyancing process, encroachment refers to a situation where a boundary has gradually encroached to a neighbouring property or an area of land that is excluded from the property’s legal boundaries.  If a buyer or a seller suspects that this has occurred, they should notify their...

Encumbrance

An Encumbrance is a burden or charge that affects the use or enjoyment of the land. It can include an Easement or Restrictive Covenant. ...

END Notification

An electronic method which some lenders use to notify Land Registry that a mortgage has been paid off.

Endowment Mortgage

A mortgage where you pay the interest on the mortgage only and a premium towards an endowment policy. The policy is intended to pay off the original amount borrowed at the end of the mortgage term

Enduring Power of Attorney

An Enduring Power of Attorney is a document appointing a person (an ‘Attorney’) to manage the property and financial affairs of another person (the ‘Donor’). If the Donor becomes unable to make financial decisions, the Enduring Power of Attorney must be registered...

Enfranchisement

The process by which the leaseholders of a block can purchase the freehold of the...

Engrossment Fee

An Engrossment Fee may be charged when a buyer is purchasing a property that has just been built or converted.  This is because the documents and planning information on new developments are generally more detailed. As a result, the solicitor will issue a charge for providing these documents,...

Environmental Search

This part of the pre-contract search should disclose any evidence that proves the land area was used for industrial purposes in the past. Even if a buyer does not necessarily request suh an inspection, the mortgage lenders will insist that one is carried out for the conveyancing process. If...

Equity

Usually means the difference between the value of a property and the amount owed to the mortgagee

Equity Release

Equity release enables you to raise money from your property. Two main types of equity release scheme exist: Lifetime mortgage, or taking out a loan with your home as security, or Home reversion, selling outright all or part of your homes' ownership. Both forms may pay out either a lump sum,...

Estate

For Inheritance Tax Purposes, up to 22 March 2006, a person’s estate consisted of the following: Assets which were in the sole name of the deceased Assets which were owned jointly by the deceased – i.e. their share of those assets  Assets which were in trust which the deceased...

Estate Agent

Think Estate Agncy is money for old rope?  This article may just surprise you as it shows the enormous amount of work the average agent must do to acheive a sale

Excepted Estate

An estate where a full tax account is not needed including low value estates, exempt estates and those relating to foreign domiciliaries....

Excess

In the mortgage industry, 'excess' refers to the amount of money homeowners need to pay before their contents or building insurance plan can cover any claims they may make in the future. An example of this could be when a property is damaged by flooding. The owner may be liable to pay an excess fee...

Exchange of Contracts

The time when both buyer and seller commit themselves to the deal under a legally binding agreement.

Excluded Property

This relates to certain types of property which fall outside the charge to Inheritance Tax, subject to certain conditions. These include: British Government securities in foreign ownership Property situated outside the UK where the person who is beneficially entitled to the property is not...

Executor

Someone who is named in the Will to administer the deceased’s Estate. The female version of Executor is...

Exempt Estate

This is a type of Excepted Estate and is where the gross value of the Estate does not exceed £1, 000, 000 and there is no liability to Inheritance Tax as the spouse, civil partnership or charitable exemption bring it below the IHT...

Exempt Gifts

These are gifts that are exempt from Inheritance Tax and include the following: Gifts to individuals made more than seven years before death Gifts to spouses or civil partners Gifts that do not exceed £3, 000 in one tax year Gifts that are made on consideration of marriage or civil...

Expedition Fee

An additional fee which can be paid to the Land Registry to speed up registration