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Capital Raising

Capital Raising allows homeowners to remortgage a property at a greater value than the initial purchasing price. Many people participate in Capital Raising in order to raise funds for different purposes, such as renovation, debt consolidation or purchasing a new vehicle. The total amount of capital...

Cash back mortgage

A cash back mortgage allows people to receive a lump sum from a lender on top of their initial mortgage loan. Cash back schemes have become a popular trend in recent years because people are rewarded with money when they purchase products, rather than simply saving money via a discount. These types...

Counter-Bore

Counter-Bore refers to inserting a screw into a surface and ensuring that the head is not projecting outwards from the surface.  In order to do this, buildings use screws through a whole that is 'Counter-Bored', which should be deep enough to prevent the screw head from protruding. The hole...

Construction contract

A construction contract is a document that makes an account of all the details of a building project. It will typically include the registration number of the contractor, a full list of Blue Prints, the fee for the work, and a timetable stating how long the project took. It will also include a...

Capped rate mortgage

A capped rate mortgage allows homeowners to cap the level of interest that they repay during the length of their mortgage. When the variable rate (the interest rate determined by the Bank of England) exceeds it, the owner will only pay up the capped rate that has been agreed. However, the interest...

Commons Registration Search

A Commons Registration Search aims to confirm that any open land surrounding a property has been registered as an area of common land.  If it is not, it may breach the Commons Registration Act of 1965. During the conveyancing procedure, solicitors may need to arrange a Commons Registration...

Client Account

A client account is basically a bank account that is used by a professional or a company for a client. A conveyancer will be obliged to keep all of the client’s funds in a different bank account from that of their firm’s . All conveyancers will need to use a client account as a separate...

Breach of covenant

A covenant is a legal promise that is often granted to leasehold or freehold properties. A breach of covenant takes place when any of the conditions of this legal promise is broken. Examples of this include the failure to purchase insurance or a breach of quiet enjoyment. A breach of covenant can...

Cooling off period

This is a period of time in which a buyer has a right to cancel or apply for a refund for a product or service that has been purchased. A 'cooling off' period is not common in a conveyancing procedure. The vendor usually requests that the cooling off period is waived so that the conveyancing can be...

Contaminated Land

What is it? Contaminated land is an area that has been polluted by previous industrial activity. This land cannot be built on unless major cleaning work is carried out. This form of cleaning can be a lengthy and expensive process. A recent example is the London Olympic Park, which had to be...