T

Town and Country Planning Act

The Town and Country Planning Act is a law that passed through UK Parliament in 1990. It was created to regulate land development in England and Wales. The act granted local authorities greater powers to order land to be cleaned if its condition had an adverse impact on the local area....

Tracker Mortgage

A Tracker Mortgage uses an interest rate that follows the direction of the base rate of either the Bank of England or that of the mortgage lender. This interest rate can rise or fall and is dependent on decisions that are made by the Monetary Committee of the Bank of England. Unfortunately, it is...

Thermostat

A thermostat is a common home device that is used to monitor and maintain temperatures in a building. It is essential for preventing overheating and keeping room temperatures at a constant level. For example, a thermostat will turn off a boiler when a room has reached a specific temperature. Before...

Transfer Document

A Transfer Document is signed by the seller when the conveyancing process has been completed. The seller will need to sign a Transfer Document and submit this to the purchaser's conveyancing solicitor. This is when the contracts can be exchanged between both parties. After the buyer has purchased...

Telegraphic Transfer

A Telegraphic Transfer (often referred to as a 'TT Fee') is a bank payment that is received on the same day that is paid in, commonly used for conveyancing transactions. This is usually through the CHAPS system and conveyancers will use this method of payment to transfer the funds directly to the...

Tin Mining Report

A tin mining report is usually only carried out in the counties of Cornwall and Devon, which were major tin mining areas in the past. This search will discover any mining shafts that are situated beneath the property and whether or not their existence poses a risk to health and safety. A tin mining...

Tree Preservation Order

A local planning authority has the permission to issue a Tree Preservation Order, which protects a tree from being damaged, uprooted or pruned without consent. Anyone who breaches this order is committing an offence. Property buyers may wish to investigate any trees around their prospective home to...

Tender

A process that is often referred to as 'For Sale By Tender' is when the asking price of the property is not advertised. In this case, an offer may be submitted in writing before the vendor reads all of the offers, usually at the same time. The vendor's solicitor will often be present when these...

Trusts for disabled persons

This is a discretionary trust set up for the benefit of a disabled person. Any distributions from the trust to the disabled person are not taxable but a charge to Inheritance Tax (IHT) will arise on their death and the trust fund will form part of their Estate....

Trust

This is an obligation which is binding on the person who holds the legal title, ‘the Trustee’, to deal with the property for the benefit of another, ’the Beneficiary....