When you think about buying an Urban Union property it’s important to understand the terminology. Here’s our glossary of terms.

Building Line

Set by the local authority and beyond which the front of any new building or extension to an existing one may not project.

Burdens and Conditions/Covenants

The various conditions which affect the property which are often im- posed to properly manage the whole development and which require to be observed and adhered to by the owner.

Charge Certificate

The name given to a standard security when registered in the Land Register of Scotland.

Common Charges

Where a flat, for example, is one of a block, there are parts of the building that are used by all or many of the other residents. In such cases, it is usual for either the Property Manager or a company set up by all the common ground, etc. This charge is known as common charges.

Consideration

This is the technical legal term for the Purchase Price.

Curtilage

The technical legal term for the actual boundaries of the plot.

Deeds

All the legal documents relating to the property.

Defect

A part, component or construction failure which is the liability of Urban Union to rectify under the terms of the Premier Guarantee warranty.

Disposition/Transfer/Lease

This is the signed title deed which is the document that gives owner- ship of the property after it has been registered by your Solicitor in the Land Register.

Emergency Work

As defined by Urban Union in the Welcome Letter contained within your welcome pack.

Freehold

In Scotland, the old feudal system of ownership has been abolished and a much more modern simpler principle of ownership has been brought in. So all owners will receive a Land Certificate confirming their ownership, showing the location of the home and the terms un- der which ownership is held. Scotland has no equivalent to English leasehold for residential property.

Frontage

The front boundary of any property.

Land Certificate

The document issued by the Land Register proving your ownership of your home.

Land Register of Scotland

The public register where all house purchases in Scotland are recorded.

Legal Completion

When we have received cleared funds in payment of the purchase price.

Lender (Mortgage)

The person or association (normally a building society/bank) who grants the loan.

Borrower (Mortgage)

The person who obtains a loan to purchase a home.

Main Services

The general term used to cover the connection to the property of drainage, water, gas and electricity.

Missives

The name of a purchase contract in Scotland.

New Home Guide

A Homeowner’s Handbook publication prepared by Premier Guarantee explaining the “Do’s and Don’ts” of your new home.

Premier Guarantee

An independent body, approved by the Department of the Environment, which lays down standards for house builders who are registered with it. It is not compulsory for house builders to register, but those who do are expected to maintain certain standards and are subject to Premier Guarantee sanctions should they fail to meet the standards. The Premier Guarantee issues ten year certificates which allows for the remedying of any serious structural defects developing during that time. The certificate is issued to the owner of the property and protects the title holder and their sucessors in title for a period of ten years from the date of issue. It is most unusual for any lender to grant a loan on a new property without this certificate or equivalent.

Premium

Either the monthly or yearly amount due on an insurance policy.

Property Manager/Managing Agent/Factor

The company or person appointed to manage a block of apartments or common open spaces, etc. and is responsible for carrying out the maintenance and insurance of communal areas.

Qualified acceptance

Part of the missives.

Right of Way

A public right to use paths or roads over private land.

LBTT

This is a government levy and payable by the purchaser of the property. The amount of duty is based on a percentage of the purchase price of the property. LBTT stands for Land and Buildings Transaction Tax.

Standard Security

The document granted by a borrower in favour of the lender whereby the lender obtains security for the loan by having a fixed charge or security over the property. In the event that the borrower does not maintain payments of the loan, the lender, by virtue of the standard security, may be entitled to repossess the property and evict the borrower.

Titles

The legal documents relating to your home containing all rights and obligations that attached to the property and by which a person has legal right of ownership to a property.

Vacant Possession

Contractual terms meaning that the property will be empty when you get the keys.

Valuation

An opinion, based on experience, judgement and knowledge of the market value of a property. Valuations for sale, for mortgage, confirmation for capital gains tax and for insurance can all be very different for the same property. If a valuation is required, the purpose for which it is required, is essential information for the valuer. It also varies so far as fees are concerned.