Prominent Property Law Terms Explained

A Guide To Common Property Law Terminology

Property law is a complicated topic, with varied areas of expertise, constantly changing legislation, and unique circumstances to account for. With so much to consider, it can be confusing when handling contractual matters, and especially important in instances of money changing hands. For complete assurance when dealing in legal matters, enlisting the help of professionals is recommended, and this is where Andrew Lee Property Lawyers come in.

Since 1996, Andrew Lee And Co Lawyers have been assisting both companies and individuals locally, so continue reading for a practical overview of common terms and phrases.

Equity Release

Releasing equity is the process of attaining tax-free cash from the value of your home, with the amount you can release based on your age and how much your property is worth. Depending on the equity release you choose, you can claim money either as one large sum, or as a series of smaller instalments. Important to note is that in most circumstances, only over-55s are eligible for this. Equity release is usually highly-regulated, and we’re available to help out if this seems like a viable option.

Power of Attorney

Power of attorney is essentially the authority to act for another person in regards to legal or financial matters., giving an attorney the legal authority to deal with third-parties, such as banks or council stakeholders, as well as broader areas such as financial or medical matters. In some instances, power of attorney can allow an individual to transfer over or sell property on behalf of another, and may be prominent if a subject is incapable of making a decision independently.

Freehold

Freehold is the complete ownership of land as well as the structures built upon it, named as such because the owner holds it freely. Buying a freehold property often seems easier than otherwise acquiring premises, as you know exactly what you’re getting, but there’s still potential for complications to arise, especially if you don’t do your research. Consult our team before pressing ahead with any spontaneous decisions, as we’re best-placed to offer advice.



Conveyance

In legal terminology, conveyance means to transfer, it is the legal movement of property from one name to another, either via ownership or lease. A document such as a deed or mortgage will typically act as evidence in these instances, and as conveyancing specialists serving England and Wales, our industry knowhow is unrivalled.

At Andrew Lee Property Lawyers, we’re your friendly local property solicitors , providing a catalogue of services including advice for landlord disputes, sale of property, equity transfer guidance, and much more. Our supportive team of Maidstone-based professionals are the ideal choice for those seeking up-to-date legal advice in the Kent area. Simply contact us today for more information - we would be happy to help.