This section explains
some common legal phrases related to Wills and Estate, and Buying
and Selling property. WILLS & ESTATES
Dying without making a will. If you don't make a will, you estate will be divided according to various rules (see FAQs)
A person who receives a benefit from your will or estate
The person who takes care of your estate after you die (i.e. signs papers, instructs the solicitor, arrange for the sale fo your house and other property, and so on)
The person who will look after the interests of your children in the event of your death
(inheritance tax)
The tax that will be paid by the beneficiaries of your estate. The rate at which tax is paid depends on the relationship between you and your beneficiary. You usually do not have to pay inheritance tax on anything inherited from your spouse.
Husband or wife
This is a tax paid on the total amount of the estate and is in addition to the inheritance tax.
Everything that you own when you die (house, bank accounts, car, personal belongings, etc.)
The process of dealing with your affairs after your death.
BUYING & SELLING PROPERTY
The person selling the property
The person buying
The deeds of title are legal documents which prove the ownership of property.
Registered title and unregistered title "Registered" title is registered in the Land Registry and is given what is known as a "folio" number.
Confusingly, "unregistered" title is registered in a separate place, the Registry of Deeds
A loan taken out to buy a property, where the property is used collateral for the loan. "Mortgage" is also used to describe the legal documents which record the details of such a loan. Usually the bank or building society will hold onto the title deeds to the property until the mortgage is paid off.
If you sell your house, the "redemption" is the
amount of money needed to pay off the outstanding mortgage.
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