Slovíčka - 2. semestr

conveyancer – a lawyer who prepares the transfer of property

conveyor – a person who gives full legal rights in land or property

easement – somebody’s right connected with property of someone else

freehold – ownership of real (personal) estate

freeholder – a person who possesses freehold estate

heir – a person with the right to receive a title, property, etc. when the owner dies

land – real estate, commodity which can be sold, rented out or used as security

landholder – an owner or more usually a tenant of land

landlord – a person from whom another rents land or buildings

landowner – an owner of land

leasehold – certain fixed period of holding the property by lessee

leaseholder – a person who holds a lease

legal title – the right to something (for ex.landlord is the legal owner of the land)

lessee – a person who holds a lease

licensee – a person holding a licence

licensor – a person issuing a licence

mortgage - form of security to someone who has lent money to landholder

mortgagee – a person to whom property is mortgaged

mortgagor – a person who gives a mortgage on his property

purchaser – a buyer

tenant – a person who pays rent for the use of land, a building, a room etc.

vendor – a seller

The difference between freehold and leasehold - English law recognized two estates in land a) “fee simple absolute in possession” and b) “term of years absolute”. The first means that the landholder owns the land throughout his life unless he sells or gives it to someone else. Eventually, this land will pass to his heirs. The second is a right to hold land for a certain period, after which the land returns to the holder of the estate “absolute in possession.” We often call the first estate a freehold and the second a leasehold, or lease. All land is ultimately held by a freeholder, but sometimes it is a leaseholder who is using the land, sometimes freeholder.

Two rights and two duties of the leaseholder - He has the right to sell his lease to someone else, but of course he can only sell the right to use the land for the number of years remaining on the lease. Until the lease ends, he has the right to possess the land exclusively: even the freeholder has no right to enter the land without the leaseholder’s permission. On the other hand he must paying rent (ground rent) and keeping buildings in a good condition.

Rights – subleasing, exclusive use

Duties - pay rent, keeping property in good condition

Four kinds of legal interest - The first is an easement, such as a neighbor’s right to use a footpath over your land, or your right not to have buildings or trees on your land block light to his windows. The second is a rent-charge – someone’s right to charge a landholder a periodical sum of money. The third is a legal mortgage – an interest in property given as a form of security to someone who has lent the landholder money. If the money is repaid the interest ends. The last legal interest is a right of entry – the right of a freeholder to enter a lessee’s property if he fails to pay rent.