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Administrator
|
an individual
appointed by the Court to manage the estate of a deceased
person who has died without making a valid Will.
|
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Affidavit
|
a written statement made by somebody who swears that it is true,
that can be used as evidence in court. |
|
Articles
of Association
|
a document that sets out the regulations governing the running
of the company's internal affairs. |
|
Beneficial
interest
|
that right a person has in a contract made with another or in
an asset owned by another; such a right may provide for a financial
as opposed to a legal interest in the relevant asset. |
|
Beneficiary
|
a person who is left a gift under the terms of a Will. |
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Bona
fide
|
genuine. |
|
Caveat
|
a
warning that certain factors need to be considered before something
is done; such warnings are sometimes drafted into contracts
to minimise contractual liabilities. |
|
Claimant
|
a person making a claim because they are or believe they are
entitled to it. Since the Woolf Refroms (to make the judiciary
more accessible) the word "claimant" has replaced "plaintiff"
(see below) |
|
Codicil
|
a document that modifies some provision of a Will without revoking
it. |
|
Co-habitation
|
where two people are living together without being married. |
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Contracts
are exchanged
|
the point at which contracts are signed binding the vendor and
purchaser to the sale of the property. After this point any
change of mind will have legal consequences. |
|
Consideration
|
thing given or done as equivalent by person to whom a promise
is made. |
|
Contribution
|
Payments in respect of the home, e.g. purchase, mortgage, endowment
policies, insurance, maintenance repair and improvement costs,
service charge and ground rent (if applicable). |
|
Crown
|
the State. |
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Default
Notice
|
a note on a person's credit files that they have been or are
failing to pay their debts. |
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Defendant
|
a person accused in a legal case. |
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CSA
|
The Child Support Agency. |
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Encumbrance
|
Generally refers to something that prevents or restricts free
and easy movement: In a legal context refers to a charge, or
more usually, a mortgage upon property securing the payment
of a debt or other liability. |
|
Enrolment
|
The process by which a Change of Name Deed and the requisite
supporting documents are certified by the court and advertised
in the London Gazette. Historically this process has beed referred
to as "deed poll". |
|
Estate
|
all property belonging to someone. Executor - a person (of which
there are normally two) appointed in a Will to manage the Estate.
|
|
Financial
Responsibility
|
Being legally obliged to provide financial support. |
|
Firm
(Partnership)
|
a business entity where the principals are partners. Usually,
all partners are individually liable for all the debts of the
business. |
|
Guardian
|
person appointed in the Will to have legal control for a minor
(a person under the age of 18). |
|
Gazump
|
to raise the price of a house after accepting a price from a
purchaser. |
|
Inheritance
Tax
|
a tax levied on a person's estate upon death, and in some cases
on gifts made during the deceased lifetime. |
|
Intestacy
Rules
|
The rules that are applied to the distribution of property belonging
to a person who dies without leaving a Will. |
|
Intestate
|
describes a person dying without a valid will. |
|
Issue
|
children, grandchildren and more remote descendants, including
adopted children. |
|
Joint
Property
|
property owned jointly with another person or persons. Such
Ownership may be as joint tenants or Tenants in common. See
below |
|
Joint
tenants
|
where each tenant is deemed to own the whole property. |
|
Judgement
by Default
|
where the Court supports the Claimant/Plaintiff's claim against
the defendant as a result of lack of response/reply to their
summons. |
|
Legacy
|
usually a gift of money in a Will. |
|
Life
Interest
|
the spouse has the benefit of the income from his/her half share
in the balance (amounts in excess of £125,000) of the estate,
but does not receive the capital. |
|
Maintenance
|
the provision of financial support. |
|
Memorandum
of Association
|
a document that sets out a company's name, registered office
and its objects. Other clause depend on the type of company. |
|
Minor
|
a person under the age of 18. |
|
Mortgagee
|
a
person or an organisation that lends money under a mortgage
agreement. |
|
Mortgagor
|
a person who borrows money under a mortgage agreement. |
|
Parental
responsibility
|
as opposed to financial responsibility, refers to the legal
rights and liabilities a parent has in controlling and being
answerable to a minor's welfare and upbringing. |
|
Personal
Chattel
|
s a private possession ranging from domestic animals to jewellery,
household items and motor cars. But does not include items used
for business purposes at the time of death, money nor other
financial instruments such as stocks and shares etc. |
|
Plaintiff
|
a person who brings a legal action against somebody in a court
of law. The Woolf Reforms have now replaced "plaintiff" with
"claimant". |
|
Replacement
Beneficiary
|
a person designated as a beneficiary if a beneficiary predeceases
you or fails to survive you for the specified period or reach
a specified age. |
|
Residuary
Beneficiary
|
a beneficiary who receives the residue of an estate or part
of it. |
|
Residuary
Gift
|
a gift of residue made in a Will. |
|
Residue
|
the remainder of an estate after the deduction of taxes, debts,
specific gifts, legacies and the expenses of administration.
Solvent - having enough money to pay one's debts (when they
fall due). |
|
Statutory
Declaration
|
is a statement recording your intention to abandon your old
name and adopt a new name. Subscribe - in this instance refers
to the endorsement (by signing) of the company Memorandum and
Articles of Association, as well as the application to buy shares. |
|
Specific
Gift
|
a gift of a particular item of property in a Will. |
|
Tenants
in common
|
are
joint owners in property where each tenant has a specific share
in the property and has no automatic rights in respect of the
other tenant's share. |
|
Termination
Notice
|
a note on a person's credit file that a contract has been terminated.
This usually refers to Mail Order contracts where the customer
has not completed payment for the goods. |
|
Testator
|
a person who makes a will. |
|
Trust
|
an arrangement under which a person or persons (the trustee
or trustees) hold and manage property for the benefit of another
person. |
