If you are unsure about certain property phrases, then our Jargon Buster will explain some key expressions so that you can become familiar with these once complicated property terms.
The line of buyers and sellers who are all involved in linked property transactions. A break in the chain can affect the sale of properties further down and either hold them up or even fail completely.
The purchase of the next home is not reliant on a property transaction involved in the buyer or seller.
This is the day that you gain ownership of your property and all of the conditions of the mortgage come into effect.
A letter from your conveyancer that details all of the finances involved within your property move.
Conditions of sale
The conditions that are agreed upon by the buyer and seller ahead of the conclusion of the property transaction.
A legal document that outlines the important and specific details of the purchase. The contracts will need to be exchanged to finalise the transaction.
A property solicitor that manages all of the legal features behind the property move.
Conveyance or transfer
The rights of the land and property are transferred over to the new owner through a legal document.
Council for licensed conveyancers
This governing body is one that conveyancing lawyers should be registered with.
The history of the property provided through this document.
Although the majority of the property will be funded by the mortgage, this sum of money will be required before the contracts are exchanged.
Additional expenses such as search fees and stamp duty.
The amount of the property that you essentially own, in comparison to the amount that you owe to your mortgage lender.
Exchange of contract
The transaction completion that both parties are legally obliged too.
Fixtures and fittings
An entire list of items included with the property.
Some mortgages can be flexible in the conditions of how you pay the loan back.
The Financial Conduct Authority is an independent governing regulator that looks at protecting customers with their finances.
The seller of the property accepts a higher offer for the property, despite your offer already being accepted.
Conveyancing companies can take out a policy that covers losses.
Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time.
Typically a solicitor who specialises in property, the licensed conveyancer is trained in all the legalities behind a home move.
To help fund the purchase of the property, money must be borrowed from a lender.
A document that gives you the legal right to own the property.
Your financial advisor will charge you this for his services in organising the mortgage through a lender.
If you decide to amend or cancel your existing mortgage contract, then you could be charged with a fee. If you decide to switch mortgage provider then this can also apply.
A government tax payable by every home buyer when purchasing a property over £125,000. Under the new rules introduced on the 4 December 2014, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5 million and 12% on everything over that. See below:
- Up to £125,000 : 0%
- £125,001 to £250,000 : 2%
- £250,001 to £925,000 : 5%
- £925,001 to £1.5m : 10%
- Above £1.5m : 12%
A survey determines if the property in question is structurally satisfactory, this is produced by the building surveyor.
Subject to contract
A legal agreement that is not legally binding, which is made between the house buyer and seller to organise the transaction completion.
The document that finalises the move and officially passes the title of the property onto the buyer.
Typically this is for the purpose of securing a mortgage, as this survey establishes the value of the property.
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Thanks to all at the Carlton office for your hard work...Mr and Mrs Nix