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A loan to “bridge the gap” between the sale of your present property, and the purchase of your new home. Usually, for when the dates don't coincide (or until long-term finance comes through from your mortgage lender).
Newly-built homes are often covered by the Buildmark 10 Year warranty, and insurance cover is provided by the National House Building Council. You will receive an NHBC booklet which contains details of the warranty.
The finalising of the sale when all the monies are passed over and the buyer has legal right to the property.
Entered into by the seller and buyer of a property which only becomes binding on exchange of contracts, i.e. when both parties have signed the contract and the purchaser has handed over the agreed deposit to the solicitor.
The legal transfer of a property from one owner to another.
A restriction or condition affecting the property, which must be complied with.
All the legal documents relating to the property.
A part payment of the agreed purchase price paid by the buyer on exchange of contracts (or conclusion of missives in Scotland).
A legal document which transfers ownership of a property to the buyer.
Sellers of properties requiring a Home Information Pack in England & Wales will be required to provide a copy of a valid Energy Performance Certificate (EPC). This gives details about the energy efficiency of the property.
The contracts are in fact two identical documents, one signed by the seller and the other by the purchaser. When these are exchanged, both sides are legally bound to complete the transaction.
The full ownership of both the property and the land on which it stands.
This applies to Leasehold properties and is a sum paid annually to the Freeholder by the Leaseholder.
HIPs contain information about energy performance, legal documentation, and other details.
Cover for the bricks and mortar of your home. It is advisable to review insurance cover regularly.
A certificate issued by the Land Registry as proof of ownership.
These are paid through your solicitor to register your ownership of the property with the Land Registry. The scale of fees is fixed by the Government.
Land held under a lease for a number of years, on which ground rent is paid.
Carried out by your solicitor, this establishes if your new home is likely to be affected by any planning decisions.
Apartment buildings usually have a management company responsible for maintaining the main structure, common parts ( eg stairs and hallways ) and landscaped areas. For some developments a management company may also maintain roads, street lighting and open spaces. The management company recovers its costs from each owner through a service charge.
The name given to a contract. Missives are letters exchanged by the purchaser (making an offer for the property) and the seller (accepting the offer).
Most people will need to take out a mortgage – or loan – to buy a property. There are many different types of mortgages available to home buyers – your mortgage advisor will explain.
The borrower (whose property is secured for the loan).
Your mortgage lender will usually require additional security if the loan is in excess of 70% or 80% of the purchase price. This involves a once-only payment which can normally be added to your mortgage. The amount of the payment varies with the amount borrowed and the term of the loan.
An insurance policy often arranged in conjunction with a repayment mortgage, which is taken out to ensure that the loan will be paid off should the borrower die before the end of the mortgage term. Insurance may also be available to protect your repayments in the event of redundancy.
Prior to making a mortgage offer your lender will have the property valued for “mortgage purposes”. You will pay a fee (variable on the purchase price of the property).
A non-profit making body whose role is to both protect the home buyer and help the industry to construct good quality new homes. NHBC inspectors carry out spot checks and regular examinations on all properties at varying stages of construction. The NHBC also provides a 10 year Buildmark warranty.
Land (including buildings on it) the title to which is registered at the Land Registry and legal ownership of which is guaranteed.
A term used to denote the physical and written procedure for determining any adverse effects in/on a particular property, whether already in effect or planned to take place.
The end of the house buying process, when the deeds of the new house and other documents are handed over, in return for the agreed price.
Government tax on the purchase price of a property. Your solicitor will automatically handle payment on your behalf.
Sold 'Subject to Contract' (STC) means that the seller and buyer are proceeding with the sale but the paperwork is not yet complete.
The rights and liabilities that attach to the property.
Legal documents describing the rights and liabilities that attach to the property and prove ownership of property.
Solicitors' certificate confirming that the title to the property is acceptable. A Lender must have one before an advance cheque for the mortgage monies can be issued.
As a homeowner, it is advisable to make a will – or alter an existing one. Your solicitor can advise you.
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