The amount of money either being put into buying a property or the deposit placed on a property without the mortage amount being borrowed being taken into account. This is sometimes also known as equity.
A capped-rate mortgage sets a maximum rate of interest that the lender can charge for a specified period of time.
This situation occurs when any given buyer is reliant upon completion of the sale of their existing property in order to complete on the purchase of a new property.
A payment received from conducting certain aspects of business.
Areas of land or buildings, such as gardens, hallways, recreational facilities and parking areas, where more than one resident shares access. This can also be classed as Communal areas.
This form of Tenancy Agreement is used where a company is the tenant. There is no additional statutory protection; both the landlord and tenant are bound only by the terms of the written agreement.
A search that looks at the actual sale values of similar properties in the same area as a property in order to provide a valuation of any given property. This search is normally carried out by a surveyor.
The completion date is an agreed date on which money is forwarded from the buyer’s solicitor to the Sellers Solicitor. It is the date when the buyer becomes the legal owner of a new property.
Conditions of sale
The details which determine the rights and duties of the buyer and seller. These may be national, statutory, or the Law Societys conditions.
Insurance that covers the contents of a property, including electrical goods, carpets, furniture and curtains.
When two or more parties have made an offers on the same property, the Seller will sell to the first party to exchange contracts.
This form of Tenancy Agreement is used where the rent exceeds £25,000 per annum and the tenant is an individual or group of individuals. The tenant is not given any additional statutory protection and both parties are bound only by the terms of the written agreement.
A flat or apartment that has been created by the subdivision of a larger property.
A qualified individual such as a solicitor or licensed conveyancer who deals with the legal aspects of buying or selling a property.
The legal process surrounding the transfer of ownership of a property from Seller to a buyer.
The charge made by a solicitor or conveyancer for undertaking the legal process necessary for the transfer of ownership of a property.
The process by which a company relocates an employee as part of the employer’s normal course of business.
Council of Mortgage Lenders (CML)
The Council of Mortgage Lenders devised the Mortgage Code to ensure lenders treat customers fairly.
Rules and regulations governing the property, contained in its title deeds or lease.
The procedure by which a check is made on the credit history of an applicant, usually conducted by one of the large dedicated credit check agencies. The check will reveal history of credit card repayments, outstanding debts, arrears and County Court Judgments.
A record of an individual’s or company’s past borrowing, including information about late payments and bankruptcy.