Learn The Lingo
This covers the cost of rebuilding the property if it is destroyed in a fire, for example. You need to put this on risk on the day of Exchange for your new property and your lender may want to see a copy of this insurance.
A link of properties where one purchase depends on the sale and purchase of another.
Usually known as moving day or the day you can collect the keys. The full balance of monies and title deeds are transferred from one party to the other. The solicitors will then register your new ownership with the Land Registry.
A statement detailing the financial breakdown of a property sale or purchase which is usually sent in between exchange and completion.
The legal document that contains all of the information regarding the property transaction and is signed by both the buyer and seller.
The process of transferring property
The promises made which bind the owners of the property
The amount paid by the buyer to the seller on Exchange of Contracts to secure the property. This is normally 10% of the purchase price.
Exchange of Contracts
The point at which Contracts are signed and Exchanged between solicitors and the Contract becomes legally binding. This is also when the completion date is agreed and set.
Fixture, fittings and contents form
A form completed by the seller, which lists what parts of the property are included and excluded in the sale.
Owning a property or land outright, as opposed to leasehold- which reverts the property back to the owner of the land after the lease period has expired.
When a seller accepts an offer on their property from one buyer and then accepts a higher offer from another potential buyer.
A loan from a bank or a building society so that you are able to buy a house.
Where the amount of money you owe on a property is greater than the value of a property.
Office copy entries
The official copies of the register which confirm the ownership of a property. These are the ‘new’ online version of your property Deeds.
You must pay Stamp Duty Land Tax (SDLT) if you a buy a property or land over a certain price in England, Wales and Northern Ireland.
The abbreviation for sold subject to contract.
Subject to contract
The position of a transaction before Exchange of Contracts and so nothing is legally binding.
These are the old documents which prove ownership of the property. These are sent to the Land Registry when you first register a property. Now when you buy and sell most houses are already registered. The title deeds are the old Conveyances and Transfers from previous owners over the years which tell a story as to how you now own the property.
A procedure where either an estate agent, surveyor or lender places a formal value on a property.
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