The amount of money either put into buying a property or the deposit placed on a property; also known as equity.
Capital Gains Tax
A tax on any profit realised on the disposal of an asset. Owner occupied properties are generally exempt from Capital Gains Tax.
Is provided by lenders with a fixed maximum interest rate, normally agreed for a set period of time.
County Court Judgement; any person who has defaulted on payments or has bad debts could have a CCJ taken out against them by the courts, which could prevent that person from obtaining a mortgage offer.
The situation that occurs when a buyer is reliant upon completion of the sale of their existing property in order to complete on the purchase of the new property.
A payment received from conducting business.
Areas of land or buildings, such as gardens, hallways, recreational facilities and parking areas, where more than one resident shares access.
This form of Tenancy Agreement is used where a company is the tenant. There is no additional statutory protection – both 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 your property. This search is normally carried out by a surveyor and should give an indicative sale price for a property.
The date of payment of the balance of the purchase money, at which point the buyer is then entitled to take possession of the property.
Conditions Of Sale
The details that determine the rights and duties of the buyer and seller.
Insurance that covers the contents of a property, including: electrical goods, carpets, furniture and curtains.
A legally binding written document of agreement between two parties approved by both sides' solicitors, and setting out the agreed terms by which both sides are committed to proceed to completion.
This occurs when two parties have made an offer on the same house, usually at the same price. The vendor will sell to whichever party exchanges contracts first.
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.
Is either taken to mean the act of transferring ownership of a property, or alternatively the legal document which effects the transfer.
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 buyer to seller.
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.
A binding promise in a deed with regard to a property. I.e. maintenance of a fence, or restrictions to trading from a premises.
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.