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R

Reassignment - The sale of an uncompleted contract to a new purchaser. Most often found in off plan property transactions.

Redemption - When a mortgage is fully repaid.

Reinstatement Value - A surveyor's valuation report or survey will show the reinstatement value of the property. This figure is not the value if sold, but it is the cost of totally rebuilding the property. Any insurance you get for the property must cover a rebuilding cost at least equal to the reinstatement value of the property.

Reservation Fee - The fee paid to the developer at the point of reserving a new build property, removing the unit from the market for a fixed period, allowing the purchaser the opportunity to exchange contracts.

Reservation Form - The form detailing the key conditions when agreeing the sale, subject to contract.

Retention - Holding back part of a mortgage loan until repairs to the property are satisfactorily completed.

S

Searches - Procedure undertaken by a solicitor or legal representative during the conveyancing process to establish whether any issues exist which may adversely affect the property which is to be purchased.

Sole agency - The choice of a single estate agent to act on the seller's behalf, incurring a lower fee than multi-agency.

Stamp Duty - A Government tax levied on the purchaser of a property and calculated as a percentage of the purchase price. Prices between £0 and £125,000 pay no stamp duty. Between £125,001 and £250,000 you pay 1%. Between £250,001 and £500,000 you pay 3%, £500,001 to £1,000,000 you will pay 4% and finally 5% on purchases £1,000,001 and above.

Statutory Undertakers/Statutory Utilities - Providers of essential services such as gas, electricity, water or telecommunications.

Stock Unit - A finished property within a new homes development, which is completed and ready for occupation.

Structural Survey - A specialist report from a structural engineer on the condition of a property.

Subject to Contract - When an offer is made to purchase a property 'subject to contract' it means that all the dealings are subject to the actual exchange of the contract itself. Nothing is binding on either the vendor or purchaser until the contracts are exchanged.

Survey - the three main types are: Buildings survey, Home buyers report, Homebuyer Survey And Valuation, Structural survey.

T

Tenancy In Common - When property is held jointly between two people and each of them own an individual share which can be passed on under a Will.

Tender - In the process known as 'For Sale By Tender' the asking price will not be stated. Instead, written offers will be invited and a closing date for such offers published. All offers are normally opened at the same time, usually with the vendor's solicitor present. Generally, the vendor is not committed to accepting the highest or any offer.

Tenure - A collective term relating to the nature of the vendor's title to a property i.e. freehold, leasehold or crownhold.

Title - The ultimate record of ownership of a property, the evidence of which is found in the title deeds.

Transfer - The legal transfer of ownership on completion of the sale of registered land or property.

Tree Preservation Order (TPO) - Direction made by a local planning authority that makes it an offence to cut, top, lop, uproot or wilfully damage or destroy a tree without that authority's permission.

U

Unregistered Land - Land which is not registered with the Land Registry. Proof of ownership is by production of the Deeds.

V

Vacant Possession - The date by which the vendor agrees to give up possession of the property (see 'Completion'). A well used estate agency phrase which means that the property being offered will be vacant upon completion of the sale. The property is therefore offered free from any such encumbrances as a sitting tenant or service tenancy.

Valuation - Arranged by your lender to find out if the property is worth the amount you've agreed to pay, and therefore suitable to lend a mortgage on.

Vendor - The legal owner of a property which is being offered for sale.

Y

Yield - The % calculated to establish an investor’s return on the rent they achieve for their property against the value.

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