Mortgage Loan.
The sale of a property to the highest bidder.
Insurance against the cost of repair or rebuilding a property from scratch following structural damage, for example by flood, fire or storm.
An investment where you buy a property – usually with a mortgage – and rent it out.
A number of linked property sales where exchange of contracts must take place simultaneously.
The date set for submission of offers when more than one party show interest in the property.
Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.
Insurance against accidental damage or theft of all moveable contents, including furniture, appliances and soft furnishings.
A formal agreement between the buyer and the seller, usually prepared by a solicitor or licensed conveyancer, detailing the terms and conditions of the sale.
Person other than and similar to a solicitor who may conduct the conveyancing.
The legal work involved in buying and selling properties.
Levied by local councils to cover the cost of local amenities and services.
A condition, contained within the Title Deeds or lease, that the buyer must comply with, which is usually applied to all future owners of the property. A restrictive covenant is one that prohibits the owner from doing something.
Legal documents assigning ownership of a property and/or land.
Unconfirmed version of the contract.
All properties let for private residential purposes must have an EPC, unless the property is Grade II Listed, It is used to report the energy performance of a property.
The difference between the value of a property and the amount of mortgage owed.
The point at which the sale becomes legally binding from which neither party can withdraw without financial penalties - In Scotland see 'Missives Concluded'.
Offers are invited at the price shown
All non-structural items included in the purchase of a property.
Ownership of the property and land upon which the property is situated.
A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden.
Landlords are required to arrange of a gas safety check to take place annually on rented properties. This must be carried out by a gas safe registered engineer.
A document which shows that gas appliances (including a gas meter) has had an annual gas safety check carried out by a registered engineer. Landlords are legally required to have a GSR produced annually.
The practice by a seller accepting a higher price than that previously agreed with someone else.
The practice by a buyer lowering his offer just before exchange of contracts.
The annual fee which a leaseholder pays to a freeholder.
The homebuyer's report comments on the structural condition of most parts of the property that are readily accessible, but does not involve in-depth investigation or the testing of water, drainage or heating systems.
A non-profit making body which lets you buy a percentage of the property and pay rent on the rest.
Investments Managers Regulatory Organisation. Regulates investment managers.
When a seller instructs an estate agent to market a property.
Where two estate agents work together to market a property.
A Land Registry certificate proving ownership of property.
The Government organisation that holds records of all registered properties in England and Wales.
To be given ownership of a property but not the land it is built on. This normally requires payment of ground rent to the landlord. A leasehold is normally offered for either 999 years, 99 years or shorter terms.
An application made to the appropriate Local Authority requesting details of any planning or other matters which might affect the property being sold.
A charge made towards the upkeep of a leasehold property.
Completion of the legal transaction with all monies and documents having been distributed. This is also when the seller's solicitor will instruct the estate agent to release the keys.
A legal document relating to the mortgage lenders interest in the property.
A formal written offer made by a bank or building society to lend an approved amount to purchase a property.
The selection of two or more estate agents to act on the seller's behalf, usually incurring a higher fee than if the sale is completed by a sole agency.
When the value of a property is less than the outstanding sum owed on a mortgage.
A bid made by a prospective buyer, this is not legally binding.
Offers are invited above the price shown.
Independent professional bodies who investigate complaints on behalf of customers against estate agents, solicitors and insurance companies.
The term used when a property is being sold, where a tenant has legal right of occupation.
When a landlord lets more than one property, this is called a ‘portfolio’.
The way in which most house sales are completed in England and Wales.
Your home or the property you wish to sell or buy.
People living in a property owned by someone else.
The process whereby the seller asks for written offers on a property usually with a set closing date.
The ultimate record of ownership of a property, the evidence of which is found in the title deeds.
The Land Registry document that transfers legal ownership from seller to buyer.
When the seller has accepted an offer on the property but contracts have not yet been exchanged.
The legal name sometimes used to describe the seller of the property.
Offer from prospective purchaser, not legally binding on either party.
Mode of commencing legal proceedings.
