• Jargon Buster Introduction
We are estate agents serving a variety of areas across Hampshire and Dorset. With a wealth of knowledge and experience in all areas of the property – from property sales and purchase to property development, you can rest assured that no matter what you’re planning, choosing to move with us is the right decision.
To make sure you’re kept as informed as possible, we have composed a list of frequently asked questions and provided the answers you need.
However, if you’d prefer to speak to a member of our team directly for advice or help with a query, contact our property specialists today on 01489 584298.
• The Jargon Buster
The rate of interested charged by the Bank of England for lending to other banks. Other banks then use these rates as a benchmark for the interest rates they charge when lending to consumers themselves.
A report based on the physical condition of a property. The report will cover all accessible areas of the property and reference any issues or defects.
When a buyer is relying on the sale of their existing property in order to buy a new one.
The date when all paperwork and funds have been processed and the sale or purchase of a property is officially complete.
A solicitor or lawyer who manages the legal elements of selling or selling a property. A buyer and seller will each have their own conveyancer.
Energy Performance Certificate. This certificate informs you of the energy efficiency of a property and will help to indicate the average cost of energy bills. Properties are given a rating from A – G, with A being the most efficient energy bracket.
The difference between the value of your property and the mortgage still owed. This figure demonstrates how much of the property is owned.
Once contracts have been exchanged, some sellers may request a holding deposit. The deposit is usually a small percentage of the property purchase price and is paid to the seller’s solicitor directly. This deposit demonstrates that the buyer is serious about purchasing the property.
Indemnity insurance is taken out by conveyancing. These policies cover losses to clients which were a result of error or fraud.
A full list of the contents within a rental property. An inventory contains information on the condition of each item, including photographs and details of existing damage, ready to be referenced upon the end of the tenancy.
The government office archives all land ownership records and documents that relate to properties.
Fees that are paid to register the ownership of a property with the Land Registry.
A legal document governing the tenant’s occupation of the premises for a specific amount of time.
A leasehold property allows you to live within and occupy the land of a property for a certain amount of time. The duration of a lease varies but is generally 99 years, 125 years and 999 years.
Charges made by a conveyancer or solicitor for their work during the process of buying or selling a property.
The deposit is paid upfront towards a part of the ownership of the property’s overall price to the mortgage provider. Mortgage deposits are usually around 20% of the property’s overall value.
When the freehold of a property is owned by a limited company whose shareholders are the owners of the property.
When someone buys a property at the price of £125,000 or more, they must pay a tax that begins at 1% and rises to 7% for homes above £2 million.
Where contracts are not yet exchanged, therefore no agreement is legally binding on either the buyer or seller’s side of the transaction.
A report is prepared by a fully qualified building surveyor in order to check the structure for any faults. How owners have the option to choose between three types of structural survey, each will provide them different amounts of information.
For more information regarding selling your property, or for mortgage advice, contact our property experts today on 01489 584298.