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Conveyancing:
THE legal steps involved in buying and selling properties are normally undertaken by a solicitor or by a Licensed Conveyancer. The conveyance itself is a legal document which finally transfers the ownership of the property from the seller to the buyer.
Completion:
THE title deed and keys are released in exchange for full payment of the purchase price. You can then move in.
Deposit:
THE deposit would be paid at or before exchange of contracts: shows the seller the purchase is genuine. If the purchase falls through it may not be refunded, depending on circumstances.
Deed:
LEGAL papers concerning the ownership of a property and the right to sell it. Also gives more information about the property, rights of way etc.
Equity:
THE difference between the current market value of the property and the size of the mortgage.
Exchange of contracts:
THE point at which the agreements between the vendor and the purchaser become legally binding.
Fixtures:
What is left in the house and included in the sale. |
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Homebuyers report & valuation:
A REPORT confirming structural soundness and true value.
Land registration fees:
A FEE paid to register the property in the purchaser's name.
Mortgage:
FEW people can afford to buy their home outright from cash. Most homeowners borrow the money from a bank, building society or other company using a long-term loan called a mortgage. All mortgages are a combination of two main elements;
The capital (the money borrowed to buy the property) and
The interest (the cost you pay for borrowing it.)
NHBC Certificate:
NATIONAL Housebuilder's Council Certificate is guarantee against structural faults for a period of 10 years after construction.
Purchaser:
THE buyer.
Redemption Fee:
A CHARGE made by some lenders if the mortgage is paid off early.
Searches:
A CHECK conducted by the solicitor/conveyancer to ensure the property is not affected by any local authority plans.
Valuation:
THE inspection of the property to assess its current market value.
Vendor:
THE person selling the property. |
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