Abstract of title:
A summary of all previous transactions in the property, which includes sales, charges and easements.
Adjustments:
Items that require corrective works
Advance:
A mortgage or loan
Aerator:
Located at the entrance of the kitchen and bathroom taps. It mixes air with water in order to provide a smooth, splash-free flow of water.
APR:
Stands for ‘Annual Percentage Rate’, it helps you compare the cost of different mortgage deals. It takes into account the amount of interest you will pay, the length of the term of the mortgage, and certain other charges such as any arrangement fee
Arrangement fee:
The charge some lenders make for providing a mortgage
Back to Top BBank of England Base Rate:
This is also known as the Bank of England’s repo rate. The Bank of England’s Monetary Policy Committee announces the repo rate from time to time
Banker’s draft:
A form of cheque on which the bank is liable. It is treated as being equivalent to cash.
Blacktop:
This is asphalt and it is usually used on driveways and pavements
Block work:
Masonry of pre-cast concrete building blocks laid in cement mortar
Bradawl:
A small hand tool with a sharp point pushing in to make holes for nails and screws.
Bridging loan:
A loan organised over a short period of time until permanent funds are available. A bridging loan is usually arranged through a clearing bank, but from time to time through a building society
Building insurance:
An insurance taken out by the owner or by the building society when a mortgage is granted. The owner or the building society will pay the premium yearly, in which case it is charged to the borrower. This insurance does not cover the contents of the house, and is calculated in accordance with rebuilding costs. It tolerates no relationship to the value of the property.
Building line:
Set by the local planning authority by a legal agreement, a line beyond which the front of any new building may not forecast. In an established road or street the building line is usually that of existing buildings, but can be varied by the local authority
Building survey:
This is a technical report following an inspection of the property. It will give you a complete account of the condition of the property, describing any structural or other defects
Buying Process:
We have put together a guide to the house buying process which you can read here.
Back to Top CCavity:
A hollow wall formed by firmly linked masonry walls, providing an insulating air space between.
Chain:
: this refers to the line of buyers and sellers involved in each house move. For example, While you’re selling your home, you’ll be buying a new house from another vendor who’s buying a new home from another vendor who’s buying from someone else etc… and nothing can take place until all the deals are finalised. First time buyers are chain-free, as they don’t have anything to sell.
Charge:
This is a legal term covering a claim against the property registered on the title as security for money owed, e.g. secured loan or mortgage.
Charge certificate:
The document of title to a mortgage on registered land.
Circuit:
The electrical system in your home is separated into individual units referred to as circuits. If your house is laid out in a certain way, each circuit may be designed for a room, and area of the home or a single appliance.
Circuit breakers:
These prevent electrical overload or shorting. The circuit breaker opens the circuit when an overload or short occurs, thereby breaking the flow of electricity. It can be reset manually by moving the circuit breaker lever OFF and then to the ON position once the source of overload has been corrected.
Client’s accounts:
A separate bank account in which duties not belonging to the estate agent are deposited, quite separately from the normal firm's accounts. This usually covers such items as deposits from proposed purchasers until such time; as contracts have been exchanged. This is a strict requirement of the Estate Agent's Act 1979.
CML:
The Council of Mortgage Lenders, which has devised the Mortgage Code to ensure lenders treat customers fairly.
Combination boiler:
Gas or oil boilers that heat hot water as it is needed, and therefore need no separate hot water storage cylinder.
Communal areas:
Any internal parts of a building or external parts of the development that are used by two or more of the residents.
Completion:
This occurs when the legal representative from both sides complete the transaction on behalf of the buyer and the seller. All documents, money, etc. are handed over and it is at this point that the purchaser becomes the legal owner of the property.
Compulsory registration of title:
A property should be registered at the land registry, which is required by England and Wales.
Conditional exchange of contracts:
Subject to the outcome of a specific matter or event happening at a later date, contracts can be exchanged; e.g. subject to a mortgage offer being obtained or subject to satisfactory local searches being obtained.
Conditions of sale:
In the contract that they sign, the detailed standard terms that govern the rights and duties of the buyer and the seller of the property, is laid down. These may be the National Conditions, the Law Society's conditions and the Statutory Conditions of Sale. The latest set (March 1990) is called ‘The Standard Conditions of Sale'.
Consideration:
A legal term, which forms a legal and binding contract used in connection with the exchange of something of value. For the purpose of house purchase a 'consideration' is taken to mean the money the purchaser pays in exchange for the freehold or leasehold of the property for sale.
Contents insurance:
Protection for furniture and personal possession in your home - in case they're stolen, lost or damaged.
Contract:
This legally binding document is an agreement between both parties, it is usually approved by the solicitors on both sides and sets out the agreed terms by which both sides are committed to proceed to completion.
Conveyance:
This is the legal document that affects the transfer or is either taken to mean the act of transferring ownership of property
Conveyance plan:
This shows the legal boundaries of your property and who owns those boundaries, and also contains detailed easements and rights of way that may affect the property.
Conveyancer :
A legal practitioner who deals with the conveyancing of land.
Conveyancing:
The name given to the branch of law dealing with transfer of ownership of property.
Covenant:
This requires either vendor or purchaser to do or not to do something in relation to the property, although this is a legal requirement and is incorporated in the conveyance
Coving:
A shaped moulding joining a wall to the ceiling.
Curtilage:
This is the piece of ground attached to a house, but can usually taken to be the land within the boundaries of the property.
Cut-off dates:
These are dates which determine the stages of the construction process, but if these are not met it is too late to make changes or additions to the specification of the new home.
Back to Top DDamp proof course:
: A membrane or waterproof material in the wall just above the ground to stop the damp penetrating the building.
Date of entry:
In Scotland, the date on which the buyer takes possession of the property
Deeds:
Legal papers relating to the property which document the transference of legal ownership.
Dehumidifier:
An appliance that removes moisture from the air.
Deposit:
A percentage of the full purchase price, normally 10%, which is paid by the purchaser on exchange of contracts
Disbursements:
All the various costs itemised on your conveyancer’s invoice for carrying out your home buying legal work.
Disposition:
In Scotland, the document that transfers legal ownership of a property to the buyer
Draft contract:
A draft is prepared by the vendor’s solicitor and passed to the purchaser’s solicitor for approval and amendment if necessary, prior to the final contract being signed. Once in its final format it is known as engrossment and is then ready for a signature from both parties.
Dry lining:
The interior walls of a home are made up of gypsum board or plasterboard. The joints between the boards are then taped and plastered and finally the walls and ceilings are painted. It is normal for the joints to be visible with this form of construction.
Back to Top EEasement:
A right over or under land granted to someone who is not the owner who may require access for maintenance e.g. water mains, services.
Efflorescence:
This natural white powdery substance sometimes accumulates on renders masonry and brickwork, because of the salts within the clay used to create the bricks. Excessive amounts of efflorescence can be removed by scrubbing with a strong vinegar solution or commercial product.
Elevation:
it is a plan that shows the vertical face or aspect, normally a side of a house or the ceramic tiling to a wall.
Endowment mortgage:
This is usually from a building society where the mortgagee accepts interest only during the period of the loan and repayment of the capital is made from the sum produced on the maturity of an endowment assurance policy. A full endowment is where the sum assured is the amount of mortgage monies, and profits provide a sizeable sum in addition on maturity. On the other hand a low-cost endowment is where only part of the sum assured attracts profits and therefore the profits on maturity are not so great as a full endowment - hence the lower premium, i.e. lower cost.
Endowment policy:
This provides for the payment of a specified sum directly to the policy holder at a designated date or to their beneficiary should they die before this date, in a way it is a form of life assurance.
Engrossment:
: A copy of a deed, contract or document and is ready to be signed. With standard documents, there is often no deed for a further fair copy to he prepared.
Engrossment fee:
The fixed charge for the top copy of the transfer/lease, paid by the purchaser
Enquiries before contract:
Prior to the purchaser signing a contract, a collection of detailed questions regarding the property may be asked which need to be answered in full before contracts are signed. Also called preliminary enquiries
Equality money:
The cash difference in value payable on an exchange of properties.
Equity:
The part of the value of the house that belongs to you. For example: if you buy a £100,000 property and put down a 10% deposit, then you have £10,000 equity in the property. Negative Equity, on the other hand, is when the value of your property in current market value is less than your mortgage, making it hard and expensive to move. When house prices plummeted in early Nineties recession many homeowners went into negative equity.
Estimated completion date:
An estimated date of when the construction of a specific property will be completed. The projected completion date can change several times during the build process due to a variety of factors.
Exchange of contracts:
The two contracts are identical documents, one is to be signed by each party involved. Until the two documents have actually been signed and exchanged the contract does not become binding and enforceable. Exchange is deemed to have taken place when the vendor’s solicitor, having received the copy signed by the purchaser, puts the documents signed by the vendor in the post.
Execute:
To sign, seal and deliver a deed
Back to Top FFactor:
A professional property manager in Scotland who performs the same function as a management company in England and Wales
Fastmove:
On some developments we may offer our Fastmove scheme, click here to view our Fastmove guide.
Feu: :
A plot of land or property in Scotland
Feuar: :
The owner of a plot of land or property in Scotland
Feudal:
A form of legal title applicable only in Scotland
First fix:
This is when the electrical cables are put on before the plaster is put on.
Fixtures:
Items which have been permanently installed in a building and which are included in the purchase price. As they were included in the purchase price they should not be removed by the vendor when they vacate the property. For example, curtain rails, cookers, and plumbed-in washing machines are not considered to be fixtures but flooring that is fixed to the floor, such as floorboards, are.
Flue:
Large pipe through which fumes escape from a gas water heater, furnace, or fireplace. Normally these flue pipes are double walled, galvanized sheet metal pipe and sometimes referred to as a "B Vent". Fireplace flue pipes are normally triple walled. In addition, nothing combustible shall be within one inch from the flue pipe.
Fluorescent:
Lighting fixtures that provide even and soft illumination in garages. This type of lighting is more efficient than traditional incandescent lighting.
Foundations:
Lower parts of walls on which the structure is built. Foundation walls of masonry or concrete are mainly below ground level
Freehold:
indicating that the person offering it for sale completely and absolutely legally owns the property.
Freehold: :
A form of legal title to land that means you are the absolute owner of the property and the land it’s on.
Further advance:
A further advance of money from the same lender to an existing borrower, usually for the intention of making improvements, alterations or repairs to the property. Not be confused with a second mortgage.
Back to Top GGalvanised:
Steel covered with a zinc coating to prevent rust.
Ground rent:
Where a person lets land to another who subsequently builds on the land, the rent passing is in respect of the land only and thus known as ground rent.
Grout:
The cement-like material visible between squares of ceramic tile.
Gypsum board:
Another meaning for dry lining
Back to Top HHomebuyer’s survey & valuation report:
This is a property survey, which includes a valuation and should reveal any major faults in the property.
Homexchange:
A service offered by Consort Homes, where we buy in your existing home and offset this against the purchase price of your new home. This service is available on select plots, please click here for details of how our part exchange scheme works. (This service is sometimes referred to as Part Exchange).
Household Insurance:
A way of referring to both buildings and contents insurance
Humidifier:
The opposite of a dehumidifier, this restores moisture to the air.
Back to Top IIndemnity insurance:
The Building societies follow the rules and act towards the Building Societies Act. This provides that the maximum advance they can make on any property without additional security is 75% of the purchase price or surveyors valuation for a pre-1919 property and 80% for a post-1919 property. Where a society lends in excess of these percentages this excess is guaranteed by an indemnity policy. A single premium is payable by the applicant when the mortgage is taken out.
Insulation:
Materials with low thermal conductivity characteristics that are used to slow the transfer of heat.
Ironmongery:
These are the metal products that are attached to other materials, e.g. The hinges, locks, handles and other metal attachments to doors, cabinets and drawers.
Back to Top JJoists:
The timber structural components of the floor and ceiling of your home
Back to Top LLand Charges Registry:
This is a government department; it keeps a register open to public search, of certain charges on land in England and Wales the title of which is unregistered. It is quite clear from the Land Registry that deals with properties where the title is registered.
Land Registry:
A government body that maintains records of land and property ownership
Land Registry fee:
Once you’ve bought a property or changed your mortgage lender, this is paid on behalf of you by your conveyancer to your register your details in the Land Registry records.
Leasehold:
Where land or buildings are let to a tenant the tenant is often able to sell their lease. The interest they sell is leasehold, i.e. it is held on a lease. In all cases of leasehold a ground rent will be payable.
Legal completion:
The event when the ownership of a property transfers from one person to another legally. Usually this follows a receipt of full payment by the vendor and is the time at the new owner can now legally take possession of and move into their new home.
Legal costs:
These are the fees payable to the vendor’s and purchaser’s solicitors in connection with the selling or purchase of property. Costs will include the solicitor’s fees, Land Registry fee, search fee and stamp duty. The purchaser also pays the engrossment fees, telegraphic transfer costs and mortgage’s solicitor’s fee.
Lessee:
A lessee is a person who holds a lease, i.e. a tenant.
Lesser:
A lesser is a person who grants a lease, i.e. a landlord.
Life Assurance:
A form of insurance by which someone's life is insured. Life assurance policies can run parallel with a repayment mortgage, so the mortgage will be repaid if you die before the end of the term.
Local authority search:
Part of the conveyancing process when you buy a property, carried out by your conveyancer. It gives details of any matters that, from the local council's point of view, affect the property. It reveals any proposed changes to the local area, such as road improvements, and details any planning permission given for the property.
Back to Top MMains services:
This is the general term used to cover the connection to the property of drainage, water, gas and electricity.
Management company:
A company set up to manage the services that are provided and to carry out the repairs or maintenance required
Manufacturer’s warranty:
The appliances and certain other components of your new home are covered by warranties supplied by the original manufacturer. The appliances passed onto you by the housing company for your new home will still be under warranties supplied by the manufacturer.
Masonry:
The render, stonework, fireplace, chimney and brickwork in a home.
Mastic:
A sealant used to cover joints between surfaces, e.g. bath; basin to tiling, windows, and door frames to brickwork and joins in brickwork runs, i.e. expansion joints.
MIG:
Mortgage indemnity guarantee. This is insurance payable to the lender and covers the extra risk of lending a large proportion of the value of your home. The borrower pays a premium for this policy
Mining search:
Alike to a local search and intended to establish that the property you are purchasing is not affected by mining works, past or present
Missives conclusion:
In Scotland, the equivalent of exchange of contracts, this is the legal documents involved in the buying and selling of property. Once signed by both parties, the transaction is binding
Mortgage:
A legal charge on a property pledging it as security for a loan.
Mortgage deed:
A legal document establishing a mortgage on a property
Mortgage interest:
In return for the loan that has been advanced on your property by the lender, you will pay a certain sum in interest. The rate of this interest can be affected by the economic conditions prevailing at any given time, unless the mortgage rate is fixed
Mortgage offer:
A formal written offer laying out the terms of a mortgage loan
Mortgage protection:
In the eventuality of the mortgage dying a special low-cost insurance policy taken out by the policy mortgagor for the period of a mortgage repayment. As the balance reduces so do the benefits of the policy. When the mortgage is finally repaid, the insurance policy automatically expires. As though there are no benefits to be paid at the expiry of the policy, it is somewhat inexpensive. For the best financial return, a full or low-cost endowment policy is preferred. Refer to a mortgage advice centre for more details.
Mortgage protection policy:
Insurance policies that can be taken out against a mortgage which will ensure that, in the event of your death, the full outstanding amount of the loan will be paid off
Mortgage valuation:
A professional assessment of the value of the property as it stands at time of inspection for mortgage purposes, made by a person nominated by the organisation that has received the mortgage application. The borrower pays the fee for the valuation
Mortgagee:
Any person or organisation that lends money for the purpose of mortgage, i.e. building society, insurance company, bank or private individual
Mortgagor:
The person borrowing the money and pledging the property as a security. It should be noted that the property is only pledged; the mortgagor remains the legal owner of the property.
Back to Top OOfficial search:
An application to an official authority to find out some relevant facts about a particular property.
Oversite:
The construction of the ground floor.
Back to Top PPlaster:
mixture of lime or gypsum with sand and water; hardens into a smooth solid; used to cover walls and ceilings
Possessory title:
The description given by the Land Registry to the title of ownership of a property where, due to some defect in the title, the registry is not entirely satisfied as to the owner’s ownership of the property, but only satisfied that they are lawfully in possession of the property. Full title is called ‘Title Absolute’.
Pre-contract enquiries:
Also known as Preliminary enquiries, it is a collection of detailed questions about different aspects of a property which the seller, or their legal representative, is generally asked to answer before the buyer is prepared to sign a contract. The modern form is an information sheet.
Premium:
Either the monthly or the yearly amount due on an insurance policy or the purchase price of a lease.
Back to Top RRegistered title:
A title registered at the Land Registry to ensure absolute accuracy and ease of transfer in the future.
Render:
Mortar-like material and covers the exterior of many homes, It provides durability and insulation but is quite brittle.
Reservation:
An occasion when the reservation form is completed and the reservation deposit is paid. After this takes place, the housing company will ’reserve‘ the property for a customer at an agreed price providing exchange of contracts takes place within a specific time period (usually four weeks).
Retention:
until faults revealed by a survey have been corrected this is the sum of money that is withheld by the building society. The normal procedure is for the surveyor to re-inspect the property and if they are satisfied that the necessary work has been completed in a satisfactory manner.
Ridge:
The uppermost structural member of your house, spanning the peak areas of the roof.
Right of way:
A general right of way is a public right to use a road, bridleway or path. It may cross private land, i.e. a public footpath across a field.
Road charges:
They would only apply to roads which have not been adopted by the local council. If the local council is required, or decides to make up and/or adopt these roads, then the initial charges will usually be met by the occupiers of the houses which have been paid and the road officially “adopted” by the local council, costs of repair and maintenance are met by the local council from the rates.
Roof stage:
When the roof timbers and tiles are in place.
Back to Top SSafety decking:
A means of fall arrest used during floor and roof construction.
Sale by tender:
This is an arrangement whereby prospective purchasers of a particular property are invited to submit sealed bids by a previously stated date and time. At that time, an appointed person will open the envelopes, the vendor accepts an offer, and the arrangement becomes a legally binding contract.
Screed:
A layer of sharp sand and cement mortar laid to finish a floor surface
Searches:
One of a solicitor’s duties when acting on behalf of a purchaser is to establish all the facts pertaining to that particular property and its locality. The procedure is known as a search and the payment for it is known as a search fee.
Second fix:
This is when the cables that were put on during first fix, get the sockets put onto them.
Second mortgage:
A second legal charge on a property pledging it as security for a loan. It is repaid after a first mortgage; from time to time after the first mortgage is paid there won’t be anymore money left for the second mortgage, so therefore they are more risky to take.
Service charge:
A component of some finance charges, such as the fee for triggering an overdraft checking account into use.
Back to Top SShrinkage:
After a house is built, the building naturally dries out. This drying out process takes about 6-12 months and will typically affect wood products such as skirting, architraves and stairs and will also occur in the finishes of walls and ceilings.
Slab:
Concrete floor placed directly on earth or a gravel base and usually about four inches thick.
Sole agent: This indicates that the client has appointed only one agent to act on their behalf in the selling of the property. Appointment of a sole agent does not restrict the client from selling the property privately themselves, providing there is no other agent involved.
Solicitor's fees:
The professional fees a solicitor charges for carrying out the conveyancing process
Back to Top SStamp duty:
This is a government levy and payable by the purchaser of the property. When the stamp duty has been paid an official embossed stamp will be placed on the document of sale. Payment is based on the purchase price of the property and is on a sliding scale. Stamp duty is also levied (but at a lower rate) on some mortgage deeds and some insurance policies.
Stamp duty:
Transfers of property ownership incur a Government levy. The rates currently payable are:
£0-120,000: Nothing payable
£120,001-250,000: 1% of full purchase price
£250,001-500,000: 3% of full purchase price
£500,001 or more: 4% of full purchase price
Figures are subject to change according to Government legislation.
Stopcock:
Main tap for turning off the mains water or gas.
Structural survey:
A specialist report from a structural engineer on the condition of a property.
Studs:
Vertical wood or non-metal structural members in the interior and exterior walls of a home.
Sub-contractor:
Associate not directly employed by a housing company but contracted by the company to supply certain materials or carry out specific work.
Subject to contract:
On reservation, you agree to purchase your new home, on the stipulation that all the terms of the contract may be agreed. Once you have signed your contract, then it is legal for you to complete your purchase.
Subject to contract:
The period during which the sale is agreed, but there is not yet a binding legal contract; either party could still back out with no legal comeback
Back to Top TTelegraphic transfer:
This is where funds are transferred electrically, and the costs of which will be added to your solicitor's charges, usually as a disbursement
Thermostatic radiator valve:
A control valve fitted to individual radiators which can control the temperature of that radiator without affecting any other radiators, enabling different temperatures to be achieved within different rooms or areas within the home.
Title:
The legal ownership of property or rights that a person has to a property
Title deeds:
The documents giving evidence of title (ownership or rights)
Tongue and Groove floor:
Carpentry joint in which the jutting edge of one board fits into the grooved end of a similar board.
Transfer document:
The document that transfers legal ownership of a property
Trench fill:
A foundation term referring to the excavated trench being filled with concrete.
Trickle vents:
if open, allow moist air to escape, avoiding dampness caused by condensation, through the window
Truss:
A combination of structural members usually arranged in triangular units to form a rigid framework for spanning between load-bearing walls.
Back to Top UU values:
A term used in the calculation of heat loss through the fabrication of the building
Under offer:
This tells you that an offer has been made and accepted for the property subject to contract.
Undertaking:
Where faults by a building society surveyor are not serious enough to warrant withholding monies, a building society will obtain an undertaking from the purchaser that the work will be carried out within a specified period from the mortgage being granted.
Back to Top VVacant possession:
This indicates that the property will he unoccupied
Valuation:
An opinion, this is when someone values the house according to the property market, this can affect the prices on fees.
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 person who is selling the property.
Wall plate:
A horizontal timber along the top of a wall ready to take either roof timbers or floor joists.
Warranties manual:
We provide you with a separate instruction manual or warranties manual containing instruction booklets and guarantees for your new appliances. It is wise to read through these and keep them to hand should you wish to extend the warranty period of any of your appliances
Watertight:
This is when the roof and windows are in place
Back to Top