Buying A Property in Scotland then check the
jargon you will come across.
Buying A Property in Scotland then check the
jargon you will come across.
A fee charged by some lenders on particular deals
The point at which a sole agency contract can be
terminated.
Also called a structural survey, this provides a
detailed report on the property's construction.
When you buy a property that hasn't been built yet,
i.e. you are buying it based only on what you can see on
the plans.
Where there are more than two properties aiming to
complete sale on the same day.
The final part of the transaction when the transfer
of the property title is legally given to the new owner.
Part of the contract of sale drawn up during
conveyance.
Person who carries out the legal and administrative
process involved in transferring the ownership of loan
or any building from one owner to another.
The down payment on a property, paid when contracts
are exchanged.
The difference between the price of a property sold
and the loan on it.
A binding legal agreement that confirms the intention
to transfer ownership of a property between a buyer and
seller.
When your seller accepts your offer but then agrees a
higher price with another buyer.
Usually occurs on the day of exchange and is when a
buyer re-offers at a lower figure than is agreed on the
contract, in order to force the purchase price down.
Part of the HIP that contains essential information
about the property.
A standard report that evaluates any urgent repairs.
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Home Information Pack (HIP)
From August 2007 it will be compulsory to produce an
information pack about your property before putting it on the market.
A building that has special preservation orders on
it.
Formal letters passing between your legal
representatives dealing with the finer points of the
contract which will finally be concluded.
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Mortgage agreement in principle
An expression of a mortgage lender's willingness to
enter into an agreement subject to other conditions being met. Also known as an
MAP.
A cost charged direct to you by a mortgage broker or
independent financial adviser, usually charged on an hourly basis.
A report commissioned by your lender to check the
property is valued correctly.
Offers to be made over the advertised base price
When permission has to be sought from the local
council for changes to be made to a property.
Research that shows the prices of properties across
the country.
Contract with an estate agent.
Information on planning and environmental matters
obtained from the local authority.
Price actually achieved, can be lower or higher than
the asking price.
Tax paid when you buy a property.
More Information...
The amount for which you have insured your property
or items.
A report on the condition of a property.
Tracker rates vary in line with changes to
the Bank of England base rate. During the
tracker rate period, any changes to the Bank
of England base rate are passed on to you in
full.
Where there is no upper value on the amount you are
covered for on your insurance. This is worth considering if you have many
high-value possessions, although remember that you will have to specify
individually any high value items.
