Buying & Selling Property - Glossary of Terms

Bridging Loan - a bridging loan is a brief phrase loan taken out to bridge the gap in between getting a new house and promoting an current house. The loan bridges the gap involving the sale of both properties in the housing chain and eases the completion of the acquire.

Chain - the house chain refers to the sequence of revenue that ought to take location just before an person dwelling transaction can take spot. Due to the fact most persons promoting their property will also be choosing a new household there can be a chain of consumers and sellers every single dependent on every single other. If one particular purchaser or seller drops out the complete chain may perhaps collapse.

Completion - completion in dwelling product sales refers to the point when contracts have been exchanged and ownership of the home has been legally transferred.

Conveyancing - conveyancing is the legal practice that will need to be finished for the transfer of ownership of the dwelling to take spot. Conveyancing get the job done is often carried out by solicitors.

Endowment Mortgage loan - an endowment Mortgage loan is a variety of Mortgage loan wherever the dwelling purchaser can make month to month payments into a daily life assurance (endowment) policy. At the end of the loan period the Mortgage loan is paid off in one particular lump sum.

Vitality Functionality Certificate (EPC) - the Vitality Overall performance Certificate is a document exhibiting the existing Power rating of a home as well as recommended methods wherever the Power rating may perhaps be enhanced. The EPC is a compulsory part of the Property Info Pack.

Estate Agent - a expert who acts on behalf of a individual promoting their property to locate a purchaser for the house. The estate agency service consists of valuing the residence, marketing and arranging viewings.

Fixed Charge Estate Agent - fixed Charge estate agents a new sort of home agent that offer you to sell residences for a fixed Charge. An substitute to classic estate agents that set their charges at a percentage of the worth of the house getting sold.

Gazumping - a standard process in dwelling revenue exactly where the seller of the residence accepts a single supply to invest in the residence but later on rejects it to accept a larger supply by one other purchaser.

Household Information and facts Pack (HIP) - not long ago created compulsory in the United kingdom the Dwelling Facts Pack includes a series of documents relating to a household currently being sold. The HIP is made to help probable residence customers by producing very important dwelling Information and facts accessible at an early stage.

Land Registry - the land registry is a government workplace that shops records of land ownership. Updates to the registry are often carried out by solicitors who register new owners of a property.

Unfavorable Equity - a scenario in which the Mortgage loan becoming paid on a dwelling is of a increased quantity than the real worth of the dwelling. This ways that the property owner has paid or will pay back far more than what the residence is value.

Repayment Mortgage loan - a kind of Home loan wherever month to month repayments cover each interest and capital so that the volume excellent will steadily lower until finally the Home loan is completely repaid at the end of the agreed phrase.

Stamp Duty - a government tax charged when a residence is sold. The real price of taxation will fluctuate according to the worth of the residence.

Title Deeds - the title deeds are documents displaying the previous and existing ownership of a house.